Allworth Financial LP Raises Stock Position in Primerica, Inc. (NYSE:PRI)

Allworth Financial LP raised its holdings in Primerica, Inc. (NYSE:PRI) by 27.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 331 shares of the financial services provider’s stock after buying an additional 71 shares during the quarter. Allworth Financial LP’s holdings in Primerica were worth $97,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PRI. Geode Capital Management LLC lifted its holdings in Primerica by 3.9% during the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Primerica by 8.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock valued at $28,742,000 after acquiring an additional 8,641 shares during the period. Prospector Partners LLC grew its stake in shares of Primerica by 0.3% in the third quarter. Prospector Partners LLC now owns 77,055 shares of the financial services provider’s stock valued at $20,431,000 after buying an additional 210 shares in the last quarter. Stifel Financial Corp increased its stake in Primerica by 0.5% during the third quarter. Stifel Financial Corp now owns 63,984 shares of the financial services provider’s stock worth $16,965,000 after purchasing an additional 333 shares during the period. Finally, Running Oak Capital LLC boosted its position in Primerica by 3.7% in the 4th quarter. Running Oak Capital LLC now owns 53,644 shares of the financial services provider’s stock valued at $14,560,000 after buying an additional 1,919 shares during the period. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Price Performance

NYSE PRI opened at $275.16 on Tuesday. The business has a 50 day moving average price of $281.79 and a 200 day moving average price of $277.31. The company has a market capitalization of $9.18 billion, a P/E ratio of 20.01 and a beta of 1.11. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 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%. On average, research analysts expect that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.51%. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, February 21st. Primerica’s dividend payout ratio (DPR) is 30.25%.

Primerica declared that its board has initiated a share buyback plan on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

PRI has been the subject of several recent analyst reports. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Morgan Stanley lifted their target price on Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Truist Financial upped their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods lifted their target price on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Finally, Piper Sandler reduced their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $311.14.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the sale, the chief executive officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.85% 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.