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

Pitcairn Co. lessened its position in Primerica, Inc. (NYSE:PRI) by 25.1% in the 3rd quarter, according to its most recent filing 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.

Other hedge funds and other institutional investors have also made changes to their positions in the company. B. Riley Wealth Advisors Inc. boosted its holdings in Primerica by 55.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 2,648 shares of the financial services provider’s stock valued at $670,000 after purchasing an additional 940 shares in the last quarter. HM Payson & Co. boosted its stake in shares of Primerica by 52.5% in the first quarter. HM Payson & Co. now owns 805 shares of the financial services provider’s stock valued at $204,000 after buying an additional 277 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Primerica by 456.8% during the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after acquiring an additional 7,506 shares during the period. NBC Securities Inc. raised its position in Primerica by 28.1% in the second quarter. NBC Securities Inc. now owns 6,285 shares of the financial services provider’s stock worth $1,486,000 after acquiring an additional 1,378 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Primerica in the second quarter valued at $893,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Stock Performance

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

Primerica (NYSE:PRI) last posted its quarterly earnings data 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. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business posted $4.28 EPS. On average, analysts forecast that Primerica, Inc. will post 19.12 EPS for the current fiscal year.

Primerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Primerica announced that its board 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 generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of the 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 transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction that occurred on 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 approximately $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is owned by company 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.