Legal & General Group Plc Has $18.58 Million Position in Primerica, Inc. $PRI

Legal & General Group Plc lessened its stake in shares of Primerica, Inc. (NYSE:PRI) by 0.7% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 67,900 shares of the financial services provider’s stock after selling 490 shares during the quarter. Legal & General Group Plc owned about 0.21% of Primerica worth $18,582,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hilltop National Bank bought a new stake in Primerica in the 2nd quarter valued at $31,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Primerica during the second quarter worth $33,000. First Horizon Advisors Inc. lifted its holdings in shares of Primerica by 1,714.3% during the second quarter. First Horizon Advisors Inc. now owns 127 shares of the financial services provider’s stock worth $35,000 after buying an additional 120 shares in the last quarter. AdvisorNet Financial Inc boosted its position in shares of Primerica by 108.5% in the second quarter. AdvisorNet Financial Inc now owns 148 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 77 shares during the period. Finally, Headlands Technologies LLC grew its stake in shares of Primerica by 2,300.0% in the first quarter. Headlands Technologies LLC now owns 168 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 161 shares in the last quarter. Institutional investors own 90.88% of the company’s stock.

Primerica Price Performance

PRI stock opened at $257.95 on Friday. The stock has a market cap of $8.23 billion, a price-to-earnings ratio of 11.85 and a beta of 0.96. The company has a 50 day simple moving average of $264.63 and a 200 day simple moving average of $266.59. Primerica, Inc. has a 1 year low of $230.98 and a 1 year high of $306.10.

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

Primerica declared that its Board of Directors has initiated a share buyback program on Wednesday, November 19th that permits the company to repurchase $475.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 5.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Primerica Dividend Announcement

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

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 2,500 shares of the firm’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 completion of the transaction, the chief executive officer directly owned 33,892 shares of the company’s stock, valued at $8,800,057.80. This trade represents a 6.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Peter W. Schneider sold 2,000 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $255.30, for a total value of $510,600.00. Following the completion of the sale, the president owned 7,301 shares in the company, valued at $1,863,945.30. This trade represents a 21.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.61% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PRI has been the topic of a number of recent research reports. Zacks Research upgraded Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. BMO Capital Markets raised shares of Primerica from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $292.00 to $318.00 in a research report on Tuesday, September 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of Primerica in a research report on Tuesday. Piper Sandler set a $292.00 price target on shares of Primerica and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Finally, Morgan Stanley decreased their price objective on shares of Primerica from $306.00 to $301.00 and set an “equal weight” rating on the stock in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Primerica presently has an average rating of “Moderate Buy” and a consensus price target of $301.80.

Primerica Company 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.