Principal Financial Group Inc. Sells 36,189 Shares of Primerica, Inc. (NYSE:PRI)

Principal Financial Group Inc. lowered its position in Primerica, Inc. (NYSE:PRI) by 31.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,415 shares of the financial services provider’s stock after selling 36,189 shares during the period. Principal Financial Group Inc.’s holdings in Primerica were worth $20,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after buying an additional 25,951 shares during the period. Barclays PLC increased its stake in Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock worth $5,428,000 after purchasing an additional 10,635 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Primerica in the third quarter worth $3,710,000. BNP Paribas Financial Markets lifted its position in shares of Primerica by 320.6% during the third quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider’s stock worth $1,525,000 after purchasing an additional 4,383 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Primerica in the third quarter worth about $646,000. Institutional investors own 90.88% of the company’s stock.

Insider Transactions at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.61% of the company’s stock.

Primerica Trading Up 0.6 %

Shares of NYSE PRI opened at $271.72 on Thursday. The stock has a market capitalization of $9.07 billion, a PE ratio of 20.76 and a beta of 1.09. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $307.91. The stock’s fifty day simple moving average is $287.35 and its two-hundred day simple moving average is $264.07.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same period in the prior year, the firm posted $4.28 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica announced that its Board of Directors has authorized a share buyback program on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.32%. The ex-dividend date was Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

Analyst Ratings Changes

Several equities research analysts have issued reports on PRI shares. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Piper Sandler dropped their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. TD Cowen raised their price objective on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus price target of $296.33.

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.