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

Ibex Wealth Advisors acquired a new stake in Primerica, Inc. (NYSE:PRI) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,125 shares of the financial services provider’s stock, valued at approximately $305,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new position in shares of Primerica in the 2nd quarter valued at $1,349,000. AQR Capital Management LLC increased its holdings in Primerica by 3.8% in the second quarter. AQR Capital Management LLC now owns 27,968 shares of the financial services provider’s stock valued at $6,617,000 after purchasing an additional 1,035 shares during the last quarter. Creative Planning lifted its stake in Primerica by 2.8% in the second quarter. Creative Planning now owns 6,043 shares of the financial services provider’s stock valued at $1,430,000 after buying an additional 167 shares during the period. Truist Financial Corp boosted its holdings in Primerica by 8.5% during the second quarter. Truist Financial Corp now owns 8,004 shares of the financial services provider’s stock worth $1,894,000 after buying an additional 630 shares during the last quarter. Finally, Dana Investment Advisors Inc. grew its position in shares of Primerica by 13.1% during the 2nd quarter. Dana Investment Advisors Inc. now owns 3,462 shares of the financial services provider’s stock worth $819,000 after buying an additional 400 shares during the period. 90.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on PRI. Truist Financial increased their price target 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. BMO Capital Markets began coverage on shares of Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target on the stock. Piper Sandler lowered their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Keefe, Bruyette & Woods dropped their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Friday, January 10th. Finally, StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $304.14.

Primerica Trading Up 0.6 %

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

Primerica (NYSE:PRI) last posted its quarterly earnings data 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 return on equity of 30.93% and a net margin of 14.95%. The company had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same period in the prior year, the firm earned $4.28 earnings per share. Primerica’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities research analysts forecast that Primerica, Inc. will post 19.79 EPS for the current year.

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were paid a dividend of $0.90 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.23%. Primerica’s dividend payout ratio is currently 27.50%.

Primerica declared that its board has approved a stock repurchase plan on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

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 transaction of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.85% of the stock is owned by corporate insiders.

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.