Charles Schwab Investment Management Inc. Trims Stock Holdings in Primerica, Inc. (NYSE:PRI)

Charles Schwab Investment Management Inc. lowered its position in Primerica, Inc. (NYSE:PRI - Free Report) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 332,520 shares of the financial services provider's stock after selling 2,367 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.98% of Primerica worth $88,168,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Burgundy Asset Management Ltd. increased its stake in Primerica by 1.4% during the second quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider's stock worth $292,688,000 after acquiring an additional 17,095 shares during the last quarter. Millennium Management LLC increased its position in shares of Primerica by 30,726.7% during the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider's stock worth $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Primerica by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider's stock worth $150,880,000 after purchasing an additional 21,836 shares during the last quarter. Raymond James & Associates raised its holdings in Primerica by 4.6% in the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider's stock valued at $32,176,000 after buying an additional 5,323 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in Primerica by 8.7% in the third quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider's stock valued at $28,742,000 after buying an additional 8,641 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company's stock.

Primerica Stock Performance

Shares of NYSE:PRI traded down $0.66 during trading on Thursday, hitting $304.27. The company's stock had a trading volume of 75,969 shares, compared to its average volume of 153,721. The company has a market capitalization of $10.15 billion, a PE ratio of 23.24 and a beta of 1.08. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The business has a 50 day moving average price of $281.96 and a two-hundred day moving average price of $256.28.

Primerica (NYSE:PRI - Get Free Report) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping the consensus estimate 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%. Primerica's revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.28 EPS. As a group, equities analysts expect that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

Primerica Announces Dividend

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

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 stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John A. Jr. Addison sold 2,000 shares of the firm's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, the director now directly owns 15,151 shares in the company, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.