CIBC Asset Management Inc Purchases 36 Shares of Primerica, Inc. (NYSE:PRI)

CIBC Asset Management Inc boosted its position in shares of Primerica, Inc. (NYSE:PRI) by 3.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,054 shares of the financial services provider’s stock after purchasing an additional 36 shares during the quarter. CIBC Asset Management Inc’s holdings in Primerica were worth $279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PRI. OneDigital Investment Advisors LLC raised its stake in shares of Primerica by 1.6% during the third quarter. OneDigital Investment Advisors LLC now owns 5,430 shares of the financial services provider’s stock worth $1,440,000 after buying an additional 86 shares during the last quarter. MQS Management LLC acquired a new stake in Primerica during the 3rd quarter worth $417,000. Aptus Capital Advisors LLC raised its position in shares of Primerica by 15.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 29,345 shares of the financial services provider’s stock valued at $7,781,000 after acquiring an additional 3,950 shares during the last quarter. Aigen Investment Management LP lifted its stake in shares of Primerica by 148.1% in the 3rd quarter. Aigen Investment Management LP now owns 2,811 shares of the financial services provider’s stock valued at $745,000 after purchasing an additional 1,678 shares during the period. Finally, GSA Capital Partners LLP bought a new position in shares of Primerica in the 3rd quarter worth $228,000. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Stock Up 1.6 %

Primerica stock opened at $301.71 on Friday. The company has a 50 day moving average of $277.24 and a 200-day moving average of $253.40. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $304.84. The stock has a market capitalization of $10.07 billion, a PE ratio of 22.72 and a beta of 1.08.

Primerica (NYSE:PRI) last announced 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 during the quarter, compared to analyst estimates of $745.25 million. During the same period in the prior year, the business earned $4.28 EPS. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities analysts anticipate that Primerica, Inc. will post 19.12 EPS for the current fiscal year.

Primerica declared that its Board of Directors has authorized a share buyback program 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 repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Primerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio is presently 27.50%.

Insider Buying and Selling at Primerica

In related news, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,500 shares of company stock worth $1,803,175. Corporate insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on PRI shares. TD Cowen initiated coverage on Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price on the stock. Piper Sandler started coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target on the stock. Morgan Stanley boosted their price objective on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $288.33.

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.