PNC Financial Services Group Inc. Sells 817 Shares of Primerica, Inc. (NYSE:PRI)

PNC Financial Services Group Inc. lessened its stake in shares of Primerica, Inc. (NYSE:PRI) by 13.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,488 shares of the financial services provider’s stock after selling 817 shares during the period. PNC Financial Services Group Inc.’s holdings in Primerica were worth $1,455,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PRI. B. Riley Wealth Advisors Inc. raised its stake in shares of Primerica by 55.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 2,648 shares of the financial services provider’s stock worth $670,000 after purchasing an additional 940 shares in the last quarter. HM Payson & Co. raised its position in Primerica by 52.5% during the first quarter. HM Payson & Co. now owns 805 shares of the financial services provider’s stock worth $204,000 after acquiring an additional 277 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Primerica by 456.8% in the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock valued at $2,164,000 after acquiring an additional 7,506 shares during the last quarter. NBC Securities Inc. grew its position in shares of Primerica by 28.1% in the 2nd quarter. NBC Securities Inc. now owns 6,285 shares of the financial services provider’s stock valued at $1,486,000 after acquiring an additional 1,378 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Primerica during the 2nd quarter worth about $893,000. 90.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their target price on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Piper Sandler assumed coverage on Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target on the stock. Truist Financial lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, TD Cowen increased their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday. Five investment 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 a consensus price target of $293.50.

Primerica Stock Performance

PRI opened at $304.93 on Wednesday. The stock has a fifty day moving average of $280.07 and a 200-day moving average of $255.60. The company has a market capitalization of $10.18 billion, a P/E ratio of 23.29 and a beta of 1.08. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $306.48.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping 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 analysts’ expectations of $745.25 million. During the same quarter in the previous year, the company earned $4.28 EPS. The business’s revenue was up 11.0% on a year-over-year basis. On average, equities research analysts predict 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. Investors of record on Thursday, November 21st will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

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

Insider Buying and Selling

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

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.