SVB Wealth LLC Takes $10.70 Million Position in Primerica, Inc. (NYSE:PRI)

SVB Wealth LLC purchased a new position in Primerica, Inc. (NYSE:PRI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 39,433 shares of the financial services provider’s stock, valued at approximately $10,703,000.

Other large investors also recently added to or reduced their stakes in the company. CIBC Asset Management Inc grew its position in shares of 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 purchasing an additional 36 shares during the period. Kingsview Wealth Management LLC lifted its stake in Primerica by 0.7% in the 3rd 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 in the last quarter. Larson Financial Group LLC boosted its holdings in Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the last quarter. Everhart Financial Group Inc. increased its stake in Primerica by 2.5% during the 4th quarter. Everhart Financial Group Inc. now owns 2,676 shares of the financial services provider’s stock worth $726,000 after buying an additional 65 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Primerica by 27.3% during the fourth quarter. Allworth Financial LP now owns 331 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 71 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRI has been the subject of several research reports. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Keefe, Bruyette & Woods upped their target price on shares of Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. BMO Capital Markets began coverage on shares of Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price for the company. Piper Sandler lowered their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Finally, TD Cowen increased their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus target price of $309.86.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total value of $845,220.00. Following the transaction, the chief executive officer now owns 33,322 shares of the company’s stock, valued at $9,388,140.28. This represents a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.85% of the company’s stock.

Primerica Trading Up 2.0 %

Primerica stock opened at $289.86 on Friday. The company has a 50-day moving average price of $282.64 and a 200 day moving average price of $277.96. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $307.91. The stock has a market cap of $9.67 billion, a P/E ratio of 21.08 and a beta of 1.11.

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

Primerica Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is 30.25%.

Primerica announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.