Public Employees Retirement System of Ohio Sells 624 Shares of Primerica, Inc. (NYSE:PRI)

Public Employees Retirement System of Ohio lessened its stake in Primerica, Inc. (NYSE:PRI) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,550 shares of the financial services provider’s stock after selling 624 shares during the period. Public Employees Retirement System of Ohio’s holdings in Primerica were worth $3,328,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd boosted its stake in shares of Primerica by 72.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 2,501 shares of the financial services provider’s stock valued at $663,000 after purchasing an additional 1,050 shares during the last quarter. XTX Topco Ltd acquired a new position in Primerica in the third quarter valued at $1,187,000. iSAM Funds UK Ltd bought a new stake in Primerica during the third quarter valued at $745,000. Jane Street Group LLC grew its holdings in Primerica by 6.3% during the 3rd quarter. Jane Street Group LLC now owns 30,806 shares of the financial services provider’s stock worth $8,168,000 after acquiring an additional 1,830 shares during the period. Finally, Stifel Financial Corp raised its position in shares of Primerica by 0.5% in the 3rd quarter. Stifel Financial Corp now owns 63,984 shares of the financial services provider’s stock worth $16,965,000 after acquiring an additional 333 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PRI shares. Morgan Stanley upped their target price on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Piper Sandler started coverage on shares of Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. Truist Financial lifted their price objective 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. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Finally, TD Cowen lifted their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $293.50.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by corporate insiders.

Primerica Stock Performance

PRI stock opened at $280.53 on Tuesday. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $307.91. The business has a 50-day simple moving average of $287.74 and a two-hundred day simple moving average of $261.78. The company has a market capitalization of $9.36 billion, a P/E ratio of 21.39 and a beta of 1.09.

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. The business had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $4.28 earnings per share. As a group, sell-side analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were paid a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.28%. Primerica’s payout ratio is 27.50%.

Primerica declared that its board has approved a share repurchase plan on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.