Point72 Asia Singapore Pte. Ltd. Acquires New Shares in Primerica, Inc. (NYSE:PRI)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in Primerica, Inc. (NYSE:PRI) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,438 shares of the financial services provider’s stock, valued at approximately $646,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Burgundy Asset Management Ltd. lifted its position in Primerica by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock valued at $292,688,000 after acquiring an additional 17,095 shares in the last quarter. Millennium Management LLC lifted its position in Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after acquiring an additional 678,752 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Primerica by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after acquiring an additional 21,836 shares in the last quarter. Raymond James & Associates lifted its position in Primerica by 4.6% in the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after acquiring an additional 5,323 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in Primerica by 8.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock valued at $28,742,000 after acquiring an additional 8,641 shares in the last quarter. 90.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

PRI has been the topic of several research analyst reports. TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Piper Sandler initiated coverage on Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target on the stock. Finally, Morgan Stanley increased their price target on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $293.50.

Primerica Stock Performance

Shares of Primerica stock opened at $302.75 on Monday. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The stock’s fifty day moving average is $282.86 and its 200 day moving average is $257.28. The stock has a market cap of $10.10 billion, a P/E ratio of 23.13 and a beta of 1.08.

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

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.19%. Primerica’s payout ratio is presently 27.50%.

Primerica declared that its Board of Directors has authorized a share buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the sale, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by company insiders.

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.