Ibex Wealth Advisors Takes $305,000 Position in Primerica, Inc. (NYSE:PRI)

Ibex Wealth Advisors purchased a new stake in Primerica, Inc. (NYSE:PRI) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,125 shares of the financial services provider’s stock, valued at approximately $305,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRI. Geode Capital Management LLC increased its stake in shares of Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the last quarter. Raymond James & Associates grew its position in Primerica by 4.6% in the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after acquiring an additional 5,323 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in Primerica by 8.7% during 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 acquiring an additional 8,641 shares in the last quarter. Prospector Partners LLC boosted its stake in shares of Primerica by 0.3% in the 3rd quarter. Prospector Partners LLC now owns 77,055 shares of the financial services provider’s stock valued at $20,431,000 after purchasing an additional 210 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Primerica by 0.5% during the 3rd quarter. Stifel Financial Corp now owns 63,984 shares of the financial services provider’s stock valued at $16,965,000 after purchasing an additional 333 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Piper Sandler decreased their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research report on Thursday. Truist Financial increased their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen boosted their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $304.14.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.85% of the company’s stock.

Primerica Trading Up 0.6 %

Shares of PRI stock opened at $291.83 on Thursday. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91. The stock has a market cap of $9.74 billion, a price-to-earnings ratio of 22.29 and a beta of 1.11. The stock has a 50-day moving average of $284.77 and a 200-day moving average of $272.40.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $4.28 EPS. Sell-side analysts forecast that Primerica, Inc. will post 19.79 earnings per share for the current year.

Primerica Announces Dividend

The company 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 annualized dividend and a yield of 1.23%. Primerica’s payout ratio is 27.50%.

Primerica declared that its board has initiated a share buyback plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership 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.