The Manufacturers Life Insurance Company Acquires Shares of 20,929 Primerica, Inc. $PRI

The Manufacturers Life Insurance Company bought a new stake in Primerica, Inc. (NYSE:PRI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 20,929 shares of the financial services provider’s stock, valued at approximately $5,948,000. The Manufacturers Life Insurance Company owned 0.07% of Primerica as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its holdings in Primerica by 20.6% in the first quarter. Integrated Wealth Concepts LLC now owns 2,142 shares of the financial services provider’s stock valued at $609,000 after acquiring an additional 366 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Primerica by 27.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 129,666 shares of the financial services provider’s stock worth $36,894,000 after purchasing an additional 28,129 shares during the last quarter. Empowered Funds LLC bought a new stake in Primerica during the 1st quarter worth about $1,763,000. Focus Partners Wealth lifted its position in Primerica by 17.5% during the 1st quarter. Focus Partners Wealth now owns 1,398 shares of the financial services provider’s stock valued at $398,000 after purchasing an additional 208 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in Primerica by 205.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 263 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 177 shares during the period. Institutional investors own 90.88% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 1,500 shares of Primerica 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 transaction, the chief executive officer directly owned 32,196 shares of the company’s stock, valued at $10,309,159.20. This trade represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amber Lynne Cottle sold 279 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $313.63, for a total transaction of $87,502.77. Following the completion of the transaction, the director directly owned 3,549 shares of the company’s stock, valued at $1,113,072.87. This trade represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 5,079 shares of company stock worth $1,551,308. Company insiders own 0.63% of the company’s stock.

Primerica Price Performance

Shares of PRI stock opened at $287.14 on Tuesday. The stock has a market cap of $8.84 billion, a PE ratio of 11.53 and a beta of 0.87. The stock has a 50-day moving average of $304.92 and a 200-day moving average of $279.20. Primerica, Inc. has a one year low of $230.09 and a one year high of $327.28.

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 analysts’ consensus estimates of $6.03 by $0.38. The business had revenue of $865.07 million for the quarter, compared to the consensus estimate of $881.00 million. Primerica had a net margin of 23.20% and a return on equity of 32.45%. Primerica’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the company posted $5.46 EPS. As a group, research analysts anticipate that Primerica, Inc. will post 25.09 earnings per share for the current year.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 21st will be issued a $1.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $4.80 annualized dividend and a yield of 1.7%. Primerica’s dividend payout ratio (DPR) is 19.28%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRI. Keefe, Bruyette & Woods lifted their price target on shares of Primerica from $323.00 to $335.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 11th. Morgan Stanley increased their price objective on shares of Primerica from $291.00 to $316.00 and gave the company an “equal weight” rating in a report on Monday, August 24th. TD Cowen raised their price objective on shares of Primerica from $322.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Truist Financial reaffirmed a “hold” rating and set a $320.00 target price (down from $370.00) on shares of Primerica in a report on Thursday, August 27th. Finally, Jefferies Financial Group upped their target price on shares of Primerica from $266.00 to $268.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Primerica has an average rating of “Hold” and an average target price of $315.57.

Primerica 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.