American Century Companies Inc. Grows Stake in Primerica, Inc. $PRI

American Century Companies Inc. grew its stake in shares of Primerica, Inc. (NYSE:PRI) by 16.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,933 shares of the financial services provider’s stock after purchasing an additional 15,263 shares during the quarter. American Century Companies Inc.’s holdings in Primerica were worth $30,085,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Brandywine Global Investment Management LLC lifted its position in Primerica by 29.9% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 56,791 shares of the financial services provider’s stock worth $15,542,000 after acquiring an additional 13,072 shares in the last quarter. MAI Capital Management raised its stake in shares of Primerica by 160.9% during the second quarter. MAI Capital Management now owns 227 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 140 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Primerica by 26.2% during the second quarter. JPMorgan Chase & Co. now owns 136,315 shares of the financial services provider’s stock worth $37,308,000 after purchasing an additional 28,283 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Primerica in the second quarter valued at $876,000. Finally, Dorsey Wright & Associates acquired a new stake in Primerica during the 2nd quarter valued at $3,624,000. Institutional investors and hedge funds own 90.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on PRI shares. Piper Sandler set a $292.00 price objective on shares of Primerica and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Primerica in a research note on Tuesday, November 25th. BMO Capital Markets upgraded Primerica from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $292.00 to $318.00 in a research note on Tuesday, September 23rd. Morgan Stanley dropped their price objective on Primerica from $306.00 to $301.00 and set an “equal weight” rating on the stock in a report on Monday, November 17th. Finally, Zacks Research upgraded Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Primerica currently has a consensus rating of “Moderate Buy” and an average price target of $301.80.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $259.65, for a total transaction of $649,125.00. Following the sale, the chief executive officer directly owned 33,892 shares of the company’s stock, valued at approximately $8,800,057.80. This represents a 6.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Peter W. Schneider sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $255.30, for a total transaction of $510,600.00. Following the completion of the transaction, the president owned 7,301 shares in the company, valued at approximately $1,863,945.30. The trade was a 21.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.61% of the stock is owned by insiders.

Primerica Stock Down 0.1%

Shares of NYSE PRI opened at $257.95 on Monday. The stock’s 50 day moving average price is $264.63 and its two-hundred day moving average price is $266.51. Primerica, Inc. has a 52-week low of $230.98 and a 52-week high of $306.10. The stock has a market capitalization of $8.23 billion, a P/E ratio of 11.85 and a beta of 0.90.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $6.33 EPS for the quarter, topping the consensus estimate of $5.52 by $0.81. Primerica had a return on equity of 31.75% and a net margin of 22.36%.The company had revenue of $838.88 million during the quarter, compared to analyst estimates of $817.81 million. During the same quarter last year, the firm earned $4.83 EPS. The business’s revenue was up 8.5% on a year-over-year basis. On average, analysts anticipate that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 21st will be paid a dividend of $1.04 per share. The ex-dividend date is Friday, November 21st. This represents a $4.16 annualized dividend and a yield of 1.6%. Primerica’s payout ratio is presently 19.12%.

Primerica declared that its Board of Directors has approved a share buyback plan on Wednesday, November 19th that authorizes the company to repurchase $475.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Primerica 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.