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

Mutual of America Capital Management LLC trimmed its stake in Primerica, Inc. (NYSE:PRI) by 4.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 approximately 0.12% of Primerica worth $10,329,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in shares of Primerica in the 3rd quarter worth approximately $31,000. ORG Partners LLC purchased a new stake in Primerica in the second quarter worth $30,000. UMB Bank n.a. raised its stake in shares of Primerica by 85.9% in the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after buying an additional 67 shares during the period. Blue Trust Inc. lifted its position in shares of Primerica by 45.5% during the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after buying an additional 60 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Primerica during the 3rd quarter valued at $115,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Primerica Trading Up 0.6 %

Primerica stock opened at $298.61 on Monday. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $304.84. The firm has a market capitalization of $9.96 billion, a PE ratio of 22.81 and a beta of 1.08. The firm’s 50 day simple moving average is $273.65 and its 200 day simple moving average is $251.41.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the prior year, the firm posted $4.28 earnings per share. The business’s quarterly revenue was up 11.0% on a year-over-year basis. Research analysts forecast that Primerica, Inc. will post 19.12 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 dividend yield of 1.21%. Primerica’s payout ratio is currently 27.50%.

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

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the business’s 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 completion of the transaction, the president now directly owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This represents a 12.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,500 shares of company stock worth $1,803,175. 0.85% of the stock is currently owned by insiders.

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.