Bank of Montreal Can Raises Stock Holdings in Primerica, Inc. (NYSE:PRI)

Bank of Montreal Can lifted its holdings in Primerica, Inc. (NYSE:PRI) by 4.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,685 shares of the financial services provider’s stock after purchasing an additional 1,536 shares during the quarter. Bank of Montreal Can owned 0.10% of Primerica worth $9,128,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Larson Financial Group LLC grew its position in 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 in the last quarter. Cerity Partners LLC purchased a new position in shares of Primerica in the 3rd quarter worth approximately $983,000. Kingsview Wealth Management LLC increased its position in shares of Primerica by 0.7% during the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after purchasing an additional 43 shares during the last quarter. Great Valley Advisor Group Inc. purchased a new stake in Primerica during the 3rd quarter valued at $398,000. Finally, Advisors Asset Management Inc. lifted its position in Primerica by 187.1% in the third quarter. Advisors Asset Management Inc. now owns 643 shares of the financial services provider’s stock worth $170,000 after buying an additional 419 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

Primerica Stock Down 0.5 %

Shares of NYSE:PRI opened at $302.75 on Monday. The business’s 50 day moving average is $282.86 and its 200 day moving average is $257.28. The stock has a market cap of $10.10 billion, a P/E ratio of 23.13 and a beta of 1.08. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $307.91.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.28 EPS. On average, sell-side analysts anticipate that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica declared that its board has approved a stock repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Primerica Dividend Announcement

The firm also recently declared 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 annualized dividend and a dividend yield of 1.19%. Primerica’s dividend payout ratio is currently 27.50%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRI shares. Piper Sandler initiated coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. TD Cowen raised their price objective 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. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Morgan Stanley boosted their price objective on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $293.50.

Primerica Company 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.