Legal & General Group Plc has reduced its stake in Primerica, Inc. (NYSE: PRI) by 0.7% during the second quarter of 2023. As reported by Holdings Channel, the firm now holds 67,900 shares after selling 490 shares in this period. Legal & General’s investment in Primerica was valued at approximately $18,582,000 at the close of the quarter.
Several other institutional investors have also adjusted their positions in Primerica recently. Hilltop National Bank entered the market with a new stake valued at roughly $31,000. Cullen Frost Bankers Inc. similarly acquired a new position worth about $33,000. Notably, First Horizon Advisors Inc. increased its position dramatically by 1,714.3%, acquiring an additional 120 shares to total 127 shares valued at $35,000. AdvisorNet Financial Inc. also boosted its holdings by 108.5%, now owning 148 shares worth $41,000.
In total, institutional investors and hedge funds control 90.88% of Primerica’s stock, underscoring the significant institutional interest in the company.
Market Performance and Dividend Announcement
On Friday, Primerica shares opened at $257.95. The company has seen a 50-day moving average price of $264.63 and a 200-day moving average price of $266.59. Over the past year, Primerica has experienced a low of $230.98 and a high of $306.10. With a market capitalization of $8.23 billion and a price-to-earnings ratio of 11.85, the firm’s stock exhibits moderate volatility with a beta of 0.96.
Primerica recently announced a quarterly dividend of $1.04 per share, payable on December 15, 2023, to shareholders of record as of November 21, 2023. This dividend represents an annualized total of $4.16 and a yield of 1.6%. The company’s payout ratio stands at 19.12%.
Additionally, Primerica’s Board of Directors has approved a share repurchase plan allowing for the buyback of up to $475 million in shares, representing 5.8% of its stock through open market transactions. Such repurchase authorizations often indicate that the board perceives the company’s shares as undervalued.
Analyst Ratings and Insider Transactions
Recent reports from equity research analysts have provided a range of opinions on Primerica’s stock. BMO Capital Markets upgraded the stock from a “market perform” rating to “outperform,” raising the price target from $292.00 to $318.00. Conversely, Keefe, Bruyette & Woods lowered their price target from $320.00 to $315.00 while maintaining a “market perform” rating. Jefferies Financial Group also adjusted their target price from $293.00 to $283.00, issuing a “hold” rating. Currently, the consensus rating from analysts is “Moderate Buy,” with a price target averaging $301.80.
In insider trading news, President Peter W. Schneider sold 2,000 shares on November 17, 2023, at an average price of $255.30, totaling $510,600. After this transaction, Schneider retains 7,301 shares, valued at approximately $1,863,945.30. Likewise, CEO Glenn J. Williams sold 2,500 shares on November 12, 2023, at an average price of $259.65, amounting to $649,125. Following his sale, Williams holds 33,892 shares, valued at around $8,800,057.80. Currently, company insiders own 0.61% of Primerica’s stock.
Primerica, Inc. provides a variety of financial products and services to middle-income households across the United States and Canada. The company operates in four main segments: Term Life Insurance, Investment and Savings Products, Senior Health, and Corporate and Other Distributed Products.
For additional insights on Primerica and its market performance, interested parties can visit Holdings Channel for the latest filings and insider trading reports.
