New York Life Investment Management LLC Decreases Stock Holdings in Primerica, Inc. (NYSE:PRI)

New York Life Investment Management LLC trimmed its stake in shares of Primerica, Inc. (NYSE:PRI) by 11.2% in the 4th quarter, Holdings Channel reports. The firm owned 3,574 shares of the financial services provider’s stock after selling 451 shares during the period. New York Life Investment Management LLC’s holdings in Primerica were worth $970,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in shares of Primerica during the third quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new position in shares of Primerica during the fourth quarter valued at approximately $33,000. Larson Financial Group LLC grew its position in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares during the period. Venturi Wealth Management LLC grew its position in Primerica by 116.2% during the fourth quarter. Venturi Wealth Management LLC now owns 214 shares of the financial services provider’s stock valued at $58,000 after buying an additional 115 shares during the period. Finally, UMB Bank n.a. grew its position in Primerica by 65.5% during the fourth quarter. UMB Bank n.a. now owns 240 shares of the financial services provider’s stock valued at $65,000 after buying an additional 95 shares during the period. 90.88% of the stock is owned by hedge funds and other institutional investors.

Primerica Price Performance

PRI opened at $289.10 on Tuesday. The firm has a market cap of $9.65 billion, a P/E ratio of 21.03 and a beta of 1.11. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91. The company has a 50 day simple moving average of $283.02 and a two-hundred day simple moving average of $278.50.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. Equities analysts anticipate that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica declared that its Board of Directors has authorized a share 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 buy up to 4.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Primerica Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be given a $1.04 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Friday, February 21st. Primerica’s dividend payout ratio is presently 30.25%.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the transaction, the chief executive officer now owns 33,322 shares in the company, valued at approximately $9,388,140.28. This represents a 8.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PRI shares. Morgan Stanley cut their target price on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a research report on Friday. Truist Financial boosted their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods boosted their target price on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. TD Cowen boosted their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, BMO Capital Markets started coverage on shares of Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price for the company. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $309.86.

About Primerica

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.