MetLife Investment Management LLC Sells 626 Shares of Primerica, Inc. (NYSE:PRI)

MetLife Investment Management LLC lowered its stake in shares of Primerica, Inc. (NYSE:PRI) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,497 shares of the financial services provider’s stock after selling 626 shares during the quarter. MetLife Investment Management LLC’s holdings in Primerica were worth $4,639,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Burgundy Asset Management Ltd. grew its stake in shares of Primerica by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock worth $292,688,000 after acquiring an additional 17,095 shares in the last quarter. Millennium Management LLC grew its position in Primerica by 30,726.7% in the 2nd 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 in the last quarter. Dimensional Fund Advisors LP increased its stake 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 buying an additional 21,836 shares during the last quarter. Raymond James & Associates lifted its position in shares of Primerica by 4.6% during the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock worth $32,176,000 after buying an additional 5,323 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in shares of Primerica by 8.7% in 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 buying an additional 8,641 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’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 sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The trade was a 11.66 % 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.

Analyst Ratings Changes

A number of analysts recently commented on the company. Morgan Stanley lifted their price target on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. 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 report on Tuesday, November 26th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. 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 target price on the stock. Finally, Truist Financial raised their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $293.50.

Primerica Stock Down 0.5 %

NYSE PRI opened at $302.75 on Monday. The firm has a market cap of $10.10 billion, a P/E ratio of 23.13 and a beta of 1.08. The company’s 50 day moving average is $282.86 and its 200-day moving average is $257.28. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings data 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 company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $4.28 EPS. Equities analysts expect that Primerica, Inc. will post 19.32 EPS for the current year.

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

Primerica Announces Dividend

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 given 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%.

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.