Oppenheimer Asset Management Inc. Reduces Position in Primerica, Inc. (NYSE:PRI)

Oppenheimer Asset Management Inc. lessened its holdings in shares of Primerica, Inc. (NYSE:PRI) by 4.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,042 shares of the financial services provider’s stock after selling 139 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Primerica were worth $807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Harbor Capital Advisors Inc. lifted its stake in shares of Primerica by 456.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock valued at $2,164,000 after buying an additional 7,506 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Primerica during the 1st quarter valued at $979,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Primerica during the 2nd quarter valued at $3,514,000. SG Americas Securities LLC purchased a new position in shares of Primerica during the 2nd quarter valued at $893,000. Finally, International Assets Investment Management LLC lifted its stake in shares of Primerica by 359,742.9% during the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after buying an additional 25,182 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PRI shares. Morgan Stanley lifted their target price on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. TD Cowen started coverage on shares of Primerica in a research note on Wednesday, October 9th. They set a “buy” rating and a $314.00 target price on the stock. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a report on Thursday, November 14th. Piper Sandler started coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target on the stock. Finally, Truist Financial lifted their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $288.33.

Insider Transactions at Primerica

In related news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now directly owns 15,151 shares in the company, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $1,803,175 in the last three months. Insiders own 0.85% of the company’s stock.

Primerica Stock Up 0.7 %

Primerica stock opened at $300.76 on Tuesday. The company’s 50-day moving average price is $273.65 and its 200-day moving average price is $251.66. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $304.84. The company has a market cap of $10.04 billion, a PE ratio of 22.98 and a beta of 1.08.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same period in the previous year, the firm posted $4.28 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts expect that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be issued a $0.90 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.20%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

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

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.