Pathstone Holdings LLC Has $3.11 Million Stake in Primerica, Inc. (NYSE:PRI)

Pathstone Holdings LLC reduced its stake in Primerica, Inc. (NYSE:PRI) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,730 shares of the financial services provider’s stock after selling 338 shares during the period. Pathstone Holdings LLC’s holdings in Primerica were worth $3,110,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. lifted its stake in shares of Primerica by 456.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock valued at $2,164,000 after acquiring an additional 7,506 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Primerica in the second quarter valued at about $3,514,000. SG Americas Securities LLC acquired a new stake in shares of Primerica during the second quarter valued at about $893,000. International Assets Investment Management LLC grew its holdings in shares of Primerica by 359,742.9% during the third quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after purchasing an additional 25,182 shares during the last quarter. Finally, JLB & Associates Inc. increased its stake in shares of Primerica by 45.5% in the third quarter. JLB & Associates Inc. now owns 18,879 shares of the financial services provider’s stock valued at $5,006,000 after buying an additional 5,908 shares during the period. 90.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. This trade represents a 11.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is owned by insiders.

Primerica Stock Performance

Primerica stock opened at $301.73 on Monday. The stock has a market cap of $10.07 billion, a P/E ratio of 23.05 and a beta of 1.08. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $304.84. The firm’s fifty day moving average price is $278.19 and its 200-day moving average price is $254.19.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating 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 firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter last year, the company posted $4.28 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. Sell-side analysts predict that Primerica, Inc. will post 19.12 earnings per share for the current year.

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

Primerica Announces Dividend

The company also recently announced 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 1.19%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio is 27.50%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday. Piper Sandler started coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price on the stock. Truist Financial raised their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, TD Cowen began 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. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target 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.