Point72 Asia Singapore Pte. Ltd. Takes Position in Primerica, Inc. (NYSE:PRI)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Primerica, Inc. (NYSE:PRI) in the third quarter, HoldingsChannel reports. The firm acquired 2,438 shares of the financial services provider’s stock, valued at approximately $646,000.

A number of other institutional investors have also recently made changes to their positions in PRI. ORG Partners LLC bought a new position in shares of Primerica in the 2nd quarter valued at about $30,000. V Square Quantitative Management LLC bought a new position in shares of Primerica in the 3rd quarter valued at about $31,000. Prospera Private Wealth LLC bought a new position in shares of Primerica in the 3rd quarter valued at about $31,000. UMB Bank n.a. lifted its holdings in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 54 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Truist Financial increased 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. Morgan Stanley raised their price objective on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. TD Cowen raised their price objective 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, Piper Sandler started 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 investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Primerica presently has an average rating of “Hold” and an average price target of $293.50.

Primerica Stock Performance

Primerica stock opened at $302.75 on Monday. The company has a 50 day moving average price of $282.86 and a 200-day moving average price of $257.28. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The company has a market capitalization of $10.10 billion, a PE ratio of 23.13 and a beta of 1.08.

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, analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio is presently 27.50%.

Primerica declared that its Board of Directors has initiated a stock buyback plan on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica 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 transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.

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.