Academy Capital Management Trims Stake in Primerica, Inc. $PRI

Academy Capital Management lessened its position in shares of Primerica, Inc. (NYSE:PRI) by 2.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 132,913 shares of the financial services provider’s stock after selling 2,785 shares during the quarter. Primerica makes up approximately 5.3% of Academy Capital Management’s investment portfolio, making the stock its 10th largest holding. Academy Capital Management owned approximately 0.42% of Primerica worth $36,895,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PRI. Olympiad Research LP boosted its stake in shares of Primerica by 3.9% in the 2nd quarter. Olympiad Research LP now owns 1,061 shares of the financial services provider’s stock valued at $290,000 after purchasing an additional 40 shares during the last quarter. Orion Porfolio Solutions LLC lifted its holdings in Primerica by 1.2% in the second quarter. Orion Porfolio Solutions LLC now owns 3,866 shares of the financial services provider’s stock valued at $1,058,000 after buying an additional 45 shares during the period. Ascent Group LLC lifted its holdings in Primerica by 6.5% in the third quarter. Ascent Group LLC now owns 836 shares of the financial services provider’s stock valued at $232,000 after buying an additional 51 shares during the period. Vident Advisory LLC boosted its position in Primerica by 3.2% during the second quarter. Vident Advisory LLC now owns 1,776 shares of the financial services provider’s stock valued at $486,000 after acquiring an additional 55 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its holdings in Primerica by 0.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 22,844 shares of the financial services provider’s stock worth $6,252,000 after acquiring an additional 60 shares during the period. Institutional investors own 90.88% of the company’s stock.

Primerica Trading Up 1.4%

Shares of PRI stock opened at $258.96 on Friday. The firm has a fifty day simple moving average of $260.81 and a two-hundred day simple moving average of $263.23. Primerica, Inc. has a 12 month low of $230.09 and a 12 month high of $296.00. The firm has a market capitalization of $8.27 billion, a PE ratio of 11.29 and a beta of 0.91.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $6.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.69 by $0.44. Primerica had a net margin of 22.82% and a return on equity of 32.30%. The firm had revenue of $853.51 million during the quarter, compared to analysts’ expectations of $839.65 million. During the same period last year, the company earned $5.03 earnings per share. The business’s revenue was up 8.3% on a year-over-year basis. On average, equities analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica declared that its board has authorized a share repurchase plan on Wednesday, November 19th that permits the company to buyback $475.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 5.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Monday, February 23rd will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.9%. This is an increase from Primerica’s previous quarterly dividend of $1.04. Primerica’s dividend payout ratio is presently 20.93%.

Insider Activity at Primerica

In related news, Director Joel M. Babbit sold 700 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $255.00, for a total transaction of $178,500.00. Following the completion of the sale, the director owned 8,400 shares in the company, valued at approximately $2,142,000. This represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Glenn J. Williams sold 2,500 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $256.41, for a total value of $641,025.00. Following the transaction, the chief executive officer owned 27,392 shares in the company, valued at approximately $7,023,582.72. This trade represents a 8.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

PRI has been the topic of a number of recent analyst reports. TD Cowen reissued a “buy” rating on shares of Primerica in a research note on Wednesday, January 28th. Zacks Research downgraded Primerica from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Keefe, Bruyette & Woods dropped their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 11th. Weiss Ratings upgraded Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Finally, Morgan Stanley set a $292.00 price objective on shares of Primerica in a research note on Monday, December 15th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $300.00.

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.