Harbor Capital Advisors Inc. Has $1.66 Million Holdings in Primerica, Inc. $PRI

Harbor Capital Advisors Inc. decreased its holdings in Primerica, Inc. (NYSE:PRI) by 71.3% during the third quarter, Holdings Channel.com reports. The firm owned 5,968 shares of the financial services provider’s stock after selling 14,820 shares during the period. Harbor Capital Advisors Inc.’s holdings in Primerica were worth $1,657,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PRI. AQR Capital Management LLC grew its position in Primerica by 171.8% during the first quarter. AQR Capital Management LLC now owns 315,986 shares of the financial services provider’s stock valued at $89,907,000 after purchasing an additional 199,715 shares in the last quarter. First Trust Advisors LP lifted its position in Primerica by 35.9% in the 2nd quarter. First Trust Advisors LP now owns 437,925 shares of the financial services provider’s stock worth $119,847,000 after buying an additional 115,754 shares in the last quarter. Copeland Capital Management LLC acquired a new stake in shares of Primerica during the 2nd quarter valued at $27,425,000. Envestnet Asset Management Inc. grew its holdings in shares of Primerica by 30.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 133,692 shares of the financial services provider’s stock valued at $36,587,000 after acquiring an additional 31,278 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in shares of Primerica by 21.7% in the second quarter. Qube Research & Technologies Ltd now owns 171,172 shares of the financial services provider’s stock worth $46,845,000 after acquiring an additional 30,533 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Primerica

In other news, Director Joel M. Babbit sold 700 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $255.00, for a total value of $178,500.00. Following the sale, the director directly owned 8,400 shares of the company’s stock, valued at approximately $2,142,000. This trade represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Glenn J. Williams sold 2,500 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $259.65, for a total value of $649,125.00. Following the transaction, the chief executive officer directly owned 33,892 shares of the company’s stock, valued at $8,800,057.80. This represents a 6.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 5,200 shares of company stock worth $1,338,225. 0.61% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PRI shares. BMO Capital Markets upgraded Primerica from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $292.00 to $318.00 in a report on Tuesday, September 23rd. Morgan Stanley set a $292.00 price target on Primerica in a research note on Monday, December 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Primerica in a research note on Monday. Keefe, Bruyette & Woods dropped their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Tuesday, November 11th. Finally, Piper Sandler set a $292.00 target price on shares of Primerica and gave the company a “neutral” rating in a research note on Tuesday, October 7th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $300.00.

Primerica Stock Performance

Shares of NYSE PRI opened at $262.09 on Friday. The business’s 50-day simple moving average is $258.48 and its 200-day simple moving average is $264.65. Primerica, Inc. has a 52 week low of $230.98 and a 52 week high of $298.75. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 12.04 and a beta of 0.90.

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

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

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 21st were paid a $1.04 dividend. The ex-dividend date was Friday, November 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.6%. Primerica’s dividend payout ratio (DPR) is presently 19.12%.

Primerica Profile

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.