New York Life Investment Management LLC Sells 451 Shares of Primerica, Inc. (NYSE:PRI)

New York Life Investment Management LLC lessened its position in Primerica, Inc. (NYSE:PRI) by 11.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. CIBC Asset Management Inc grew its holdings in Primerica by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 36 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in shares of Primerica by 0.7% during the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after purchasing an additional 43 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares in the last quarter. Everhart Financial Group Inc. boosted its stake in shares of Primerica by 2.5% during the 4th quarter. Everhart Financial Group Inc. now owns 2,676 shares of the financial services provider’s stock valued at $726,000 after purchasing an additional 65 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Primerica by 27.3% during the 4th quarter. Allworth Financial LP now owns 331 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 71 shares in the last quarter. Institutional investors own 90.88% of the company’s stock.

Primerica Price Performance

NYSE:PRI opened at $289.10 on Tuesday. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The company’s 50-day simple moving average is $283.02 and its 200 day simple moving average is $278.50. The firm has a market capitalization of $9.65 billion, a P/E ratio of 21.03 and a beta of 1.11.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. On average, equities research analysts expect that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica declared that its board has authorized a stock repurchase plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are 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 issued a $1.04 dividend. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 1.44%. Primerica’s payout ratio is 30.25%.

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total value of $845,220.00. Following the completion of the transaction, the chief executive officer now directly owns 33,322 shares of the company’s stock, valued at approximately $9,388,140.28. The trade was a 8.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

PRI has been the topic of a number of research reports. BMO Capital Markets initiated coverage on shares of Primerica in a research note on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price on the stock. Truist Financial lifted their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler cut 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. TD Cowen lifted their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $309.86.

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.