Oppenheimer Asset Management Inc. Makes New $757,000 Investment in Primerica, Inc. $PRI

Oppenheimer Asset Management Inc. purchased a new stake in Primerica, Inc. (NYSE:PRI) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,665 shares of the financial services provider’s stock, valued at approximately $757,000.

A number of other hedge funds also recently modified their holdings of the business. Bank of Montreal Can grew its stake in shares of Primerica by 5,277.5% in the fourth quarter. Bank of Montreal Can now owns 1,311,634 shares of the financial services provider’s stock worth $338,874,000 after purchasing an additional 1,287,243 shares during the last quarter. Invesco Ltd. raised its position in Primerica by 200.3% during the 4th quarter. Invesco Ltd. now owns 357,696 shares of the financial services provider’s stock worth $92,414,000 after purchasing an additional 238,571 shares during the last quarter. Life Cycle Investment Partners Ltd bought a new position in Primerica during the 4th quarter worth $40,714,000. Millennium Management LLC lifted its holdings in Primerica by 183.3% during the 4th quarter. Millennium Management LLC now owns 212,196 shares of the financial services provider’s stock worth $54,823,000 after buying an additional 137,297 shares during the period. Finally, Danske Bank A S acquired a new position in Primerica during the 3rd quarter worth about $30,396,000. Institutional investors and hedge funds own 90.88% of the company’s stock.

Insiders Place Their Bets

In other news, Director Amber Lynne Cottle sold 279 shares of Primerica stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $313.63, for a total value of $87,502.77. Following the completion of the sale, the director owned 3,549 shares in the company, valued at $1,113,072.87. The trade was a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Peter W. Schneider sold 1,800 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $312.65, for a total transaction of $562,770.00. Following the transaction, the president owned 8,011 shares in the company, valued at $2,504,639.15. The trade was a 18.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 5,079 shares of company stock worth $1,551,308. Corporate insiders own 0.63% of the company’s stock.

Primerica Trading Down 1.3%

Shares of Primerica stock opened at $309.48 on Tuesday. The business has a 50-day moving average price of $301.50 and a two-hundred day moving average price of $277.05. Primerica, Inc. has a 1-year low of $230.09 and a 1-year high of $327.28. The company has a market cap of $9.53 billion, a P/E ratio of 12.43 and a beta of 0.87.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $881.00 million. During the same period in the previous year, the business earned $5.46 EPS. The firm’s revenue was up 9.0% compared to the same quarter last year. Equities research analysts forecast that Primerica, Inc. will post 24.85 EPS for the current fiscal year.

Primerica Announces Dividend

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

Analyst Upgrades and Downgrades

PRI has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price target on Primerica from $323.00 to $335.00 and gave the company a “market perform” rating in a research note on Tuesday, August 11th. Jefferies Financial Group lifted their price objective on Primerica from $266.00 to $268.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Weiss Ratings cut Primerica from a “buy (b+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Morgan Stanley raised their price target on shares of Primerica from $280.00 to $291.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. Finally, TD Cowen boosted their price target on shares of Primerica from $322.00 to $360.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $310.67.

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.