Elevation Point Wealth Partners LLC Makes New Investment in Primerica, Inc. $PRI

Elevation Point Wealth Partners LLC bought a new position in shares of Primerica, Inc. (NYSE:PRI) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 631 shares of the financial services provider’s stock, valued at approximately $173,000.

A number of other hedge funds have also recently bought and sold shares of PRI. Hilltop National Bank bought a new position in shares of Primerica in the second quarter valued at $31,000. Cullen Frost Bankers Inc. acquired a new stake in Primerica in the second quarter valued at $33,000. First Horizon Advisors Inc. grew its position in shares of Primerica by 1,714.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 127 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 120 shares during the period. AdvisorNet Financial Inc increased its stake in shares of Primerica by 108.5% during the 2nd quarter. AdvisorNet Financial Inc now owns 148 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 77 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in shares of Primerica by 2,300.0% during the 1st quarter. Headlands Technologies LLC now owns 168 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 161 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Primerica news, President Peter W. Schneider sold 2,000 shares of Primerica stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $255.30, for a total transaction of $510,600.00. Following the completion of the sale, the president owned 7,301 shares of the company’s stock, valued at $1,863,945.30. The trade was a 21.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Glenn J. Williams sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $259.65, for a total value of $649,125.00. Following the completion of the sale, the chief executive officer owned 33,892 shares of the company’s stock, valued at $8,800,057.80. The trade was a 6.87% decrease in their position. The SEC filing for this sale provides additional information. 0.61% of the stock is owned by insiders.

Primerica Trading Down 0.1%

Shares of PRI stock opened at $257.95 on Monday. Primerica, Inc. has a 12 month low of $230.98 and a 12 month high of $306.10. The firm has a market capitalization of $8.23 billion, a PE ratio of 11.85 and a beta of 0.90. The firm has a fifty day simple moving average of $264.63 and a two-hundred day simple moving average of $266.51.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $6.33 earnings per share for the quarter, beating analysts’ consensus estimates of $5.52 by $0.81. The company had revenue of $838.88 million for the quarter, compared to analyst estimates of $817.81 million. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $4.83 earnings per share. On average, equities analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica announced that its board has approved a stock buyback program on Wednesday, November 19th that authorizes the company to repurchase $475.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 21st will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, November 21st. Primerica’s dividend payout ratio is currently 19.12%.

Analyst Upgrades and Downgrades

PRI has been the subject of several research analyst reports. Keefe, Bruyette & Woods reduced their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Tuesday, November 11th. BMO Capital Markets upgraded shares of Primerica from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $292.00 to $318.00 in a research note on Tuesday, September 23rd. Jefferies Financial Group reduced their target price on shares of Primerica from $293.00 to $283.00 and set a “hold” rating for the company in a report on Monday, August 11th. Zacks Research upgraded Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Primerica in a report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $301.80.

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.