New York Life Investment Management LLC lifted its holdings in shares of Primerica, Inc. (NYSE:PRI – Free Report) by 110.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,844 shares of the financial services provider’s stock after purchasing an additional 2,015 shares during the period. New York Life Investment Management LLC’s holdings in Primerica were worth $746,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in PRI. Arizona State Retirement System boosted its holdings in Primerica by 0.6% in the third quarter. Arizona State Retirement System now owns 10,314 shares of the financial services provider’s stock worth $2,001,000 after acquiring an additional 60 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Primerica by 144.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 803 shares of the financial services provider’s stock worth $156,000 after acquiring an additional 474 shares in the last quarter. AdvisorShares Investments LLC bought a new position in Primerica in the third quarter worth approximately $393,000. Los Angeles Capital Management LLC boosted its holdings in Primerica by 44.1% in the third quarter. Los Angeles Capital Management LLC now owns 84,938 shares of the financial services provider’s stock worth $16,479,000 after acquiring an additional 25,981 shares in the last quarter. Finally, NBC Securities Inc. bought a new position in Primerica in the third quarter worth approximately $645,000. Institutional investors own 90.56% of the company’s stock.
Primerica Stock Up 1.3 %
Shares of Primerica stock opened at $236.13 on Friday. The company has a market cap of $8.27 billion, a PE ratio of 15.62 and a beta of 1.07. The business has a 50 day moving average price of $216.36 and a 200-day moving average price of $208.24. Primerica, Inc. has a 52 week low of $155.68 and a 52 week high of $236.71.
Primerica announced that its board has initiated a share buyback program on Thursday, November 16th that permits the company to repurchase $425.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 5.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Primerica Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Wednesday, February 21st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.27%. This is an increase from Primerica’s previous quarterly dividend of $0.65. Primerica’s dividend payout ratio (DPR) is presently 17.20%.
Insider Activity at Primerica
In related news, CFO Alison S. Rand sold 3,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $210.07, for a total transaction of $630,210.00. Following the completion of the sale, the chief financial officer now directly owns 6,444 shares of the company’s stock, valued at $1,353,691.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.85% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the company. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Thursday, January 18th. Morgan Stanley increased their price objective on Primerica from $190.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 15th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Primerica currently has an average rating of “Moderate Buy” and an average price target of $219.20.
Primerica Company Profile
Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.
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