Primerica, Inc. $PRI Shares Bought by M&T Bank Corp

Key Points

• M&T Bank Corp increased its stake in Primerica by 1,155.8% in Q4 to 32,137 shares (about $8.30M), and institutional investors now own roughly 90.88% of the stock.
• Company insiders have been selling: President Peter W. Schneider sold 1,800 shares and CEO Glenn J. Williams sold 2,500 shares, leaving insiders with just 0.63% ownership.
• Primerica beat expectations for the quarter with EPS $6.13 vs. $5.69 and revenue $853.5M, and raised its quarterly dividend to $1.20 (annual $4.80, yield ~1.7%, payout ratio ~20.9%).

M&T Bank Corp boosted its stake in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 1,155.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,137 shares of the financial services provider's stock after acquiring an additional 29,578 shares during the quarter. M&T Bank Corp owned about 0.10% of Primerica worth $8,303,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vista Investment Partners II LLC acquired a new stake in Primerica during the 4th quarter worth approximately $1,685,000. First Trust Advisors LP raised its stake in shares of Primerica by 12.4% during the 3rd quarter. First Trust Advisors LP now owns 492,083 shares of the financial services provider's stock worth $136,597,000 after buying an additional 54,158 shares in the last quarter. Prana Capital Management LP raised its stake in shares of Primerica by 22.8% during the 3rd quarter. Prana Capital Management LP now owns 66,916 shares of the financial services provider's stock worth $18,575,000 after buying an additional 12,432 shares in the last quarter. Nordea Investment Management AB purchased a new position in shares of Primerica during the 3rd quarter worth approximately $51,004,000. Finally, Moran Wealth Management LLC raised its stake in shares of Primerica by 168.6% during the 4th quarter. Moran Wealth Management LLC now owns 20,522 shares of the financial services provider's stock worth $5,302,000 after buying an additional 12,881 shares in the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, President Peter W. Schneider sold 1,800 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $252.38, for a total transaction of $454,284.00. Following the sale, the president owned 11,611 shares in the company, valued at $2,930,384.18. This trade represents a 13.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Glenn J. Williams sold 2,500 shares of the firm's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $256.41, for a total value of $641,025.00. Following the sale, the chief executive officer owned 27,392 shares in the company, valued at $7,023,582.72. This trade represents a 8.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.63% of the stock is currently owned by corporate insiders.

Primerica Price Performance

NYSE PRI opened at $280.42 on Friday. The business has a 50 day moving average price of $258.57 and a 200 day moving average price of $259.87. The company has a market capitalization of $8.88 billion, a P/E ratio of 12.23 and a beta of 0.90. Primerica, Inc. has a 1-year low of $230.09 and a 1-year high of $288.03.

Primerica (NYSE:PRI - Get Free Report) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $6.13 EPS for the quarter, beating analysts' consensus estimates of $5.69 by $0.44. The firm had revenue of $853.51 million for the quarter, compared to analysts' expectations of $839.65 million. Primerica had a return on equity of 32.30% and a net margin of 22.82%.Primerica's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.03 EPS. On average, research analysts expect that Primerica, Inc. will post 23.84 earnings per share for the current fiscal year.

Primerica Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Monday, February 23rd were issued a dividend of $1.20 per share. This is a boost from Primerica's previous quarterly dividend of $1.04. The ex-dividend date was Monday, February 23rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. Primerica's payout ratio is currently 20.93%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PRI shares. Weiss Ratings raised Primerica from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, February 6th. Zacks Research downgraded Primerica from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 24th. Morgan Stanley cut their target price on Primerica from $292.00 to $285.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 3rd. Keefe, Bruyette & Woods reissued a "hold" rating and set a $290.00 target price on shares of Primerica in a research note on Thursday, March 26th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Primerica in a research note on Wednesday, January 28th. 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 company presently has an average rating of "Hold" and a consensus target price of $293.60.

Primerica 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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