Quest Partners LLC Grows Stock Holdings in Primerica, Inc. (NYSE:PRI)

Quest Partners LLC grew its holdings in Primerica, Inc. (NYSE:PRI) by 730.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 14,453 shares of the financial services provider’s stock after acquiring an additional 12,713 shares during the period. Primerica comprises approximately 0.3% of Quest Partners LLC’s portfolio, making the stock its 16th biggest holding. Quest Partners LLC’s holdings in Primerica were worth $3,832,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Blair William & Co. IL grew its position in Primerica by 24.5% in the first quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider’s stock worth $3,076,000 after acquiring an additional 2,393 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Primerica by 456.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 7,506 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Primerica in the 1st quarter worth approximately $979,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Primerica during the 2nd quarter valued at approximately $3,514,000. Finally, SG Americas Securities LLC purchased a new stake in Primerica during the 2nd quarter valued at $893,000. 90.88% of the stock is currently owned by institutional investors.

Primerica Price Performance

Shares of PRI opened at $298.61 on Monday. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of 22.81 and a beta of 1.08. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $304.84. The company has a 50-day moving average of $273.65 and a 200 day moving average of $251.41.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same quarter in the previous year, the firm posted $4.28 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. On average, equities analysts anticipate that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio is 27.50%.

Primerica declared that its Board of Directors has approved a share repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on PRI. TD Cowen initiated coverage on shares of Primerica in a research note on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective for the company. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a report on Thursday. Truist Financial upped their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Piper Sandler initiated coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective on the stock. Finally, Morgan Stanley boosted their target price on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $288.33.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were 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 directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the transaction, the president now owns 10,259 shares in the company, valued at approximately $2,678,727.49. The trade was a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,500 shares of company stock valued at $1,803,175. 0.85% of the stock is currently owned by corporate 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.