Primerica, Inc. (NYSE:PRI) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in Primerica, Inc. (NYSE:PRI) by 11.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 105,312 shares of the financial services provider’s stock after selling 13,041 shares during the period. JPMorgan Chase & Co.’s holdings in Primerica were worth $27,924,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased 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 valued at $184,807,000 after purchasing an additional 25,951 shares during the period. Barclays PLC increased its stake in Primerica by 108.1% in the 3rd quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after buying an additional 10,635 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Primerica during the 3rd quarter worth $3,710,000. BNP Paribas Financial Markets lifted its stake in shares of Primerica by 320.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider’s stock worth $1,525,000 after acquiring an additional 4,383 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Primerica in the third quarter valued at about $646,000. 90.88% of the stock is owned by hedge funds and other institutional investors.

Primerica Stock Performance

Primerica stock opened at $275.98 on Wednesday. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The firm has a market capitalization of $9.21 billion, a price-to-earnings ratio of 21.08 and a beta of 1.11. The stock’s fifty day moving average is $286.22 and its two-hundred day moving average is $266.87.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share 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 firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same period last year, the firm posted $4.28 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, sell-side analysts forecast that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date was Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

Primerica announced that its Board of Directors has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PRI shares. Truist Financial increased their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Piper Sandler reduced their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. TD Cowen upped 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 downgraded Primerica from a “buy” rating to a “hold” rating in a report on Monday. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $296.33.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.61% of the stock is owned by insiders.

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.