Assetmark Inc. Grows Position in Primerica, Inc. (NYSE:PRI)

Assetmark Inc. grew its stake in shares of Primerica, Inc. (NYSE:PRI) by 11.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,461 shares of the financial services provider’s stock after purchasing an additional 154 shares during the period. Assetmark Inc.’s holdings in Primerica were worth $387,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. ORG Partners LLC purchased a new stake in Primerica during the second quarter worth about $30,000. V Square Quantitative Management LLC acquired a new stake in shares of Primerica during the 3rd quarter valued at approximately $31,000. UMB Bank n.a. boosted its stake in shares of Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares in the last quarter. Blue Trust Inc. increased its stake in Primerica by 45.5% in the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 60 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new position in Primerica in the 2nd quarter valued at approximately $71,000. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Stock Performance

Shares of NYSE PRI opened at $298.61 on Friday. The firm has a market cap of $9.96 billion, a P/E ratio of 22.80 and a beta of 1.08. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $304.84. The firm’s 50 day moving average price is $273.65 and its 200 day moving average price is $251.14.

Primerica (NYSE:PRI) last posted its quarterly earnings data 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. The business had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.28 earnings per share. As a group, equities analysts predict that Primerica, Inc. will post 19.12 EPS for the current year.

Primerica declared that its Board of Directors has authorized a share repurchase plan on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Primerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the sale, the president now owns 10,259 shares of the company’s stock, valued at $2,678,727.49. This represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $1,803,175 in the last three months. Company insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on PRI. Morgan Stanley boosted their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. TD Cowen initiated coverage on shares of Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price objective on the stock. Piper Sandler assumed coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target on the stock. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Truist Financial increased their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $288.33.

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.