Kingsview Wealth Management LLC Increases Stake in Primerica, Inc. (NYSE:PRI)

Kingsview Wealth Management LLC increased its holdings in Primerica, Inc. (NYSE:PRI) by 0.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,840 shares of the financial services provider’s stock after purchasing an additional 43 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Primerica were worth $1,549,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PRI. Burgundy Asset Management Ltd. increased its holdings in shares of Primerica by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock worth $292,688,000 after buying an additional 17,095 shares during the period. Millennium Management LLC increased its stake in Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after purchasing an additional 678,752 shares during the period. Dimensional Fund Advisors LP lifted its position in Primerica by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after purchasing an additional 21,836 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Primerica by 4.6% during the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after purchasing an additional 5,323 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Primerica by 8.7% in the third quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock worth $28,742,000 after purchasing an additional 8,641 shares during the last quarter. 90.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on PRI. TD Cowen assumed coverage on shares of Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price target for the company. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Morgan Stanley raised their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Piper Sandler assumed coverage on Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target for the company. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $288.33.

Insider Buying and Selling

In other news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction 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 sale, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by insiders.

Primerica Stock Performance

Primerica stock opened at $303.40 on Tuesday. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $305.90. The stock’s 50 day simple moving average is $279.11 and its two-hundred day simple moving average is $255.03. The stock has a market cap of $10.12 billion, a price-to-earnings ratio of 23.18 and a beta of 1.08.

Primerica (NYSE:PRI) last issued its quarterly 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. The company had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $4.28 earnings per share. On average, analysts predict that Primerica, Inc. will post 19.12 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.19%. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

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

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.