VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 15,534 Primerica, Inc. $PRI

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Primerica, Inc. (NYSE:PRI) in the 2nd quarter, Holdings Channel reports. The firm acquired 15,534 shares of the financial services provider’s stock, valued at approximately $4,415,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. California State Teachers Retirement System boosted its stake in shares of Primerica by 27,655.6% during the 2nd quarter. California State Teachers Retirement System now owns 10,341,470 shares of the financial services provider’s stock valued at $2,939,046,000 after purchasing an additional 10,304,211 shares in the last quarter. BlackRock Inc. bought a new position in Primerica in the second quarter worth about $848,161,000. Bank of Montreal Can raised its stake in Primerica by 5,277.5% in the fourth quarter. Bank of Montreal Can now owns 1,311,634 shares of the financial services provider’s stock worth $338,874,000 after buying an additional 1,287,243 shares in the last quarter. Bamco Inc. NY purchased a new stake in Primerica in the second quarter worth about $190,827,000. Finally, Bank of New York Mellon Corp purchased a new stake in Primerica in the second quarter worth about $79,044,000. 90.88% of the stock is owned by hedge funds and other institutional investors.

Primerica Price Performance

NYSE:PRI opened at $288.25 on Thursday. Primerica, Inc. has a one year low of $230.09 and a one year high of $327.28. The company’s 50-day simple moving average is $306.11 and its 200 day simple moving average is $281.09. The firm has a market capitalization of $8.87 billion, a P/E ratio of 11.58 and a beta of 0.86.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share for the quarter, beating analysts’ consensus estimates of $6.03 by $0.38. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The business had revenue of $865.07 million during the quarter, compared to the consensus estimate of $881.00 million. During the same quarter last year, the firm earned $5.46 earnings per share. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, equities research analysts expect that Primerica, Inc. will post 25.2 earnings per share for the current fiscal year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 21st will be paid a $1.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. Primerica’s dividend payout ratio is presently 19.28%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Jefferies Financial Group upped their target price on Primerica from $266.00 to $268.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Morgan Stanley raised their target price on Primerica from $291.00 to $316.00 and gave the company an “equal weight” rating in a research note on Monday, August 24th. Keefe, Bruyette & Woods lifted their price target on Primerica from $323.00 to $335.00 and gave the company a “market perform” rating in a research report on Tuesday, August 11th. Truist Financial reaffirmed a “hold” rating and issued a $320.00 price target (down from $370.00) on shares of Primerica in a research note on Thursday, August 27th. Finally, Weiss Ratings downgraded Primerica from a “buy (b+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $315.57.

Insider Activity at Primerica

In other Primerica news, CEO Glenn J. Williams sold 1,500 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $320.20, for a total value of $480,300.00. Following the sale, the chief executive officer directly owned 32,196 shares of the company’s stock, valued at approximately $10,309,159.20. The trade was a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Peter W. Schneider sold 1,800 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $312.65, for a total value of $562,770.00. Following the completion of the sale, the president directly owned 8,011 shares in the company, valued at approximately $2,504,639.15. This represents a 18.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 5,079 shares of company stock valued at $1,551,308 in the last 90 days. Corporate insiders own 0.63% of the company’s stock.

Primerica Company Profile

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.