Fifth Third Bancorp Boosts Position in Primerica, Inc. $PRI

Fifth Third Bancorp grew its stake in Primerica, Inc. (NYSE:PRI) by 1,140.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,227 shares of the financial services provider’s stock after buying an additional 14,919 shares during the period. Fifth Third Bancorp’s holdings in Primerica were worth $4,064,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can increased its holdings in shares of Primerica by 5,277.5% in the 4th quarter. Bank of Montreal Can now owns 1,311,634 shares of the financial services provider’s stock valued at $338,874,000 after acquiring an additional 1,287,243 shares during the period. Invesco Ltd. lifted its position in Primerica by 200.3% in the fourth quarter. Invesco Ltd. now owns 357,696 shares of the financial services provider’s stock valued at $92,414,000 after purchasing an additional 238,571 shares during the period. Life Cycle Investment Partners Ltd acquired a new stake in shares of Primerica in the 4th quarter valued at approximately $40,714,000. Millennium Management LLC grew its position in Primerica by 183.3% during the fourth quarter. Millennium Management LLC now owns 212,196 shares of the financial services provider’s stock worth $54,823,000 after buying an additional 137,297 shares during the period. Finally, Danske Bank A S purchased a new position in Primerica in the third quarter valued at about $30,396,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $280.49, for a total transaction of $420,735.00. Following the completion of the transaction, the chief executive officer directly owned 33,696 shares of the company’s stock, valued at $9,451,391.04. The trade was a 4.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Peter W. Schneider sold 1,800 shares of Primerica stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $279.64, for a total transaction of $503,352.00. Following the sale, the president owned 9,811 shares in the company, valued at approximately $2,743,548.04. This represents a 15.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.63% of the company’s stock.

Primerica Trading Down 0.6%

NYSE PRI opened at $310.80 on Friday. The company’s fifty day simple moving average is $282.78 and its 200-day simple moving average is $268.93. The stock has a market cap of $9.69 billion, a P/E ratio of 13.03 and a beta of 0.88. Primerica, Inc. has a 52 week low of $230.09 and a 52 week high of $317.69.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.45 by $0.51. Primerica had a return on equity of 32.32% and a net margin of 22.99%.The company had revenue of $872.30 million for the quarter, compared to the consensus estimate of $855.36 million. During the same period in the previous year, the business earned $5.02 EPS. Primerica’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, research analysts expect that Primerica, Inc. will post 24.54 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 21st were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Thursday, May 21st. Primerica’s dividend payout ratio (DPR) is presently 20.13%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Jefferies Financial Group lifted their price target on Primerica from $266.00 to $268.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods upped their price target on shares of Primerica from $305.00 to $323.00 and gave the company a “market perform” rating in a report on Monday, July 13th. Morgan Stanley boosted their target price on shares of Primerica from $280.00 to $291.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Finally, Weiss Ratings upgraded Primerica from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 27th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Primerica has a consensus rating of “Hold” and an average price target of $298.40.

Primerica Company 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.