Baker Ellis Asset Management LLC Takes $633,000 Position in Primerica, Inc. $PRI

Baker Ellis Asset Management LLC bought a new position in Primerica, Inc. (NYSE:PRI) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,281 shares of the financial services provider’s stock, valued at approximately $633,000.

Other large investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its position in shares of Primerica by 35.9% in the second quarter. First Trust Advisors LP now owns 437,925 shares of the financial services provider’s stock valued at $119,847,000 after purchasing an additional 115,754 shares during the period. Copeland Capital Management LLC bought a new stake in shares of Primerica during the 2nd quarter worth $27,425,000. Envestnet Asset Management Inc. grew its stake in Primerica by 30.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 133,692 shares of the financial services provider’s stock valued at $36,587,000 after buying an additional 31,278 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in Primerica by 21.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 171,172 shares of the financial services provider’s stock worth $46,845,000 after acquiring an additional 30,533 shares during the period. Finally, Callan Family Office LLC raised its holdings in Primerica by 936.5% in the 2nd quarter. Callan Family Office LLC now owns 33,447 shares of the financial services provider’s stock worth $9,153,000 after acquiring an additional 30,220 shares during the period. Institutional investors own 90.88% of the company’s stock.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 2,500 shares of Primerica stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $259.65, for a total transaction of $649,125.00. Following the sale, the chief executive officer directly owned 33,892 shares in the company, valued at approximately $8,800,057.80. The trade was a 6.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Peter W. Schneider sold 2,000 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were 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 in the company, valued at approximately $1,863,945.30. The trade was a 21.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,200 shares of company stock valued at $1,338,225 in the last 90 days. 0.61% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on PRI. Piper Sandler set a $292.00 price target on shares of Primerica and gave the company a “neutral” rating in a report on Tuesday, October 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Primerica in a research note on Monday, December 29th. Zacks Research lowered Primerica from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Keefe, Bruyette & Woods cut their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Tuesday, November 11th. Finally, Morgan Stanley set a $292.00 price objective on Primerica in a research report on Monday, December 15th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Primerica has an average rating of “Hold” and a consensus target price of $300.00.

Primerica Stock Up 1.5%

Shares of PRI opened at $263.46 on Friday. The stock’s 50-day moving average price is $257.76 and its 200 day moving average price is $264.66. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of 12.11 and a beta of 0.90. Primerica, Inc. has a 12-month low of $230.98 and a 12-month high of $298.75.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $6.33 EPS for the quarter, topping analysts’ consensus estimates of $5.52 by $0.81. The company had revenue of $838.88 million during the quarter, compared to the consensus estimate of $817.81 million. Primerica had a return on equity of 31.75% and a net margin of 22.36%.The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned $4.83 EPS. Equities research analysts expect that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica announced that its board has authorized a stock repurchase 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 purchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Primerica Dividend Announcement

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

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.