Squarepoint Ops LLC Increases Holdings in Primerica, Inc. $PRI

Squarepoint Ops LLC lifted its stake in shares of Primerica, Inc. (NYSE:PRI) by 51.2% during the second quarter, HoldingsChannel.com reports. The firm owned 28,570 shares of the financial services provider’s stock after purchasing an additional 9,678 shares during the quarter. Squarepoint Ops LLC’s holdings in Primerica were worth $8,120,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in PRI. California State Teachers Retirement System grew its holdings in 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 buying an additional 10,304,211 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Primerica in the second quarter worth about $848,161,000. Bank of Montreal Can lifted its holdings in shares of 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 bought a new position in shares of Primerica in the second quarter valued at approximately $190,827,000. Finally, Bank of New York Mellon Corp purchased a new position in Primerica during the second quarter valued at approximately $79,044,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Trading Up 0.4%

Shares of NYSE PRI opened at $289.05 on Friday. Primerica, Inc. has a 12 month low of $230.09 and a 12 month high of $327.28. The firm has a market capitalization of $8.90 billion, a price-to-earnings ratio of 11.61 and a beta of 0.86. The business has a 50-day moving average of $305.95 and a 200-day moving average of $281.29.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share for the quarter, topping the consensus estimate of $6.03 by $0.38. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The company had revenue of $865.07 million for the quarter, compared to analysts’ expectations of $881.00 million. During the same period in the prior year, the business earned $5.46 earnings per share. Primerica’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, analysts predict that Primerica, Inc. will post 25.2 earnings per share for the current year.

Primerica Dividend Announcement

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

Insider Activity

In other news, CEO Glenn Williams sold 1,500 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $320.20, for a total transaction of $480,300.00. Following the sale, the chief executive officer owned 32,196 shares in the company, valued at approximately $10,309,159.20. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a 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, Director Amber Cottle sold 279 shares of Primerica stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $313.63, for a total transaction of $87,502.77. Following the sale, the director directly owned 3,549 shares of the company’s stock, valued at $1,113,072.87. This represents a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 3,579 shares of company stock worth $1,130,573. 0.63% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Primerica from $323.00 to $335.00 and gave the stock a “market perform” rating in a report on Tuesday, August 11th. Weiss Ratings downgraded shares of Primerica from a “buy (b+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Morgan Stanley boosted their price target on shares of Primerica from $291.00 to $316.00 and gave the company an “equal weight” rating in a research report on Monday, August 24th. TD Cowen upped their price target on shares of Primerica from $322.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Truist Financial reiterated a “hold” rating and issued a $320.00 price objective (down from $370.00) on shares of Primerica in a research report on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $315.57.

Primerica Company Profile

Primerica, Inc is a financial services company that helps middle-income households in the United States and Canada address their insurance, investment and retirement needs. The company primarily distributes its products through a network of independent representatives who provide financial education and assistance to clients.

Primerica’s principal offerings include term life insurance, mutual funds and other investment products, annuities, managed investments and retirement solutions. Through its subsidiaries and affiliated providers, the company also offers products and services related to mortgage lending, debt consolidation and other financial needs.

The company was founded in 1977 as A.L.