Bamco Inc. NY Has $390.91 Million Stake in Primerica, Inc. $PRI

Bamco Inc. NY lowered its stake in Primerica, Inc. (NYSE:PRI) by 11.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,408,241 shares of the financial services provider’s stock after selling 180,633 shares during the quarter. Primerica makes up approximately 1.0% of Bamco Inc. NY’s investment portfolio, making the stock its 18th largest position. Bamco Inc. NY owned 4.41% of Primerica worth $390,914,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PRI. Bank of America Corp DE grew its holdings in shares of Primerica by 11.0% during the 3rd quarter. Bank of America Corp DE now owns 66,052 shares of the financial services provider’s stock valued at $18,335,000 after purchasing an additional 6,547 shares during the last quarter. Boothbay Fund Management LLC bought a new position in Primerica in the 3rd quarter valued at approximately $322,000. Algert Global LLC lifted its stake in Primerica by 16.8% in the 3rd quarter. Algert Global LLC now owns 27,721 shares of the financial services provider’s stock valued at $7,695,000 after purchasing an additional 3,990 shares during the last quarter. Alliancebernstein L.P. boosted its position in Primerica by 2.2% in the third quarter. Alliancebernstein L.P. now owns 44,347 shares of the financial services provider’s stock valued at $12,310,000 after buying an additional 953 shares in the last quarter. Finally, Creative Planning grew its stake in shares of Primerica by 49.7% during the third quarter. Creative Planning now owns 8,626 shares of the financial services provider’s stock worth $2,394,000 after buying an additional 2,864 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primerica

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

Primerica Stock Performance

PRI stock opened at $249.14 on Friday. The company has a market capitalization of $7.89 billion, a P/E ratio of 10.87 and a beta of 0.92. The company has a fifty day moving average price of $259.90 and a 200-day moving average price of $262.54. Primerica, Inc. has a 52-week low of $230.09 and a 52-week high of $296.00.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $6.13 earnings per share for the quarter, topping the consensus estimate of $5.69 by $0.44. The company 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%. Primerica’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.03 earnings per share. As a group, sell-side analysts forecast that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

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

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Monday, February 23rd were given a $1.20 dividend. 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 dividend yield of 1.9%. Primerica’s dividend payout ratio is presently 20.93%.

Wall Street Analysts Forecast Growth

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

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.