Primerica, Inc. (NYSE:PRI) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in Primerica, Inc. (NYSE:PRI) by 5.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,108 shares of the financial services provider’s stock after acquiring an additional 54 shares during the quarter. CIBC Asset Management Inc’s holdings in Primerica were worth $301,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Prospera Private Wealth LLC acquired a new position in Primerica in the 3rd quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Primerica in the fourth quarter valued at about $33,000. Larson Financial Group LLC boosted 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 acquiring an additional 54 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Primerica by 65.5% during the fourth quarter. UMB Bank n.a. now owns 240 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 95 shares during the period. Finally, Allworth Financial LP raised its holdings in Primerica by 27.3% during the fourth quarter. Allworth Financial LP now owns 331 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 71 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the transaction, the chief executive officer now owns 33,322 shares of the company’s stock, valued at approximately $9,388,140.28. This trade represents a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. BMO Capital Markets began coverage on Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price on the stock. Morgan Stanley upped their price objective on Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. TD Cowen raised their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler lowered their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Finally, StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Primerica currently has a consensus rating of “Hold” and an average target price of $311.14.

Primerica Stock Performance

Primerica stock opened at $275.16 on Tuesday. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of 20.01 and a beta of 1.11. The stock’s fifty day moving average is $281.79 and its two-hundred day moving average is $277.31.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. As a group, sell-side analysts forecast that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

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

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.51%. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. Primerica’s dividend payout ratio (DPR) is 30.25%.

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.