Taika Capital LP Invests $349,000 in Primerica, Inc. (NYSE:PRI)

Taika Capital LP bought a new position in shares of Primerica, Inc. (NYSE:PRI) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,285 shares of the financial services provider’s stock, valued at approximately $349,000.

Several other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new position in Primerica during the fourth quarter worth approximately $2,097,000. Amundi acquired a new position in Primerica during the fourth quarter worth approximately $7,868,000. PNC Financial Services Group Inc. increased its position in Primerica by 2.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,604 shares of the financial services provider’s stock worth $1,521,000 after buying an additional 116 shares during the period. Edgestream Partners L.P. increased its position in Primerica by 3.2% during the fourth quarter. Edgestream Partners L.P. now owns 19,745 shares of the financial services provider’s stock worth $5,359,000 after buying an additional 614 shares during the period. Finally, Callan Family Office LLC increased its position in Primerica by 273.8% during the fourth quarter. Callan Family Office LLC now owns 5,024 shares of the financial services provider’s stock worth $1,364,000 after buying an additional 3,680 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total transaction of $845,220.00. Following the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at approximately $9,388,140.28. The trade was a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $282.90, for a total value of $565,800.00. Following the sale, the president now owns 13,301 shares in the company, valued at approximately $3,762,852.90. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,234 shares of company stock worth $1,476,575. 0.85% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PRI has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their price target on Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Piper Sandler dropped their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. BMO Capital Markets assumed coverage on Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price on the stock. Morgan Stanley dropped their target price on Primerica from $313.00 to $304.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Finally, TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Primerica has an average rating of “Hold” and a consensus target price of $309.86.

Primerica Price Performance

Primerica stock opened at $280.74 on Monday. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91. The company has a market cap of $9.34 billion, a PE ratio of 20.42 and a beta of 1.12. The stock’s 50 day moving average price is $283.93 and its 200 day moving average price is $279.17.

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, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. On average, equities research analysts anticipate that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica declared that its board has authorized a share buyback program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.48%. This is an increase from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. Primerica’s payout ratio is presently 30.25%.

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.