Burgundy Asset Management Ltd. Cuts Holdings in Primerica, Inc. (NYSE:PRI)

Burgundy Asset Management Ltd. trimmed its stake in shares of Primerica, Inc. (NYSE:PRI) by 0.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,205,407 shares of the financial services provider’s stock after selling 8,392 shares during the period. Primerica makes up about 2.8% of Burgundy Asset Management Ltd.’s holdings, making the stock its 7th largest position. Burgundy Asset Management Ltd.’s holdings in Primerica were worth $248,025,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Invesco Ltd. lifted its holdings in shares of Primerica by 110.6% during the third quarter. Invesco Ltd. now owns 449,459 shares of the financial services provider’s stock valued at $87,200,000 after purchasing an additional 236,051 shares during the last quarter. Norges Bank purchased a new position in shares of Primerica in the fourth quarter worth approximately $31,194,000. Fuller & Thaler Asset Management Inc. lifted its position in shares of Primerica by 86.7% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 118,603 shares of the financial services provider’s stock valued at $23,010,000 after acquiring an additional 55,076 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in Primerica by 47.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 125,585 shares of the financial services provider’s stock worth $25,840,000 after purchasing an additional 40,647 shares during the period. Finally, Alps Advisors Inc. purchased a new position in Primerica during the 3rd quarter worth approximately $6,098,000. 90.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Gregory C. Pitts sold 3,759 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $245.43, for a total transaction of $922,571.37. Following the completion of the sale, the chief operating officer now owns 3,379 shares in the company, valued at approximately $829,307.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Nicholas Adam Jendusa sold 234 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $249.81, for a total transaction of $58,455.54. Following the sale, the insider now directly owns 100 shares in the company, valued at approximately $24,981. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Gregory C. Pitts sold 3,759 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $245.43, for a total value of $922,571.37. Following the sale, the chief operating officer now directly owns 3,379 shares of the company’s stock, valued at $829,307.97. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,993 shares of company stock worth $1,687,302. Company insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRI. Raymond James cut Primerica from a “strong-buy” rating to a “market perform” rating in a research note on Monday, February 12th. Truist Financial boosted their target price on Primerica from $260.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Morgan Stanley lifted their price target on Primerica from $245.00 to $250.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods boosted their price target on Primerica from $255.00 to $260.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Finally, StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $245.50.

Primerica Stock Down 0.3 %

NYSE PRI traded down $0.78 during midday trading on Wednesday, hitting $223.06. The company had a trading volume of 134,881 shares, compared to its average volume of 162,740. The firm has a fifty day simple moving average of $227.26 and a two-hundred day simple moving average of $226.93. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 13.63 and a beta of 1.08. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $256.56.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Monday, May 6th. The financial services provider reported $3.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.12 by ($0.21). Primerica had a net margin of 20.44% and a return on equity of 27.35%. The firm had revenue of $742.83 million for the quarter, compared to the consensus estimate of $740.57 million. During the same quarter in the prior year, the firm earned $3.49 earnings per share. The company’s revenue was up 7.7% on a year-over-year basis. As a group, equities analysts predict that Primerica, Inc. will post 17.66 earnings per share for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Tuesday, May 21st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Monday, May 20th. Primerica’s payout ratio is 18.26%.

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.