Bridges Investment Management Inc. Takes $363,000 Position in Primerica, Inc. (NYSE:PRI)

Bridges Investment Management Inc. acquired a new stake in Primerica, Inc. (NYSE:PRI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,533 shares of the financial services provider’s stock, valued at approximately $363,000.

Other hedge funds also recently added to or reduced their stakes in the company. ORG Partners LLC purchased a new position in shares of Primerica during the 2nd quarter worth $30,000. Benjamin F. Edwards & Company Inc. boosted its stake in Primerica by 493.3% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 178 shares of the financial services provider’s stock worth $45,000 after buying an additional 148 shares during the period. Blue Trust Inc. boosted its stake in Primerica by 45.5% during the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after buying an additional 60 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Primerica during the first quarter valued at about $163,000. Finally, O Dell Group LLC purchased a new stake in shares of Primerica in the 4th quarter valued at approximately $153,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Primerica Price Performance

Primerica stock opened at $258.60 on Friday. The stock has a market cap of $8.90 billion, a PE ratio of 15.74 and a beta of 1.09. The stock’s fifty day moving average is $254.26 and its two-hundred day moving average is $240.00. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $265.27.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, beating the consensus estimate of $4.47 by $0.24. The company had revenue of $803.38 million for the quarter, compared to analyst estimates of $748.88 million. Primerica had a net margin of 14.85% and a return on equity of 27.81%. The firm’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.99 earnings per share. On average, research analysts expect that Primerica, Inc. will post 17.94 earnings per share for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Wednesday, August 21st were given a $0.90 dividend. The ex-dividend date was Wednesday, August 21st. This is a boost from Primerica’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.39%. Primerica’s dividend payout ratio is 21.91%.

Insider Buying and Selling

In other 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 value of $507,700.00. Following the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the sale, the president now directly owns 10,259 shares of the company’s stock, valued at $2,678,727.49. The disclosure for this sale can be found here. Insiders have sold 6,500 shares of company stock worth $1,657,015 in the last quarter. 0.85% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PRI shares. Truist Financial boosted their target price on Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, August 9th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Morgan Stanley lifted their target price on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Keefe, Bruyette & Woods boosted their price target on shares of Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group lifted their price objective on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Primerica has a consensus rating of “Hold” and a consensus price target of $275.20.

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.