Wealth Alliance decreased its holdings in Primerica, Inc. (NYSE:PRI – Free Report) by 6.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,598 shares of the financial services provider’s stock after selling 106 shares during the period. Wealth Alliance’s holdings in Primerica were worth $310,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Primerica by 0.6% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,907,117 shares of the financial services provider’s stock worth $672,962,000 after purchasing an additional 24,125 shares during the last quarter. BlackRock Inc. lifted its position in shares of Primerica by 0.4% during the 1st quarter. BlackRock Inc. now owns 3,277,573 shares of the financial services provider’s stock worth $564,529,000 after purchasing an additional 12,990 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new stake in shares of Primerica during the 4th quarter worth $210,472,000. Burgundy Asset Management Ltd. lifted its position in shares of Primerica by 2.9% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,283,778 shares of the financial services provider’s stock worth $253,880,000 after purchasing an additional 36,193 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Primerica by 0.6% during the 2nd quarter. State Street Corp now owns 1,112,658 shares of the financial services provider’s stock worth $133,174,000 after purchasing an additional 6,390 shares during the last quarter. Institutional investors and hedge funds own 90.56% of the company’s stock.
In other news, CFO Alison S. Rand sold 3,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $210.07, for a total value 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 filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.87% of the company’s stock.
Primerica Stock Performance
Primerica declared that its Board of Directors has initiated a share repurchase program on Thursday, November 16th that permits the company to buyback $425.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 5.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Primerica Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Wednesday, February 21st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.24%. This is a boost from Primerica’s previous quarterly dividend of $0.65. The ex-dividend date is Tuesday, February 20th. Primerica’s dividend payout ratio is presently 17.20%.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on PRI. Raymond James cut shares of Primerica from a “strong-buy” rating to a “market perform” rating in a research report on Monday. Morgan Stanley boosted their price target on shares of Primerica from $190.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 15th. Finally, StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price 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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