HighTower Advisors LLC Trims Stake in Primerica, Inc. $PRI

HighTower Advisors LLC lowered its position in Primerica, Inc. (NYSE:PRI) by 38.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,937 shares of the financial services provider’s stock after selling 6,242 shares during the period. HighTower Advisors LLC’s holdings in Primerica were worth $2,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. BTC Capital Management Inc. grew its stake in Primerica by 9.2% in the 3rd quarter. BTC Capital Management Inc. now owns 2,359 shares of the financial services provider’s stock worth $655,000 after acquiring an additional 199 shares in the last quarter. Assetmark Inc. boosted its holdings in shares of Primerica by 11.5% in the third quarter. Assetmark Inc. now owns 2,123 shares of the financial services provider’s stock valued at $589,000 after purchasing an additional 219 shares during the period. Caprock Group LLC bought a new position in Primerica in the third quarter worth approximately $1,349,000. Oppenheimer Asset Management Inc. increased its holdings in Primerica by 30.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 3,947 shares of the financial services provider’s stock worth $1,096,000 after purchasing an additional 912 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in Primerica by 186.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 106 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 69 shares during the period. Institutional investors own 90.88% of the company’s stock.

Insider Transactions at Primerica

In related news, Director Joel M. Babbit sold 700 shares of Primerica stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $255.00, for a total value of $178,500.00. Following the completion of the sale, the director owned 8,400 shares in the company, valued at approximately $2,142,000. This trade represents a 7.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Glenn J. Williams sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $256.41, for a total value of $641,025.00. Following the completion of the sale, the chief executive officer directly owned 27,392 shares in the company, valued at approximately $7,023,582.72. The trade was a 8.36% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.61% of the company’s stock.

Primerica Stock Up 1.4%

PRI stock opened at $258.96 on Friday. Primerica, Inc. has a 52-week low of $230.09 and a 52-week high of $296.00. The firm has a market cap of $8.27 billion, a P/E ratio of 11.29 and a beta of 0.91. The company’s 50-day simple moving average is $260.81 and its 200-day simple moving average is $263.23.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $6.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.69 by $0.44. The business had revenue of $853.51 million for the quarter, compared to the consensus estimate of $839.65 million. Primerica had a net margin of 22.82% and a return on equity of 32.30%. The company’s revenue was up 8.3% compared to the same quarter last year. During the same period last year, the firm posted $5.03 earnings per share. On average, analysts anticipate that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica declared that its board has initiated a stock buyback program on Wednesday, November 19th that permits the company to buyback $475.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 5.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, February 23rd will be issued a $1.20 dividend. This is an increase from Primerica’s previous quarterly dividend of $1.04. The ex-dividend date is Monday, February 23rd. This represents a $4.80 annualized dividend and a yield of 1.9%. Primerica’s payout ratio is presently 20.93%.

Analyst Upgrades and Downgrades

PRI has been the topic of several research reports. Weiss Ratings raised shares of Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Morgan Stanley set a $292.00 target price on Primerica in a research report on Monday, December 15th. TD Cowen reissued a “buy” rating on shares of Primerica in a research report on Wednesday, January 28th. Keefe, Bruyette & Woods decreased their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Tuesday, November 11th. Finally, Zacks Research lowered Primerica from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $300.00.

Primerica Company Profile

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.