Primerica, Inc. $PRI Stock: ProShare Advisors LLC Cuts Holdings

ProShare Advisors LLC cut its holdings in shares of Primerica, Inc. (NYSE:PRI) by 7.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 87,677 shares of the financial services provider’s stock after selling 7,409 shares during the quarter. ProShare Advisors LLC’s holdings in Primerica were worth $23,882,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Primerica in the 2nd quarter valued at $848,161,000. Bamco Inc. NY purchased a new position in shares of Primerica during the second quarter worth $190,827,000. Bank of New York Mellon Corp acquired a new position in Primerica during the second quarter valued at $79,044,000. Academy Capital Management acquired a new position in Primerica during the second quarter valued at $36,879,000. Finally, Bank of America Corp DE acquired a new position in Primerica during the second quarter valued at $26,769,000. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRI has been the topic of several recent research reports. Keefe, Bruyette & Woods cut their price target on Primerica from $335.00 to $330.00 and set a “market perform” rating on the stock in a research report on Friday, October 9th. TD Cowen lifted their price objective on Primerica from $322.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Truist Financial cut Primerica from a “buy” rating to a “hold” rating and decreased their price objective for the company from $370.00 to $320.00 in a report on Thursday, August 27th. Morgan Stanley upped their target price on Primerica from $291.00 to $316.00 and gave the stock an “equal weight” rating in a research note on Monday, August 24th. Finally, Weiss Ratings lowered Primerica from a “buy (b+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $318.80.

Primerica Stock Up 1.0%

PRI stock opened at $283.86 on Tuesday. The company’s 50-day simple moving average is $283.89 and its 200-day simple moving average is $278.62. Primerica, Inc. has a 52-week low of $230.09 and a 52-week high of $327.28. The firm has a market cap of $8.74 billion, a P/E ratio of 11.40 and a beta of 0.88.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share for the quarter, beating the consensus estimate of $6.03 by $0.38. Primerica had a return on equity of 32.45% and a net margin of 23.20%. The firm had revenue of $865.07 million during the quarter, compared to analyst estimates of $881.00 million. During the same quarter in the previous year, the business earned $5.46 EPS. Primerica’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, analysts anticipate that Primerica, Inc. will post 25.22 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 21st were given a dividend of $1.20 per share. The ex-dividend date was Friday, August 21st. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. Primerica’s dividend payout ratio is currently 19.28%.

Insider Buying and Selling at Primerica

In other Primerica news, Director Amber Cottle sold 279 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $313.63, for a total value of $87,502.77. Following the sale, the director directly owned 3,549 shares of the company’s stock, valued at approximately $1,113,072.87. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Peter Schneider sold 1,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $312.65, for a total value of $562,770.00. Following the completion of the sale, the president owned 8,011 shares of the company’s stock, valued at $2,504,639.15. This trade represents a 18.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 3,579 shares of company stock valued at $1,130,573. Company insiders own 0.63% of the company’s stock.

Primerica Profile

Primerica, Inc is a financial services company that focuses on serving middle-income households in the United States and Canada, as well as families in Puerto Rico. The company distributes its products and services through a network of independent representatives who provide financial education and help clients address protection, savings and investment needs.

Primerica’s principal offerings include term life insurance, investment and savings products, retirement planning solutions, and strategies for managing debt.