Mutual of America Capital Management LLC Reduces Stock Holdings in Primerica, Inc. (NYSE:PRI)

Mutual of America Capital Management LLC reduced its holdings in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,956 shares of the financial services provider's stock after selling 1,722 shares during the quarter. Mutual of America Capital Management LLC owned 0.12% of Primerica worth $10,329,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Connable Office Inc. boosted its holdings in Primerica by 3.6% during the third quarter. Connable Office Inc. now owns 3,212 shares of the financial services provider's stock worth $852,000 after purchasing an additional 112 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of Primerica by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider's stock worth $279,000 after buying an additional 36 shares in the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Primerica by 1.6% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 5,430 shares of the financial services provider's stock worth $1,440,000 after buying an additional 86 shares during the last quarter. MQS Management LLC bought a new position in shares of Primerica in the third quarter valued at approximately $417,000. Finally, Aptus Capital Advisors LLC increased its position in shares of Primerica by 15.6% during the third quarter. Aptus Capital Advisors LLC now owns 29,345 shares of the financial services provider's stock valued at $7,781,000 after acquiring an additional 3,950 shares during the last quarter. 90.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PRI shares. Truist Financial upped 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. StockNews.com downgraded Primerica from a "buy" rating to a "hold" rating in a research note on Thursday. TD Cowen assumed coverage on Primerica in a report on Wednesday, October 9th. They issued a "buy" rating and a $314.00 price objective for the company. Piper Sandler began coverage on Primerica in a research note on Friday, August 30th. They issued a "neutral" rating and a $283.00 target price for the company. Finally, Morgan Stanley lifted their price target on Primerica from $257.00 to $269.00 and gave the company an "equal weight" rating in a research report on Monday, August 19th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $288.33.

Primerica Stock Up 0.7 %

Shares of NYSE PRI traded up $2.15 during trading on Monday, reaching $300.76. The company had a trading volume of 93,403 shares, compared to its average volume of 154,197. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $304.84. The stock has a market cap of $10.04 billion, a PE ratio of 22.81 and a beta of 1.08. The business's 50-day moving average is $273.65 and its 200 day moving average is $251.66.

Primerica (NYSE:PRI - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company had revenue of $774.13 million for the quarter, compared to analysts' expectations of $745.25 million. During the same period last year, the firm posted $4.28 earnings per share. Primerica's revenue was up 11.0% compared to the same quarter last year. On average, analysts anticipate that Primerica, Inc. will post 19.12 earnings per share for the current year.

Primerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a $0.90 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.20%. Primerica's payout ratio is 27.50%.

Primerica declared that its board has authorized a stock repurchase 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 buy up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the sale, the president now owns 10,259 shares of the company's stock, valued at approximately $2,678,727.49. This trade represents a 12.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,500 shares of company stock valued at $1,803,175. Insiders own 0.85% of the company's stock.

About Primerica

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.