Primerica, Inc. (NYSE:PRI) Shares Acquired by Healthcare of Ontario Pension Plan Trust Fund

Posted by Defense World Staff on Mar 1st, 2023

Healthcare of Ontario Pension Plan Trust Fund grew its stake in Primerica, Inc. (NYSE:PRI – Get Rating) by 81.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,212 shares of the financial services provider’s stock after purchasing an additional 1,890 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Primerica were worth $520,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PRI. Victory Capital Management Inc. increased its holdings in shares of Primerica by 123.8% in the third quarter. Victory Capital Management Inc. now owns 637,066 shares of the financial services provider’s stock valued at $78,645,000 after purchasing an additional 352,377 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Primerica by 6.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,149,476 shares of the financial services provider’s stock valued at $496,651,000 after purchasing an additional 241,400 shares during the period. Philo Smith Capital Corp acquired a new position in shares of Primerica in the second quarter valued at approximately $19,114,000. Raymond James & Associates increased its holdings in shares of Primerica by 1,115.3% in the third quarter. Raymond James & Associates now owns 121,254 shares of the financial services provider’s stock valued at $14,969,000 after purchasing an additional 111,277 shares during the period. Finally, Leeward Investments LLC MA acquired a new position in shares of Primerica in the third quarter valued at approximately $12,536,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

Primerica Stock Performance

PRI opened at $191.94 on Wednesday. The business’s fifty day moving average is $156.81 and its two-hundred day moving average is $142.70. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 19.67 and a beta of 1.24. Primerica, Inc. has a one year low of $110.22 and a one year high of $195.07.

Primerica (NYSE:PRI – Get Rating) last posted its earnings results on Friday, February 24th. The financial services provider reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $2.93 by $0.56. The company had revenue of $686.94 million for the quarter, compared to the consensus estimate of $694.90 million. Primerica had a return on equity of 24.87% and a net margin of 13.71%. Primerica’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.94 earnings per share. On average, analysts predict that Primerica, Inc. will post 13.53 EPS for the current fiscal year.

Primerica announced that its Board of Directors has initiated a stock buyback plan on Thursday, November 17th that authorizes the company to repurchase $375.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 14th. Shareholders of record on Tuesday, February 21st will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 1.35%. This is an increase from Primerica’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Friday, February 17th. Primerica’s payout ratio is presently 26.64%.

Insider Activity

In other news, President Peter W. Schneider sold 3,500 shares of the company’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $175.47, for a total value of $614,145.00. Following the sale, the president now directly owns 12,252 shares in the company, valued at $2,149,858.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PRI. William Blair downgraded Primerica from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 10th. Truist Financial lifted their price target on Primerica from $160.00 to $210.00 and gave the company a “buy” rating in a research note on Monday. Morgan Stanley lifted their price target on Primerica from $150.00 to $162.00 and gave the company an “equal weight” rating in a research note on Friday, February 24th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, February 17th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $186.33.

About Primerica

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Primerica, Inc engages in the provision of financial products to middle-income households. It operates through the following segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits in the in-force book of term life insurance policies.