Erste Asset Management GmbH Acquires New Position in Primerica, Inc. (NYSE:PRI)

Erste Asset Management GmbH bought a new position in shares of Primerica, Inc. (NYSE:PRI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,500 shares of the financial services provider’s stock, valued at approximately $921,000.

Several other large investors also recently bought and sold shares of PRI. CIBC Asset Management Inc lifted its stake in shares of Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after buying an additional 36 shares during the period. Creative Planning lifted its position in Primerica by 0.7% during the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after acquiring an additional 40 shares during the period. Kingsview Wealth Management LLC increased its holdings in shares of Primerica by 0.7% in the third 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 period. Larson Financial Group LLC increased its holdings in shares of Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Primerica by 45.5% in the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Analyst Upgrades and Downgrades

PRI has been the subject of a number of recent research reports. TD Cowen raised their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Morgan Stanley raised their target price on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Finally, Piper Sandler initiated coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target for the company. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Primerica has a consensus rating of “Hold” and an average target price of $293.50.

Primerica Trading Down 0.8 %

NYSE PRI opened at $298.57 on Wednesday. The stock has a market capitalization of $9.96 billion, a price-to-earnings ratio of 22.81 and a beta of 1.09. The stock has a 50-day moving average of $284.29 and a 200 day moving average of $258.31. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $307.91.

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 the consensus estimate of $4.81 by $0.87. The business had revenue of $774.13 million during 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 quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted $4.28 EPS. Equities analysts predict that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s payout ratio is 27.50%.

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

Insider Activity at Primerica

In related news, 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 completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 directly owns 15,151 shares in the company, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is owned by corporate insiders.

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.