Mackenzie Financial Corp Makes New $1.33 Million Investment in Primerica, Inc. (NYSE:PRI)

Key Points

• Mackenzie Financial Corp has acquired a new stake in Primerica, Inc., investing approximately $1.33 million to buy 4,676 shares during the first quarter.
• In the latest analyst reports, Morgan Stanley increased its price target on Primerica from $274 to $296, while Keefe, Bruyette & Woods lowered it from $320 to $315, indicating mixed outlooks among analysts.
• Primerica has recently reported a quarterly earnings increase, with an EPS of $5.02, exceeding estimates, alongside an 8.3% revenue growth, leading to an annualized dividend of $4.16 and a yield of 1.6%.

Mackenzie Financial Corp bought a new stake in Primerica, Inc. (NYSE:PRI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,676 shares of the financial services provider's stock, valued at approximately $1,330,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Burgundy Asset Management Ltd. grew its position in shares of Primerica by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 1,288,473 shares of the financial services provider's stock valued at $349,717,000 after purchasing an additional 21,208 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Primerica by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider's stock valued at $211,691,000 after buying an additional 82,921 shares during the period. GAMMA Investing LLC boosted its stake in shares of Primerica by 39,199.5% in the first quarter. GAMMA Investing LLC now owns 443,298 shares of the financial services provider's stock valued at $126,132,000 after buying an additional 442,170 shares during the period. Northern Trust Corp boosted its stake in shares of Primerica by 15.6% in the fourth quarter. Northern Trust Corp now owns 347,040 shares of the financial services provider's stock valued at $94,194,000 after buying an additional 46,935 shares during the period. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in shares of Primerica by 1.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 230,736 shares of the financial services provider's stock valued at $62,626,000 after buying an additional 2,905 shares during the period. Institutional investors and hedge funds own 90.88% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PRI shares. Keefe, Bruyette & Woods cut their price target on Primerica from $320.00 to $315.00 and set a "market perform" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley boosted their price target on Primerica from $274.00 to $296.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $317.83.

Primerica Stock Performance

Shares of PRI opened at $265.21 on Tuesday. Primerica, Inc. has a 52 week low of $230.98 and a 52 week high of $307.91. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 17.84 and a beta of 0.99. The stock has a fifty day moving average of $266.50 and a 200-day moving average of $272.94.

Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.02 EPS for the quarter, beating analysts' consensus estimates of $4.77 by $0.25. Primerica had a return on equity of 32.30% and a net margin of 15.82%. The company had revenue of $803.56 million during the quarter, compared to analysts' expectations of $783.54 million. During the same period in the prior year, the company earned $3.91 EPS. Primerica's revenue was up 8.3% compared to the same quarter last year. As a group, equities analysts forecast that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, May 22nd were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Thursday, May 22nd. Primerica's dividend payout ratio is presently 27.98%.

Primerica 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.

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