Rhumbline Advisers Cuts Holdings in Primerica, Inc. $PRI

Rhumbline Advisers lowered its position in Primerica, Inc. (NYSE:PRI) by 2.3% during the third quarter, Holdings Channel.com reports. The fund owned 88,453 shares of the financial services provider’s stock after selling 2,091 shares during the quarter. Rhumbline Advisers’ holdings in Primerica were worth $24,554,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new position in shares of Primerica in the 3rd quarter worth about $27,000. Smartleaf Asset Management LLC raised its holdings in shares of Primerica by 186.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 106 shares of the financial services provider’s stock valued at $29,000 after buying an additional 69 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Primerica during the second quarter worth $33,000. Quent Capital LLC acquired a new position in Primerica in the 3rd quarter worth $33,000. Finally, First Horizon Advisors Inc. boosted its holdings in Primerica by 1,714.3% in the second quarter. First Horizon Advisors Inc. now owns 127 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 120 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Trading Up 0.3%

NYSE PRI opened at $250.91 on Tuesday. The stock’s 50 day moving average is $260.78 and its two-hundred day moving average is $263.51. Primerica, Inc. has a 1-year low of $230.09 and a 1-year high of $296.00. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 10.94 and a beta of 0.91.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $6.13 EPS for the quarter, topping the consensus estimate of $5.69 by $0.44. Primerica had a return on equity of 32.30% and a net margin of 22.82%.The company had revenue of $853.51 million for the quarter, compared to analysts’ expectations of $839.65 million. During the same quarter in the prior year, the business earned $5.03 earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current year.

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

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, February 23rd will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, February 23rd. This is a boost from Primerica’s previous quarterly dividend of $1.04. Primerica’s dividend payout ratio (DPR) is 18.14%.

Insider Activity at Primerica

In related news, Director Joel M. Babbit sold 700 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $255.00, for a total value of $178,500.00. Following the sale, the director directly owned 8,400 shares of the company’s stock, valued at approximately $2,142,000. The trade was a 7.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. TD Cowen reiterated a “buy” rating on shares of Primerica in a report on Wednesday, January 28th. Keefe, Bruyette & Woods decreased their price target 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. Weiss Ratings raised Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Zacks Research raised shares of Primerica from a “hold” rating to a “strong-buy” rating in a report on Monday, January 26th. Finally, Morgan Stanley set a $292.00 price objective on Primerica in a research note on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $300.00.

About Primerica

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.