Artemis Investment Management LLP Acquires Shares of 19,292 Primerica, Inc. (NYSE:PRI)

Artemis Investment Management LLP bought a new position in shares of Primerica, Inc. (NYSE:PRI) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 19,292 shares of the financial services provider’s stock, valued at approximately $5,236,000. Artemis Investment Management LLP owned 0.06% of Primerica at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the period. Millennium Management LLC raised its position in shares of Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after purchasing an additional 678,752 shares during the period. Dimensional Fund Advisors LP lifted its position in Primerica by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after acquiring an additional 21,836 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Primerica by 4.6% in the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after purchasing an additional 5,323 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in Primerica by 8.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock worth $28,742,000 after acquiring an additional 8,641 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Price Performance

Shares of NYSE PRI opened at $291.93 on Monday. The firm has a 50-day simple moving average of $285.92 and a two-hundred day simple moving average of $269.66. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $307.91. The company has a market cap of $9.74 billion, a P/E ratio of 22.30 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same period last year, the business posted $4.28 EPS. As a group, equities research analysts expect that Primerica, Inc. will post 19.55 EPS for the current year.

Primerica announced that its board has authorized a share buyback program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.61% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Truist Financial boosted their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Tuesday, January 14th. TD Cowen boosted their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $303.00.

About Primerica

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.