State Street Corp Sells 535 Shares of Primerica, Inc. (NYSE:PRI)

State Street Corp lessened its holdings in Primerica, Inc. (NYSE:PRI) by 0.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,083,383 shares of the financial services provider’s stock after selling 535 shares during the quarter. State Street Corp owned 3.25% of Primerica worth $287,259,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Stifel Financial Corp boosted its stake in shares of Primerica by 0.5% during the 3rd quarter. Stifel Financial Corp now owns 63,984 shares of the financial services provider’s stock worth $16,965,000 after buying an additional 333 shares during the last quarter. Quantinno Capital Management LP boosted its position in Primerica by 66.9% during the third quarter. Quantinno Capital Management LP now owns 5,150 shares of the financial services provider’s stock valued at $1,366,000 after purchasing an additional 2,065 shares during the last quarter. Quarry LP grew its stake in Primerica by 629.2% in the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 302 shares in the last quarter. Redwood Investment Management LLC increased its position in shares of Primerica by 4.1% during the 3rd quarter. Redwood Investment Management LLC now owns 6,089 shares of the financial services provider’s stock worth $1,602,000 after purchasing an additional 240 shares during the last quarter. Finally, Petrus Trust Company LTA acquired a new position in shares of Primerica during the 3rd quarter worth approximately $1,351,000. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Price Performance

PRI stock opened at $281.17 on Wednesday. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 21.48 and a beta of 1.09. The business’s fifty day moving average price is $286.95 and its two-hundred day moving average price is $260.54.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $745.25 million. During the same quarter in the previous year, the firm posted $4.28 EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Research analysts expect that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.28%. Primerica’s payout ratio is 27.50%.

Primerica declared that its board has initiated a share buyback plan on Thursday, November 14th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

PRI has been the subject of several analyst reports. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Piper Sandler began coverage on shares of Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Morgan Stanley boosted their price target on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Five 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 currently has an average rating of “Hold” and a consensus price target of $293.50.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.61% of the stock is owned by company insiders.

Primerica Company 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.