Primerica, Inc. (NYSE:PRI) Shares Bought by HighTower Advisors LLC

HighTower Advisors LLC increased its position in shares of Primerica, Inc. (NYSE:PRI) by 4.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,230 shares of the financial services provider’s stock after purchasing an additional 732 shares during the quarter. HighTower Advisors LLC’s holdings in Primerica were worth $4,578,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PRI. ORG Partners LLC bought a new position in shares of Primerica in the 2nd quarter worth about $30,000. V Square Quantitative Management LLC acquired a new position in Primerica in the third quarter valued at approximately $31,000. Prospera Private Wealth LLC bought a new position in shares of Primerica during the third quarter valued at approximately $31,000. UMB Bank n.a. raised its position in shares of Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRI. TD Cowen boosted their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler started coverage on Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target on the stock. Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Morgan Stanley lifted their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Finally, StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a report 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $293.50.

Primerica Stock Down 2.1 %

Shares of NYSE PRI opened at $281.17 on Wednesday. Primerica, Inc. has a 12 month low of $184.76 and a 12 month high of $307.91. The company has a market cap of $9.38 billion, a price-to-earnings ratio of 21.48 and a beta of 1.09. The business has a fifty day simple moving average of $286.95 and a 200-day simple moving average of $260.54.

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

Primerica announced that its Board of Directors has approved a share buyback program on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s payout ratio is 27.50%.

About Primerica

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.