Cresset Asset Management LLC Acquires 5,120 Shares of Primerica, Inc. $PRI

Cresset Asset Management LLC increased its holdings in Primerica, Inc. (NYSE:PRI) by 398.8% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,404 shares of the financial services provider’s stock after purchasing an additional 5,120 shares during the period. Cresset Asset Management LLC’s holdings in Primerica were worth $1,753,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Baird Financial Group Inc. purchased a new stake in Primerica during the second quarter valued at about $277,000. First Trust Advisors LP lifted its stake in shares of Primerica by 35.9% in the 2nd quarter. First Trust Advisors LP now owns 437,925 shares of the financial services provider’s stock valued at $119,847,000 after acquiring an additional 115,754 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Primerica by 72.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 310 shares of the financial services provider’s stock valued at $85,000 after acquiring an additional 130 shares during the period. CW Advisors LLC grew its position in Primerica by 7.9% during the 2nd quarter. CW Advisors LLC now owns 924 shares of the financial services provider’s stock worth $253,000 after acquiring an additional 68 shares during the last quarter. Finally, PharVision Advisers LLC purchased a new position in Primerica in the 2nd quarter worth approximately $269,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Trading Up 0.6%

Shares of NYSE PRI opened at $253.05 on Wednesday. The firm has a fifty day simple moving average of $261.39 and a two-hundred day simple moving average of $265.47. Primerica, Inc. has a 12 month low of $230.98 and a 12 month high of $298.75. The firm has a market capitalization of $8.08 billion, a PE ratio of 11.63 and a beta of 0.90.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $6.33 earnings per share for the quarter, beating analysts’ consensus estimates of $5.52 by $0.81. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The firm had revenue of $838.88 million for the quarter, compared to analyst estimates of $817.81 million. During the same quarter in the previous year, the firm posted $4.83 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, sell-side analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 21st will be given a $1.04 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $4.16 annualized dividend and a dividend yield of 1.6%. Primerica’s dividend payout ratio is currently 19.12%.

Primerica declared that its Board of Directors has initiated a stock buyback program on Wednesday, November 19th that allows the company to repurchase $475.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 5.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PRI shares. Zacks Research raised Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of Primerica in a research report on Monday. Piper Sandler set a $292.00 price target on shares of Primerica and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Keefe, Bruyette & Woods lowered their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Tuesday, November 11th. Finally, BMO Capital Markets upgraded shares of Primerica from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $292.00 to $318.00 in a report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Primerica currently has a consensus rating of “Moderate Buy” and an average price target of $301.80.

Insider Activity

In other news, President Peter W. Schneider sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $255.30, for a total value of $510,600.00. Following the completion of the transaction, the president owned 7,301 shares in the company, valued at $1,863,945.30. This trade represents a 21.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joel M. Babbit sold 700 shares of Primerica stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $255.00, for a total value of $178,500.00. Following the sale, the director owned 8,400 shares in the company, valued at $2,142,000. This represents a 7.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,200 shares of company stock worth $1,338,225 in the last quarter. 0.61% of the stock is owned by company insiders.

About Primerica

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.