Primerica, Inc. (NYSE:PRI) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC raised its position in Primerica, Inc. (NYSE:PRI) by 3.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 696,839 shares of the financial services provider’s stock after purchasing an additional 25,951 shares during the period. Geode Capital Management LLC’s holdings in Primerica were worth $184,807,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Vestcor Inc raised its position in Primerica by 7.1% in the 3rd quarter. Vestcor Inc now owns 6,281 shares of the financial services provider’s stock valued at $1,665,000 after purchasing an additional 414 shares during the last quarter. Barclays PLC increased its stake in Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after purchasing an additional 10,635 shares during the period. Y Intercept Hong Kong Ltd raised its holdings in shares of Primerica by 72.4% in the third quarter. Y Intercept Hong Kong Ltd now owns 2,501 shares of the financial services provider’s stock valued at $663,000 after buying an additional 1,050 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Primerica during the third quarter worth about $1,187,000. Finally, iSAM Funds UK Ltd purchased a new position in shares of Primerica during the third quarter worth about $745,000. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Stock Performance

Primerica stock opened at $281.16 on Monday. The company has a market cap of $9.38 billion, a P/E ratio of 21.48 and a beta of 1.09. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The business has a fifty day moving average of $287.74 and a two-hundred day moving average of $261.50.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter last year, the business earned $4.28 earnings per share. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Sell-side analysts predict that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica declared that its board has authorized a share buyback program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

Insider Activity at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.85% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PRI has been the subject of several analyst reports. Morgan Stanley upped their price objective on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Piper Sandler assumed coverage on shares of Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $293.50.

About Primerica

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.