Harbor Capital Advisors Inc. Boosts Stock Position in Primerica, Inc. (NYSE:PRI)

Harbor Capital Advisors Inc. lifted its stake in Primerica, Inc. (NYSE:PRI) by 20.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,976 shares of the financial services provider’s stock after purchasing an additional 2,010 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Primerica were worth $3,251,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PRI. V Square Quantitative Management LLC acquired a new stake in shares of Primerica in the 3rd quarter worth $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica in the third quarter valued at about $31,000. UMB Bank n.a. increased its position in Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares during the last quarter. Larson Financial Group LLC raised its stake in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares during the period. Finally, Quarry LP boosted its holdings in Primerica by 629.2% in the 3rd quarter. Quarry LP now owns 350 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 302 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.61% of the stock is currently owned by insiders.

Primerica Price Performance

NYSE PRI opened at $271.27 on Friday. The company has a market cap of $9.05 billion, a P/E ratio of 20.72 and a beta of 1.11. The stock has a 50-day moving average of $286.14 and a two-hundred day moving average of $267.55. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping 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 the consensus estimate of $745.25 million. During the same period in the prior year, the firm earned $4.28 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, analysts anticipate that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica declared that its board has approved a stock repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Primerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.33%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Wall Street Analysts Forecast Growth

PRI has been the subject of a number of recent analyst reports. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a report on Monday, January 6th. Piper Sandler cut their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Truist Financial upped their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods reduced their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Friday. Finally, TD Cowen increased their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Primerica presently has a consensus rating of “Hold” and an average target price of $303.00.

Primerica Company 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.