MetLife Investment Management LLC Has $4.64 Million Stock Holdings in Primerica, Inc. (NYSE:PRI)

MetLife Investment Management LLC decreased its position in shares of Primerica, Inc. (NYSE:PRI) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,497 shares of the financial services provider’s stock after selling 626 shares during the period. MetLife Investment Management LLC owned approximately 0.05% of Primerica worth $4,639,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PRI. Millennium Management LLC raised its stake in Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after purchasing an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Primerica by 66.3% in the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after buying an additional 39,761 shares in the last quarter. Squarepoint Ops LLC boosted its stake in shares of Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after buying an additional 31,064 shares during the period. Strategic Financial Concepts LLC acquired a new stake in Primerica during the second quarter worth approximately $71,000. Finally, International Assets Investment Management LLC increased its stake in Primerica by 359,742.9% during the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after acquiring an additional 25,182 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

Insider Activity

In related news, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.

Primerica Price Performance

Shares of NYSE PRI opened at $302.75 on Monday. The company has a 50 day simple moving average of $282.86 and a 200 day simple moving average of $257.28. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $307.91. The firm has a market cap of $10.10 billion, a PE ratio of 23.13 and a beta of 1.08.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same quarter last year, the firm earned $4.28 earnings per share. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, research analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica announced that its Board of Directors has authorized a share buyback program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.19%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler assumed coverage on shares of Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. Morgan Stanley increased their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. TD Cowen lifted their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Finally, Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Primerica has an average rating of “Hold” and an average price target of $293.50.

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.