OFI Invest Asset Management Invests $2.10 Million in Primerica, Inc. (NYSE:PRI)

OFI Invest Asset Management purchased a new position in shares of Primerica, Inc. (NYSE:PRI) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 8,000 shares of the financial services provider’s stock, valued at approximately $2,097,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRI. CIBC Asset Management Inc lifted its stake in Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after buying an additional 36 shares during the period. Kingsview Wealth Management LLC lifted its stake in Primerica by 0.7% in the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after buying an additional 43 shares during the period. Dana Investment Advisors Inc. lifted its stake in Primerica by 1.2% in the fourth quarter. Dana Investment Advisors Inc. now owns 3,729 shares of the financial services provider’s stock valued at $1,012,000 after buying an additional 45 shares during the period. Larson Financial Group LLC lifted its stake in Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares during the period. Finally, Assetmark Inc. lifted its stake in Primerica by 3.9% in the fourth quarter. Assetmark Inc. now owns 1,518 shares of the financial services provider’s stock valued at $412,000 after buying an additional 57 shares during the period. 90.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Nicholas Adam Jendusa sold 234 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $280.15, for a total transaction of $65,555.10. Following the sale, the insider now owns 200 shares of the company’s stock, valued at approximately $56,030. This represents a 53.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Peter W. Schneider sold 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $282.90, for a total value of $565,800.00. Following the sale, the president now directly owns 13,301 shares in the company, valued at $3,762,852.90. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,234 shares of company stock valued at $1,476,575. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

PRI has been the topic of a number of research reports. Keefe, Bruyette & Woods upped their target price on Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. BMO Capital Markets began coverage on Primerica in a report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target for the company. TD Cowen upped their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler reduced their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Finally, Morgan Stanley reduced their price objective on Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $309.86.

Primerica Price Performance

Shares of NYSE PRI opened at $280.74 on Monday. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The business’s fifty day moving average price is $283.93 and its 200-day moving average price is $279.17. The stock has a market capitalization of $9.34 billion, a PE ratio of 20.42 and a beta of 1.12.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. As a group, equities analysts expect that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica announced that its board has authorized a stock repurchase plan on Thursday, November 14th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be issued a dividend of $1.04 per share. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.48%. Primerica’s dividend payout ratio is 30.25%.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services 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.