Franklin Resources Inc. Reduces Stock Position in Primerica, Inc. (NYSE:PRI)

Franklin Resources Inc. trimmed its holdings in shares of Primerica, Inc. (NYSE:PRI) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,332 shares of the financial services provider’s stock after selling 233 shares during the quarter. Franklin Resources Inc.’s holdings in Primerica were worth $3,694,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PRI. CIBC Asset Management Inc raised its position in Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 36 shares during the period. Creative Planning raised its holdings in Primerica by 0.7% during the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after buying an additional 40 shares during the period. Kingsview Wealth Management LLC lifted its position in Primerica by 0.7% in the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after buying an additional 43 shares during the last quarter. Larson Financial Group LLC boosted its stake in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the period. Finally, SkyView Investment Advisors LLC raised its stake in shares of Primerica by 1.0% in the second quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 62 shares during the period. Institutional investors own 90.88% of the company’s stock.

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. TD Cowen lifted their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Truist Financial upped their target price on 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 Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Finally, Piper Sandler decreased their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Primerica presently has an average rating of “Hold” and a consensus target price of $296.33.

Primerica Trading Up 0.6 %

Shares of PRI stock opened at $271.72 on Wednesday. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $307.91. The stock has a fifty day simple moving average of $287.49 and a two-hundred day simple moving average of $263.75. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 20.76 and a beta of 1.09.

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

Primerica announced that its board has approved a stock buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Primerica Dividend Announcement

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