Redwood Investment Management LLC Raises Stock Position in Primerica, Inc. (NYSE:PRI)

Redwood Investment Management LLC increased its stake in Primerica, Inc. (NYSE:PRI) by 4.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,089 shares of the financial services provider’s stock after acquiring an additional 240 shares during the quarter. Redwood Investment Management LLC’s holdings in Primerica were worth $1,602,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CIBC Asset Management Inc grew its holdings 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 in the last quarter. Creative Planning grew its holdings in shares of Primerica by 0.7% during the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after buying an additional 40 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Primerica by 0.7% during the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after buying an additional 43 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Primerica by 45.5% during the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after buying an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Price Performance

Shares of NYSE:PRI opened at $295.73 on Friday. The firm has a market capitalization of $9.87 billion, a PE ratio of 22.59 and a beta of 1.09. The firm’s 50-day moving average is $285.54 and its two-hundred day moving average is $258.85. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $307.91.

Primerica (NYSE:PRI) last released 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. The firm had revenue of $774.13 million for 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.28 earnings per share. Analysts expect that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica announced that its Board of Directors has authorized a stock buyback 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 repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Primerica Announces Dividend

The company also recently disclosed 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. This represents a $3.60 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The stock was 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 directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction on 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 directly owns 15,151 shares of the company’s stock, valued at approximately $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. Corporate insiders own 0.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRI shares. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Morgan Stanley boosted their price target on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Truist Financial boosted their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen upped their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, 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 target price on the stock. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $293.50.

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.