Swiss National Bank Sells 1,400 Shares of Primerica, Inc. (NYSE:PRI)

Swiss National Bank reduced its holdings in Primerica, Inc. (NYSE:PRI) by 2.0% during the third quarter, Holdings Channel.com reports. The fund owned 67,200 shares of the financial services provider’s stock after selling 1,400 shares during the quarter. Swiss National Bank’s holdings in Primerica were worth $17,818,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PRI. CIBC Asset Management Inc grew its holdings in shares of Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 36 shares in the last quarter. Creative Planning lifted its position in Primerica by 0.7% during the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after purchasing an additional 40 shares during the last quarter. Blue Trust Inc. grew its stake in Primerica by 45.5% in the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after buying an additional 60 shares in the last quarter. GPS Wealth Strategies Group LLC increased its holdings in shares of Primerica by 2.4% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 2,644 shares of the financial services provider’s stock worth $625,000 after buying an additional 62 shares during the last quarter. Finally, SkyView Investment Advisors LLC raised its position in shares of Primerica by 1.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Stock Up 1.3 %

Shares of NYSE PRI opened at $297.45 on Friday. The firm has a market cap of $9.93 billion, a P/E ratio of 22.72 and a beta of 1.08. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $304.84. The company has a 50 day moving average of $276.36 and a 200 day moving average of $253.09.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same period in the prior year, the company posted $4.28 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities analysts expect that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a $0.90 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.21%. Primerica’s dividend payout ratio is presently 27.50%.

Primerica declared that its board has initiated a share repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

PRI has been the topic of a number of research reports. Piper Sandler assumed coverage on Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective on the stock. TD Cowen initiated coverage on shares of Primerica in a research note on Wednesday, October 9th. They set a “buy” rating and a $314.00 price target on the stock. Truist Financial upped their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Morgan Stanley raised their target price on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $288.33.

Insider Activity

In other Primerica news, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the sale, the president now directly owns 10,259 shares in the company, valued at approximately $2,678,727.49. The trade was a 12.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock valued at $1,803,175 over the last three months. Insiders own 0.85% of the company’s stock.

Primerica Company 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.