Pitcairn Co. Decreases Stake in Primerica, Inc. (NYSE:PRI)

Pitcairn Co. decreased its holdings in Primerica, Inc. (NYSE:PRI) by 25.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,273 shares of the financial services provider’s stock after selling 427 shares during the period. Pitcairn Co.’s holdings in Primerica were worth $338,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PRI. V Square Quantitative Management LLC purchased a new position in shares of Primerica in the 3rd quarter valued at $31,000. Prospera Private Wealth LLC acquired a new position in shares of Primerica during the third quarter worth about $31,000. ORG Partners LLC purchased a new stake in shares of Primerica in the second quarter worth about $30,000. UMB Bank n.a. grew its stake in shares of Primerica by 85.9% in the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after buying an additional 67 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Primerica by 45.5% during the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after buying an additional 60 shares during the period. 90.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the sale, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.85% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PRI shares. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Piper Sandler began coverage on shares of Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target for the company. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. TD Cowen raised their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Morgan Stanley boosted their price target on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $293.50.

Primerica Stock Performance

Shares of Primerica stock opened at $304.93 on Wednesday. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $306.48. The firm’s 50-day simple moving average is $280.07 and its 200-day simple moving average is $255.60. The firm has a market cap of $10.18 billion, a PE ratio of 23.29 and a beta of 1.08.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping 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 company had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same quarter last year, the business posted $4.28 EPS. Primerica’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, equities analysts predict that Primerica, Inc. will post 19.12 earnings per share for the current year.

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

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio is presently 27.50%.

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.