Bamco Inc. NY Buys New Shares in Primerica, Inc. $PRI

Key Points

• Bamco Inc. NY acquired 671,453 Primerica shares worth approximately $190.8 million, giving it a 2.18% stake. Institutional investors collectively own 90.88% of the company.
• Primerica exceeded quarterly earnings expectations, reporting $6.41 in adjusted earnings per share versus the $6.03 consensus estimate. Revenue rose 9% year over year to $865.1 million, although it fell short of estimates.
• The company declared a quarterly dividend of $1.20 per share, implying an annualized payout of $4.80 and a 1.6% yield. Analysts maintain a broadly neutral view, with an average “Hold” rating and a $314.83 price target.

Bamco Inc. NY bought a new position in shares of Primerica, Inc. (NYSE:PRI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 671,453 shares of the financial services provider's stock, valued at approximately $190,827,000. Bamco Inc. NY owned approximately 2.18% of Primerica as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of PRI. Hantz Financial Services Inc. grew its position in shares of Primerica by 18.1% in the 4th quarter. Hantz Financial Services Inc. now owns 255 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 39 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Primerica by 1.1% in the 1st quarter. Pacer Advisors Inc. now owns 3,790 shares of the financial services provider's stock valued at $949,000 after purchasing an additional 40 shares during the period. Orion Porfolio Solutions LLC lifted its stake in Primerica by 1.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 3,866 shares of the financial services provider's stock valued at $1,058,000 after purchasing an additional 45 shares during the last quarter. SkyView Investment Advisors LLC lifted its stake in Primerica by 0.7% in the 4th quarter. SkyView Investment Advisors LLC now owns 6,942 shares of the financial services provider's stock valued at $1,794,000 after purchasing an additional 46 shares during the last quarter. Finally, JLB & Associates Inc. grew its holdings in Primerica by 0.3% during the fourth quarter. JLB & Associates Inc. now owns 18,679 shares of the financial services provider's stock worth $4,826,000 after purchasing an additional 51 shares during the period. 90.88% of the stock is currently owned by institutional investors.

Primerica Price Performance

Shares of NYSE PRI opened at $300.99 on Thursday. The stock's fifty day moving average price is $304.41 and its two-hundred day moving average price is $278.79. Primerica, Inc. has a one year low of $230.09 and a one year high of $327.28. The firm has a market cap of $9.26 billion, a price-to-earnings ratio of 12.09 and a beta of 0.87.

Primerica (NYSE:PRI - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share for the quarter, topping analysts' consensus estimates of $6.03 by $0.38. Primerica had a return on equity of 32.45% and a net margin of 23.20%.The company had revenue of $865.07 million during the quarter, compared to the consensus estimate of $881.00 million. During the same quarter last year, the firm earned $5.46 earnings per share. The company's revenue was up 9.0% on a year-over-year basis. On average, equities analysts anticipate that Primerica, Inc. will post 25.09 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 21st will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 21st. Primerica's dividend payout ratio is presently 19.28%.

Insider Transactions at Primerica

In other Primerica news, Director Amber Lynne Cottle sold 279 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $313.63, for a total transaction of $87,502.77. Following the transaction, the director owned 3,549 shares in the company, valued at $1,113,072.87. This trade represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Peter W. Schneider sold 1,800 shares of Primerica stock in a transaction on Monday, August 17th. The shares were sold at an average price of $312.65, for a total value of $562,770.00. Following the completion of the transaction, the president directly owned 8,011 shares of the company's stock, valued at $2,504,639.15. This represents a 18.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 5,079 shares of company stock valued at $1,551,308. 0.63% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Jefferies Financial Group upped their price objective on Primerica from $266.00 to $268.00 and gave the company a "hold" rating in a research note on Friday, July 10th. TD Cowen boosted their target price on Primerica from $322.00 to $360.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings cut Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Morgan Stanley increased their price target on Primerica from $291.00 to $316.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Primerica from $323.00 to $335.00 and gave the stock a "market perform" rating in a research report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $314.83.

Primerica Company Profile

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica's core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.

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