Quadrant Capital Group LLC Boosts Position in Primerica, Inc. $PRI

Quadrant Capital Group LLC raised its stake in Primerica, Inc. (NYSE:PRI) by 21.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,516 shares of the financial services provider’s stock after buying an additional 449 shares during the period. Quadrant Capital Group LLC’s holdings in Primerica were worth $689,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Olympiad Research LP increased its position in shares of Primerica by 3.9% during the second quarter. Olympiad Research LP now owns 1,061 shares of the financial services provider’s stock worth $290,000 after acquiring an additional 40 shares during the period. Ascent Group LLC grew its stake in Primerica by 7.4% in the second quarter. Ascent Group LLC now owns 785 shares of the financial services provider’s stock worth $215,000 after purchasing an additional 54 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in Primerica by 0.7% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 9,568 shares of the financial services provider’s stock worth $2,618,000 after purchasing an additional 69 shares during the period. Great Lakes Advisors LLC raised its position in Primerica by 1.7% during the 1st quarter. Great Lakes Advisors LLC now owns 4,619 shares of the financial services provider’s stock valued at $1,314,000 after purchasing an additional 76 shares in the last quarter. Finally, AdvisorNet Financial Inc raised its position in Primerica by 108.5% during the 2nd quarter. AdvisorNet Financial Inc now owns 148 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 77 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 2,500 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $259.65, for a total transaction of $649,125.00. Following the transaction, the chief executive officer directly owned 33,892 shares of the company’s stock, valued at approximately $8,800,057.80. This represents a 6.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Peter W. Schneider sold 2,000 shares of the stock in a transaction on Monday, November 17th. The shares were sold at an average price of $255.30, for a total value of $510,600.00. Following the sale, the president owned 7,301 shares of the company’s stock, valued at approximately $1,863,945.30. This represents a 21.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PRI. Piper Sandler set a $292.00 price target on Primerica and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. Zacks Research raised shares of Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Jefferies Financial Group dropped their target price on shares of Primerica from $293.00 to $283.00 and set a “hold” rating on the stock in a report on Monday, August 11th. BMO Capital Markets upgraded shares of Primerica from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $292.00 to $318.00 in a report on Tuesday, September 23rd. Finally, Morgan Stanley lowered their price target on shares of Primerica from $306.00 to $301.00 and set an “equal weight” rating for the company in a research report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Primerica has a consensus rating of “Moderate Buy” and a consensus target price of $301.80.

Primerica Price Performance

Shares of PRI stock opened at $256.12 on Tuesday. The stock’s 50-day moving average is $264.30 and its 200 day moving average is $266.37. Primerica, Inc. has a 1-year low of $230.98 and a 1-year high of $304.49. The company has a market cap of $8.18 billion, a P/E ratio of 11.77 and a beta of 0.90.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $6.33 EPS for the quarter, topping analysts’ consensus estimates of $5.52 by $0.81. The business had revenue of $838.88 million during the quarter, compared to the consensus estimate of $817.81 million. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $4.83 earnings per share. On average, analysts anticipate that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica declared that its Board of Directors has authorized a stock buyback program on Wednesday, November 19th that allows the company to buyback $475.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 5.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Primerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 21st will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, November 21st. Primerica’s payout ratio is 19.12%.

Primerica Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.