NewEdge Wealth LLC Has $5.44 Million Stock Holdings in Primerica, Inc. (NYSE:PRI)

NewEdge Wealth LLC lowered its holdings in shares of Primerica, Inc. (NYSE:PRI) by 14.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,057 shares of the financial services provider’s stock after selling 3,436 shares during the period. NewEdge Wealth LLC’s holdings in Primerica were worth $5,444,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Los Angeles Capital Management LLC raised its holdings in shares of Primerica by 10.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 120,011 shares of the financial services provider’s stock worth $32,573,000 after buying an additional 11,612 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Primerica by 7.1% during the 4th quarter. IFP Advisors Inc now owns 1,164 shares of the financial services provider’s stock worth $316,000 after buying an additional 77 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in shares of Primerica by 75.2% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 4,383 shares of the financial services provider’s stock worth $1,190,000 after buying an additional 1,882 shares in the last quarter. JLB & Associates Inc. raised its holdings in shares of Primerica by 4.7% during the 4th quarter. JLB & Associates Inc. now owns 19,762 shares of the financial services provider’s stock worth $5,364,000 after buying an additional 883 shares in the last quarter. Finally, Ieq Capital LLC acquired a new position in shares of Primerica during the 4th quarter worth $1,441,000. Institutional investors and hedge funds own 90.88% of the company’s stock.

Analyst Ratings Changes

PRI has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods boosted their price target on Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Morgan Stanley upped their target price on Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. Finally, Piper Sandler lowered their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $311.14.

Primerica Price Performance

Shares of Primerica stock opened at $284.16 on Friday. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The stock’s 50-day moving average is $282.28 and its 200 day moving average is $277.70. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 20.67 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. On average, sell-side analysts expect that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be issued a $1.04 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 annualized dividend and a yield of 1.46%. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is presently 30.25%.

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

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the transaction, the chief executive officer now owns 33,322 shares in the company, valued at approximately $9,388,140.28. This represents a 8.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

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.