SVB Wealth LLC Sells 8,845 Shares of Primerica, Inc. $PRI

SVB Wealth LLC lessened its holdings in Primerica, Inc. (NYSE:PRI) by 40.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,169 shares of the financial services provider’s stock after selling 8,845 shares during the quarter. SVB Wealth LLC’s holdings in Primerica were worth $3,604,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hilltop National Bank acquired a new stake in shares of Primerica during the 2nd quarter valued at about $31,000. Cullen Frost Bankers Inc. acquired a new position in Primerica in the second quarter worth about $33,000. First Horizon Advisors Inc. lifted its stake in Primerica by 1,714.3% during the second quarter. First Horizon Advisors Inc. now owns 127 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 120 shares during the period. AdvisorNet Financial Inc lifted its stake in Primerica by 108.5% during the second 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 period. Finally, Headlands Technologies LLC boosted its holdings in Primerica by 2,300.0% during the first quarter. Headlands Technologies LLC now owns 168 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 161 shares in the last quarter. 90.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, President Peter W. Schneider sold 2,000 shares of the stock in a transaction that occurred on 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 directly owned 7,301 shares of the company’s stock, valued at approximately $1,863,945.30. This represents a 21.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joel M. Babbit sold 700 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $255.00, for a total transaction of $178,500.00. Following the sale, the director directly owned 8,400 shares of the company’s stock, valued at $2,142,000. This represents a 7.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 5,200 shares of company stock valued at $1,338,225. 0.61% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PRI shares. BMO Capital Markets raised Primerica from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $292.00 to $318.00 in a report on Tuesday, September 23rd. Piper Sandler set a $292.00 price objective on shares of Primerica and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Jefferies Financial Group dropped their target price on shares of Primerica from $293.00 to $283.00 and set a “hold” rating for the company in a research note on Monday, August 11th. Morgan Stanley reduced their target price on shares of Primerica from $306.00 to $301.00 and set an “equal weight” rating on the stock in a research report on Monday, November 17th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 11th. One research 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’s stock. Based on data from MarketBeat.com, Primerica currently has a consensus rating of “Moderate Buy” and a consensus price target of $301.80.

Primerica Trading Up 0.2%

NYSE PRI opened at $253.18 on Monday. Primerica, Inc. has a 12 month low of $230.98 and a 12 month high of $298.75. The stock has a 50-day simple moving average of $262.37 and a 200 day simple moving average of $265.69. The company has a market capitalization of $8.08 billion, a PE ratio of 11.63 and a beta of 0.90.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $6.33 earnings per share for the quarter, topping the consensus estimate of $5.52 by $0.81. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The business had revenue of $838.88 million for the quarter, compared to analyst estimates of $817.81 million. During the same quarter last year, the firm earned $4.83 EPS. Primerica’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, sell-side 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 plan on Wednesday, November 19th that permits the company to repurchase $475.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Primerica Announces Dividend

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

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.