Bank of Nova Scotia Takes Position in Primerica, Inc. (NYSE:PRI)

Bank of Nova Scotia purchased a new position in shares of Primerica, Inc. (NYSE:PRI) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 15,700 shares of the financial services provider’s stock, valued at approximately $4,261,000.

A number of other large investors also recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in shares of Primerica by 11.9% during the fourth quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider’s stock worth $211,691,000 after purchasing an additional 82,921 shares during the last quarter. FIL Ltd boosted its position in Primerica by 85.5% in the 4th quarter. FIL Ltd now owns 131,365 shares of the financial services provider’s stock valued at $35,655,000 after buying an additional 60,565 shares during the period. Raymond James Financial Inc. bought a new position in Primerica in the 4th quarter worth about $34,191,000. Los Angeles Capital Management LLC increased its position in shares of Primerica by 10.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 120,011 shares of the financial services provider’s stock worth $32,573,000 after acquiring an additional 11,612 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Primerica by 11.4% during the fourth quarter. JPMorgan Chase & Co. now owns 117,308 shares of the financial services provider’s stock valued at $31,840,000 after acquiring an additional 11,996 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Buying and Selling

In related news, insider Nicholas Adam Jendusa sold 234 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $280.15, for a total transaction of $65,555.10. Following the sale, the insider now owns 200 shares in the company, valued at approximately $56,030. This trade represents a 53.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the transaction, the chief executive officer now directly owns 33,322 shares of the company’s stock, valued at $9,388,140.28. The trade was a 8.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,234 shares of company stock worth $1,476,575. 0.85% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on PRI. Morgan Stanley reduced their price objective on Primerica from $313.00 to $304.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods decreased their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Wednesday. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. BMO Capital Markets initiated coverage on shares of Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. Finally, Piper Sandler lowered their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $309.14.

Primerica Price Performance

Primerica stock opened at $251.76 on Friday. The business has a fifty day moving average price of $279.38 and a 200-day moving average price of $281.94. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of 18.31 and a beta of 1.03.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. On average, equities research analysts anticipate that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 21st were given a $1.04 dividend. The ex-dividend date was Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.65%. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is currently 30.25%.

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.