American Century Companies Inc. Increases Position in Primerica, Inc. $PRI

American Century Companies Inc. grew its holdings in shares of Primerica, Inc. (NYSE:PRI) by 10.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 121,116 shares of the financial services provider’s stock after buying an additional 11,183 shares during the quarter. American Century Companies Inc. owned 0.37% of Primerica worth $33,621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRI. Burgundy Asset Management Ltd. boosted its holdings in Primerica by 1.8% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,333,473 shares of the financial services provider’s stock valued at $364,932,000 after acquiring an additional 23,454 shares during the period. First Trust Advisors LP increased its stake in Primerica by 35.9% in the second quarter. First Trust Advisors LP now owns 437,925 shares of the financial services provider’s stock worth $119,847,000 after purchasing an additional 115,754 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Primerica by 1.0% during the second quarter. Bank of New York Mellon Corp now owns 318,653 shares of the financial services provider’s stock worth $87,206,000 after purchasing an additional 3,024 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Primerica by 2.6% in the third quarter. Westfield Capital Management Co. LP now owns 256,774 shares of the financial services provider’s stock worth $71,278,000 after purchasing an additional 6,623 shares during the last quarter. Finally, Nordea Investment Management AB bought a new position in shares of Primerica in the third quarter worth about $51,004,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Primerica Stock Performance

Primerica stock opened at $257.65 on Friday. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of 11.24 and a beta of 0.92. Primerica, Inc. has a 1 year low of $230.09 and a 1 year high of $296.00. The company’s 50 day simple moving average is $260.65 and its 200-day simple moving average is $263.10.

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

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Monday, February 23rd will be given a dividend of $1.20 per share. This is an increase from Primerica’s previous quarterly dividend of $1.04. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, February 23rd. Primerica’s dividend payout ratio is currently 20.93%.

Primerica announced that its board has initiated a share 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 buy up to 5.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Zacks Research lowered shares of Primerica from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Keefe, Bruyette & Woods cut their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Tuesday, November 11th. Weiss Ratings upgraded shares of Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Morgan Stanley dropped their price objective on shares of Primerica from $292.00 to $285.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Finally, TD Cowen reissued a “buy” rating on shares of Primerica in a report on Wednesday, January 28th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Primerica currently has an average rating of “Hold” and a consensus target price of $298.60.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 2,500 shares of Primerica stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $256.41, for a total value of $641,025.00. Following the completion of the transaction, the chief executive officer directly owned 27,392 shares in the company, valued at approximately $7,023,582.72. This trade represents a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.61% of the company’s stock.

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.