Bamco Inc. NY Sells 180,633 Shares of Primerica, Inc. $PRI

Bamco Inc. NY lowered its position in shares of Primerica, Inc. (NYSE:PRI) by 11.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,408,241 shares of the financial services provider’s stock after selling 180,633 shares during the quarter. Primerica accounts for about 1.0% of Bamco Inc. NY’s holdings, making the stock its 18th biggest position. Bamco Inc. NY’s holdings in Primerica were worth $390,914,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Root Financial Partners LLC acquired a new position in shares of Primerica in the 3rd quarter valued at about $27,000. Smartleaf Asset Management LLC boosted its position 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 purchasing an additional 69 shares in the last quarter. Quent Capital LLC acquired a new stake in Primerica during the third quarter worth approximately $33,000. Hantz Financial Services Inc. grew its stake in Primerica by 620.0% during the third quarter. Hantz Financial Services Inc. now owns 216 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 186 shares during the period. Finally, MAI Capital Management increased its holdings in Primerica by 160.9% in the second quarter. MAI Capital Management now owns 227 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 140 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PRI shares. Zacks Research lowered Primerica from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. TD Cowen reaffirmed a “buy” rating on shares of Primerica in a research report on Wednesday, January 28th. Weiss Ratings upgraded shares of Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 6th. Finally, Morgan Stanley dropped their target price on shares of Primerica from $292.00 to $285.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $298.60.

Primerica Stock Performance

PRI stock opened at $249.14 on Friday. The stock’s 50 day simple moving average is $259.90 and its 200 day simple moving average is $262.54. The company has a market cap of $7.89 billion, a P/E ratio of 10.87 and a beta of 0.92. Primerica, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $296.00.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $6.13 EPS for the quarter, beating analysts’ consensus estimates of $5.69 by $0.44. The firm had revenue of $853.51 million during the quarter, compared to analysts’ expectations of $839.65 million. Primerica had a return on equity of 32.30% and a net margin of 22.82%.The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted $5.03 earnings per share. Equities analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Monday, February 23rd were paid a dividend of $1.20 per share. This is a boost from Primerica’s previous quarterly dividend of $1.04. The ex-dividend date was Monday, February 23rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.9%. Primerica’s dividend payout ratio (DPR) is presently 20.93%.

Primerica declared that its board has authorized a share buyback plan 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 reacquire up to 5.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, President Peter W. Schneider sold 1,800 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $252.38, for a total transaction of $454,284.00. Following the completion of the sale, the president directly owned 11,611 shares of the company’s stock, valued at $2,930,384.18. The trade was a 13.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Glenn J. Williams sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $256.41, for a total transaction of $641,025.00. Following the completion of the sale, the chief executive officer owned 27,392 shares in the company, valued at $7,023,582.72. This represents a 8.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.61% of the company’s stock.

Primerica Company Profile

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.