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

Pathstone Holdings LLC cut its holdings in shares of Primerica, Inc. (NYSE:PRI) by 2.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,730 shares of the financial services provider’s stock after selling 338 shares during the quarter. Pathstone Holdings LLC’s holdings in Primerica were worth $3,110,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PRI. Quest Partners LLC increased its stake in Primerica by 730.6% during the third quarter. Quest Partners LLC now owns 14,453 shares of the financial services provider’s stock valued at $3,832,000 after acquiring an additional 12,713 shares during the period. Connable Office Inc. increased its position in shares of Primerica by 3.6% during the third quarter. Connable Office Inc. now owns 3,212 shares of the financial services provider’s stock valued at $852,000 after purchasing an additional 112 shares during the period. CIBC Asset Management Inc raised its stake in shares of Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 36 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in Primerica by 1.6% in the third quarter. OneDigital Investment Advisors LLC now owns 5,430 shares of the financial services provider’s stock worth $1,440,000 after purchasing an additional 86 shares during the period. Finally, MQS Management LLC acquired a new stake in Primerica during the third quarter worth $417,000. 90.88% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the 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 sale, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, 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 disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PRI shares. Truist Financial upped their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. TD Cowen initiated coverage on Primerica in a report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price for the company. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research note on Friday. Piper Sandler initiated coverage on Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. Finally, Morgan Stanley boosted their target price 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. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $288.33.

Primerica Stock Performance

NYSE:PRI opened at $301.73 on Monday. The stock’s 50-day simple moving average is $278.19 and its 200 day simple moving average is $254.19. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $304.84. The company has a market cap of $10.07 billion, a P/E ratio of 23.05 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $745.25 million. During the same quarter in the prior year, the business posted $4.28 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts predict that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica announced that its Board of Directors has initiated a stock buyback program on Thursday, November 14th that authorizes the company to buyback $450.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Primerica Dividend Announcement

The company 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 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.