TD Private Client Wealth LLC Grows Position in Primerica, Inc. (NYSE:PRI)

TD Private Client Wealth LLC increased its position in Primerica, Inc. (NYSE:PRI) by 52.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 365 shares of the financial services provider’s stock after purchasing an additional 126 shares during the quarter. TD Private Client Wealth LLC’s holdings in Primerica were worth $97,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRI. SG Americas Securities LLC purchased a new position in shares of Primerica in the 2nd quarter valued at approximately $893,000. ORG Partners LLC purchased a new position in Primerica during the second quarter valued at $30,000. Envestnet Portfolio Solutions Inc. raised its stake in Primerica by 3.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,561 shares of the financial services provider’s stock valued at $1,552,000 after buying an additional 239 shares during the last quarter. Blue Trust Inc. raised its stake in Primerica by 45.5% during the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after buying an additional 60 shares during the last quarter. Finally, First Citizens Bank & Trust Co. raised its stake in Primerica by 9.7% during the second quarter. First Citizens Bank & Trust Co. now owns 5,736 shares of the financial services provider’s stock valued at $1,357,000 after buying an additional 505 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Price Performance

PRI stock opened at $281.16 on Monday. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91. The business has a fifty day moving average price of $287.74 and a 200-day moving average price of $261.50. The stock has a market capitalization of $9.38 billion, a P/E ratio of 21.48 and a beta of 1.09.

Primerica (NYSE:PRI) last posted its quarterly earnings results 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 firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the previous year, the business earned $4.28 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. As a group, analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica announced that its Board of Directors has approved a stock buyback program on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Primerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

Insider Buying and Selling

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on PRI shares. TD Cowen lifted their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler started coverage on Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Morgan Stanley lifted their price objective on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Finally, Truist Financial lifted their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $293.50.

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.