Cynosure Group LLC Raises Position in Primerica, Inc. (NYSE:PRI)

Cynosure Group LLC raised its position in shares of Primerica, Inc. (NYSE:PRI) by 83.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,024 shares of the financial services provider’s stock after acquiring an additional 1,372 shares during the quarter. Cynosure Group LLC’s holdings in Primerica were worth $802,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Townsquare Capital LLC purchased a new position in shares of Primerica during the third quarter valued at approximately $225,000. BNP Paribas Financial Markets grew its stake in shares of Primerica by 320.6% in the third quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider’s stock worth $1,525,000 after acquiring an additional 4,383 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Primerica during the third quarter valued at $426,000. Prospector Partners LLC raised its position 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 worth $20,431,000 after purchasing an additional 210 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in Primerica by 4.6% in the 3rd quarter. Bank of Montreal Can now owns 34,685 shares of the financial services provider’s stock worth $9,128,000 after purchasing an additional 1,536 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares in the company, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PRI. Truist Financial upped their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Piper Sandler began coverage on Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Morgan Stanley raised their price target on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. TD Cowen boosted their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday. Finally, StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $293.50.

Primerica Stock Performance

NYSE PRI opened at $304.93 on Wednesday. The business’s fifty day moving average is $280.07 and its 200 day moving average is $255.60. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $306.48. The company has a market capitalization of $10.18 billion, a PE ratio of 23.29 and a beta of 1.08.

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, beating analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $4.28 EPS. On average, sell-side analysts forecast that Primerica, Inc. will post 19.12 EPS for the current year.

Primerica declared that its Board of Directors has approved a share repurchase plan on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Primerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.18%. Primerica’s payout ratio is 27.50%.

Primerica Company 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.