Primerica, Inc. (NYSE:PRI) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can grew its stake in shares of Primerica, Inc. (NYSE:PRI) by 4.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,685 shares of the financial services provider’s stock after acquiring an additional 1,536 shares during the quarter. Bank of Montreal Can’s holdings in Primerica were worth $9,128,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new stake in Primerica during the 3rd quarter worth approximately $31,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica during the third quarter worth $31,000. ORG Partners LLC purchased a new stake in shares of Primerica during the second quarter valued at $30,000. UMB Bank n.a. increased its position in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 67 shares during the period. Finally, Larson Financial Group LLC raised its stake in 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 acquiring an additional 54 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Primerica Price Performance

PRI opened at $302.75 on Monday. The stock has a market cap of $10.10 billion, a P/E ratio of 23.13 and a beta of 1.08. The firm has a fifty day moving average price of $282.86 and a 200 day moving average price of $257.28. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $307.91.

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

Primerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Primerica declared that its Board of Directors has authorized a share repurchase plan 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 reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PRI has been the topic of several research analyst reports. Truist Financial boosted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Piper Sandler began coverage on shares of Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. Morgan Stanley increased their price objective on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Finally, TD Cowen boosted 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. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $293.50.

Insider Transactions at Primerica

In related news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were 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 owns 15,151 shares in the company, valued at $3,846,081.35. This represents a 11.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated 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 in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % 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.

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.