Y Intercept Hong Kong Ltd Acquires 1,050 Shares of Primerica, Inc. (NYSE:PRI)

Y Intercept Hong Kong Ltd increased its stake in Primerica, Inc. (NYSE:PRI) by 72.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,501 shares of the financial services provider’s stock after purchasing an additional 1,050 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Primerica were worth $663,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. ORG Partners LLC bought a new position in shares of Primerica in the second quarter worth about $30,000. V Square Quantitative Management LLC bought a new stake in shares of Primerica in the third quarter worth about $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica during the 3rd quarter worth approximately $31,000. UMB Bank n.a. lifted its position in Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Morgan Stanley increased their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. TD Cowen lifted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler initiated coverage on shares of Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Primerica presently has an average rating of “Hold” and a consensus price target of $293.50.

Insider Activity at Primerica

In related 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 value of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.85% of the stock is currently owned by company insiders.

Primerica Stock Performance

Shares of PRI opened at $281.16 on Friday. The stock has a 50 day moving average price of $287.74 and a 200 day moving average price of $261.23. The stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 21.48 and a beta of 1.09. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted $4.28 earnings per share. On average, analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

Primerica announced that its board has authorized a stock buyback plan on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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.