Oppenheimer Asset Management Inc. Sells 139 Shares of Primerica, Inc. (NYSE:PRI)

Oppenheimer Asset Management Inc. lowered its position in Primerica, Inc. (NYSE:PRI) by 4.4% during the 3rd quarter, Holdings Channel reports. The firm owned 3,042 shares of the financial services provider’s stock after selling 139 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Primerica were worth $807,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its holdings 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 worth $2,164,000 after buying an additional 7,506 shares during the period. Edgestream Partners L.P. purchased a new stake in Primerica in the first quarter worth about $979,000. Susquehanna Fundamental Investments LLC bought a new position in Primerica during the 2nd quarter worth about $3,514,000. SG Americas Securities LLC purchased a new position in Primerica during the 2nd quarter valued at about $893,000. Finally, International Assets Investment Management LLC raised its holdings in shares of Primerica by 359,742.9% in the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after purchasing an additional 25,182 shares in the last quarter. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Primerica Trading Up 0.7 %

NYSE PRI opened at $300.76 on Tuesday. The firm’s fifty day simple moving average is $273.65 and its two-hundred day simple moving average is $251.66. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $304.84. The firm has a market capitalization of $10.04 billion, a P/E ratio of 22.98 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company 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 firm’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, sell-side analysts predict that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio is currently 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 repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

PRI has been the topic of a number of recent research reports. Morgan Stanley increased their price objective on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, November 14th. Piper Sandler began coverage on Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective on the stock. Finally, TD Cowen assumed coverage on Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price on the stock. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Primerica has a consensus rating of “Hold” and an average target price of $288.33.

Insider Activity 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 stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This represents a 11.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Peter W. Schneider sold 1,500 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $261.11, for a total value of $391,665.00. Following the transaction, the president now directly owns 10,259 shares in the company, 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 6,500 shares of company stock valued at $1,803,175 in the last ninety days. 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.