State of Alaska Department of Revenue Cuts Position in Primerica, Inc. (NYSE:PRI)

State of Alaska Department of Revenue lessened its holdings in Primerica, Inc. (NYSE:PRIGet Rating) by 9.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 27,787 shares of the financial services provider’s stock after selling 3,000 shares during the quarter. State of Alaska Department of Revenue’s holdings in Primerica were worth $3,325,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PRI. Wellington Shields Capital Management LLC purchased a new stake in Primerica during the 1st quarter worth approximately $219,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Primerica in the first quarter valued at approximately $13,325,000. Royal London Asset Management Ltd. grew its position in shares of Primerica by 52.8% in the first quarter. Royal London Asset Management Ltd. now owns 232,091 shares of the financial services provider’s stock valued at $31,748,000 after purchasing an additional 80,152 shares in the last quarter. State Street Corp grew its position in shares of Primerica by 5.7% in the first quarter. State Street Corp now owns 1,106,268 shares of the financial services provider’s stock valued at $151,360,000 after purchasing an additional 59,671 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Primerica by 8.9% in the fourth quarter. Geode Capital Management LLC now owns 683,815 shares of the financial services provider’s stock valued at $104,808,000 after purchasing an additional 55,776 shares in the last quarter. Hedge funds and other institutional investors own 91.10% of the company’s stock.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 4,000 shares of Primerica stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $133.93, for a total value of $535,720.00. Following the completion of the transaction, the chief executive officer now directly owns 58,215 shares of the company’s stock, valued at approximately $7,796,734.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Primerica news, CEO Glenn J. Williams sold 4,000 shares of Primerica stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $133.93, for a total value of $535,720.00. Following the completion of the transaction, the chief executive officer now directly owns 58,215 shares of the company’s stock, valued at approximately $7,796,734.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Alison S. Rand sold 1,500 shares of Primerica stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $127.40, for a total value of $191,100.00. Following the completion of the transaction, the chief financial officer now directly owns 12,433 shares of the company’s stock, valued at $1,583,964.20. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PRI shares. Morgan Stanley upped their price target on Primerica from $132.00 to $135.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 17th. Truist Financial upped their price objective on Primerica from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, August 10th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $161.00.

Primerica Stock Performance

PRI opened at $131.15 on Thursday. The business’s 50 day moving average price is $128.00 and its 200 day moving average price is $126.99. Primerica, Inc. has a one year low of $110.22 and a one year high of $179.51. The stock has a market capitalization of $4.91 billion, a PE ratio of 15.36 and a beta of 1.27.

Primerica (NYSE:PRIGet Rating) last posted its quarterly earnings data on Monday, August 8th. The financial services provider reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.04 by ($0.18). Primerica had a net margin of 12.12% and a return on equity of 21.81%. The firm had revenue of $668.68 million during the quarter, compared to analysts’ expectations of $707.24 million. During the same quarter in the prior year, the firm posted $3.25 EPS. Primerica’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts forecast that Primerica, Inc. will post 11.28 earnings per share for the current fiscal year.

Primerica declared that its Board of Directors has approved a share buyback program on Thursday, August 11th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Primerica Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 14th. Shareholders of record on Monday, August 22nd were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.68%. The ex-dividend date was Friday, August 19th. Primerica’s dividend payout ratio is currently 25.76%.

Primerica Company Profile

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Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.

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Institutional Ownership by Quarter for Primerica (NYSE:PRI)

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