Leavell Investment Management Inc. Cuts Stock Holdings in Primerica, Inc. $PRI

Leavell Investment Management Inc. decreased its holdings in shares of Primerica, Inc. (NYSE:PRI) by 9.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,169 shares of the financial services provider’s stock after selling 123 shares during the quarter. Leavell Investment Management Inc.’s holdings in Primerica were worth $320,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Assetmark Inc. grew its holdings in shares of Primerica by 17.1% during the first quarter. Assetmark Inc. now owns 1,778 shares of the financial services provider’s stock worth $506,000 after purchasing an additional 260 shares in the last quarter. Cerity Partners LLC lifted its position in Primerica by 21.7% in the 1st quarter. Cerity Partners LLC now owns 5,201 shares of the financial services provider’s stock worth $1,480,000 after buying an additional 927 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in Primerica in the 1st quarter worth approximately $2,683,000. New Age Alpha Advisors LLC bought a new stake in Primerica in the 1st quarter worth approximately $1,922,000. Finally, Public Sector Pension Investment Board bought a new stake in Primerica in the 1st quarter worth approximately $9,234,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Stock Down 0.6%

Shares of Primerica stock opened at $262.89 on Tuesday. Primerica, Inc. has a twelve month low of $230.98 and a twelve month high of $307.91. The business has a 50-day moving average price of $270.52 and a 200-day moving average price of $267.01. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 12.99 and a beta of 0.97.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.46 earnings per share for the quarter, beating the consensus estimate of $5.18 by $0.28. The business had revenue of $796.02 million during the quarter, compared to analysts’ expectations of $790.99 million. Primerica had a return on equity of 32.42% and a net margin of 21.48%.The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $4.71 EPS. On average, equities analysts expect that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 22nd were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, August 22nd. Primerica’s dividend payout ratio (DPR) is currently 20.55%.

Wall Street Analyst Weigh In

Several analysts have weighed in on PRI shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Primerica in a research report on Wednesday, October 8th. BMO Capital Markets raised Primerica from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $292.00 to $318.00 in a research note on Tuesday, September 23rd. Morgan Stanley reduced their target price on Primerica from $308.00 to $306.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. Zacks Research raised Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Finally, Piper Sandler set a $292.00 target price on Primerica and gave the stock a “neutral” rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Primerica currently has a consensus rating of “Moderate Buy” and an average price target of $314.86.

Insider Activity

In other news, CEO Glenn J. Williams sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $262.20, for a total value of $655,500.00. Following the completion of the sale, the chief executive officer directly owned 36,392 shares of the company’s stock, valued at $9,541,982.40. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is owned by insiders.

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.