Primerica, Inc. (NYSE:PRI) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 31.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,415 shares of the financial services provider's stock after selling 36,189 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Primerica worth $20,792,000 as of its most recent SEC filing.

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

Remove Ads

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PRI shares. StockNews.com upgraded Primerica from a "hold" rating to a "buy" rating in a research report on Friday, November 22nd. Truist Financial boosted their target price on shares of Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, November 8th. TD Cowen raised their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Finally, Piper Sandler lowered their price objective on shares of 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's stock. Based on data from MarketBeat.com, Primerica has an average rating of "Hold" and a consensus target price of $296.33.

Primerica Price Performance

Shares of PRI stock traded up $0.79 during trading hours on Thursday, reaching $272.51. The stock had a trading volume of 92,515 shares, compared to its average volume of 156,090. The firm has a market capitalization of $9.09 billion, a PE ratio of 20.82 and a beta of 1.09. The firm has a 50-day simple moving average of $287.16 and a 200-day simple moving average of $264.12. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $307.91.

Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings results 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 net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same quarter last year, the business earned $4.28 earnings per share. Primerica's revenue was up 11.0% compared to the same quarter last year. On average, equities analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a dividend of $0.90 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.32%. Primerica's dividend payout ratio (DPR) is presently 27.50%.

Primerica announced that its Board of Directors has approved a stock buyback program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at Primerica

In other Primerica 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 transaction of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.61% 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.