AGF Investments Inc. Has $96.62 Million Stake in Primerica, Inc. (NYSE:PRI)

AGF Investments Inc. boosted its position in shares of Primerica, Inc. (NYSE:PRI) by 0.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 628,893 shares of the financial services provider’s stock after acquiring an additional 1,655 shares during the period. AGF Investments Inc. owned 1.59% of Primerica worth $96,617,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Primerica by 31.3% during the 2nd quarter. FMR LLC now owns 2,500,496 shares of the financial services provider’s stock worth $382,926,000 after purchasing an additional 595,992 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its stake in Primerica by 3.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,140,693 shares of the financial services provider’s stock valued at $634,109,000 after acquiring an additional 130,160 shares during the period. Boston Private Wealth LLC bought a new stake in Primerica during the third quarter worth about $19,914,000. State Street Corp grew its stake in Primerica by 11.5% during the second quarter. State Street Corp now owns 1,067,652 shares of the financial services provider’s stock worth $163,500,000 after buying an additional 109,815 shares during the last quarter. Finally, AXA S.A. acquired a new position in shares of Primerica during the second quarter worth approximately $9,082,000. 89.14% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently weighed in on PRI. Zacks Investment Research upgraded shares of Primerica from a “hold” rating to a “buy” rating and set a $173.00 price objective on the stock in a report on Wednesday. Morgan Stanley raised their target price on shares of Primerica from $175.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, January 7th. Finally, William Blair reiterated an “outperform” rating on shares of Primerica in a research note on Monday, September 20th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $168.83.

In other Primerica news, CEO Glenn J. Williams sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 12th. The shares were sold at an average price of $161.94, for a total value of $647,760.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Alison S. Rand sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 30th. The shares were sold at an average price of $147.56, for a total transaction of $221,340.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,000 shares of company stock worth $1,390,985. Insiders own 0.90% of the company’s stock.

Primerica stock traded down $1.84 during midday trading on Friday, hitting $154.76. The company’s stock had a trading volume of 528 shares, compared to its average volume of 191,024. Primerica, Inc. has a 1-year low of $130.70 and a 1-year high of $179.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.53 and a quick ratio of 0.53. The company has a 50-day moving average price of $154.42 and a two-hundred day moving average price of $153.72. The company has a market cap of $6.11 billion, a price-to-earnings ratio of 14.21 and a beta of 1.42.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Monday, November 8th. The financial services provider reported $2.98 earnings per share for the quarter, hitting the consensus estimate of $2.98. Primerica had a net margin of 16.97% and a return on equity of 22.60%. The business had revenue of $693.24 million during the quarter, compared to analysts’ expectations of $682.09 million. During the same quarter in the previous year, the company earned $2.78 EPS. The business’s revenue was up 22.0% on a year-over-year basis. Sell-side analysts forecast that Primerica, Inc. will post 11.86 EPS for the current year.

Primerica announced that its board has authorized a share buyback program on Wednesday, November 17th that allows the company to buyback $275.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 14th. Shareholders of record on Monday, November 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Friday, November 19th. Primerica’s dividend payout ratio is currently 17.06%.

Primerica Company Profile

Primerica, Inc engages in the provision of financial products to middle-income households. It operates through the following segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits in the in-force book of term life insurance policies.

Further Reading: NASDAQ Stock Market Explained

Institutional Ownership by Quarter for Primerica (NYSE:PRI)

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