Allspring Global Investments Holdings LLC Purchases 4,026 Shares of Primerica, Inc. (NYSE:PRI)

Allspring Global Investments Holdings LLC boosted its position in shares of Primerica, Inc. (NYSE:PRI) by 4,150.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,123 shares of the financial services provider’s stock after purchasing an additional 4,026 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Primerica were worth $1,120,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new position in shares of Primerica in the third quarter worth about $31,000. Golden State Wealth Management LLC bought a new position in shares of Primerica in the fourth quarter worth about $33,000. Larson Financial Group LLC raised its stake in shares of Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 54 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Primerica by 65.5% in the fourth quarter. UMB Bank n.a. now owns 240 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 95 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Primerica by 629.2% in the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 302 shares during the last quarter. 90.88% of the stock is owned by institutional investors.

Primerica Stock Performance

Shares of NYSE PRI opened at $273.38 on Monday. The stock has a market cap of $9.12 billion, a P/E ratio of 19.88 and a beta of 1.11. The firm has a 50 day moving average price of $281.79 and a 200 day moving average price of $277.07. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $307.91.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. Analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is 30.25%.

Primerica declared that its board has authorized a stock buyback plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PRI. Morgan Stanley boosted their target price on shares of Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. BMO Capital Markets initiated coverage on shares of Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price for the company. Truist Financial boosted their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. TD Cowen boosted their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler dropped their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Primerica currently has a consensus rating of “Hold” and an average target price of $311.14.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total value of $845,220.00. Following the completion of the transaction, the chief executive officer now owns 33,322 shares in the company, valued at $9,388,140.28. This represents a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.85% of the company’s stock.

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.