Bamco Inc. NY Has $434.83 Million Position in Primerica, Inc. $PRI

Bamco Inc. NY trimmed its position in shares of Primerica, Inc. (NYSE:PRI) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,588,874 shares of the financial services provider’s stock after selling 15,056 shares during the quarter. Primerica makes up 1.2% of Bamco Inc. NY’s holdings, making the stock its 17th biggest holding. Bamco Inc. NY owned approximately 4.91% of Primerica worth $434,827,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRI. Benjamin Edwards Inc. bought a new position in Primerica in the 1st quarter valued at approximately $206,000. Invesco Ltd. raised its stake in shares of Primerica by 9.9% during the first quarter. Invesco Ltd. now owns 152,062 shares of the financial services provider’s stock valued at $43,266,000 after acquiring an additional 13,759 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Primerica by 51.7% during the first quarter. Russell Investments Group Ltd. now owns 27,562 shares of the financial services provider’s stock valued at $7,842,000 after acquiring an additional 9,393 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Primerica by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 611,437 shares of the financial services provider’s stock worth $173,963,000 after purchasing an additional 16,350 shares during the period. Finally, Brandywine Global Investment Management LLC grew its stake in shares of Primerica by 59.0% in the first quarter. Brandywine Global Investment Management LLC now owns 43,719 shares of the financial services provider’s stock worth $12,439,000 after purchasing an additional 16,229 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors.

Primerica Price Performance

NYSE PRI opened at $258.48 on Friday. The stock has a market capitalization of $8.25 billion, a P/E ratio of 11.88 and a beta of 0.90. The business has a 50 day simple moving average of $260.08 and a 200 day simple moving average of $265.28. Primerica, Inc. has a one year low of $230.98 and a one year high of $298.75.

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

Primerica announced that its board has approved a stock buyback plan on Wednesday, November 19th that permits the company to buyback $475.00 million in shares. This buyback authorization permits the financial services provider to buy up to 5.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 21st will be issued 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 (DPR) is presently 19.12%.

Insider Buying and Selling at Primerica

In related news, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $255.30, for a total value of $510,600.00. Following the completion of the sale, the president directly owned 7,301 shares of the company’s stock, valued at $1,863,945.30. The trade was a 21.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joel M. Babbit sold 700 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $255.00, for a total value of $178,500.00. Following the completion of the transaction, the director owned 8,400 shares in the company, valued at approximately $2,142,000. The trade was a 7.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 5,200 shares of company stock valued at $1,338,225. Corporate insiders own 0.61% of the company’s stock.

Analyst Ratings Changes

PRI has been the topic of several recent research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Primerica in a report on Monday. Zacks Research downgraded Primerica from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. BMO Capital Markets upgraded Primerica from a “market perform” rating to an “outperform” rating and upped their target price for the company from $292.00 to $318.00 in a report on Tuesday, September 23rd. Piper Sandler set a $292.00 target price on shares of Primerica and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Finally, Morgan Stanley lowered their price target on shares of Primerica from $306.00 to $301.00 and set an “equal weight” rating for the company in a report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Primerica presently has a consensus rating of “Hold” and a consensus price target of $301.80.

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.