Primerica, Inc. (NYSE:PRI) Shares Sold by Commerce Bank

Commerce Bank cut its stake in shares of Primerica, Inc. (NYSE:PRI) by 6.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,531 shares of the financial services provider’s stock after selling 920 shares during the quarter. Commerce Bank’s holdings in Primerica were worth $3,323,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PRI. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Primerica during the third quarter worth about $3,710,000. Harbor Capital Advisors Inc. boosted its stake in shares of Primerica by 456.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after acquiring an additional 7,506 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Primerica in the 2nd quarter worth approximately $3,514,000. SG Americas Securities LLC purchased a new position in Primerica in the 2nd quarter valued at approximately $893,000. Finally, International Assets Investment Management LLC raised its holdings in Primerica by 359,742.9% during the third quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after purchasing an additional 25,182 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the transaction, the president now directly owns 10,259 shares in the company, valued at $2,678,727.49. This represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock valued at $1,803,175 in the last 90 days. 0.85% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on PRI. Morgan Stanley upped their target price on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Piper Sandler started coverage on shares of Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 target price for the company. TD Cowen initiated coverage on shares of Primerica in a report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price target on the stock. Truist Financial lifted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Friday. Five 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, Primerica has a consensus rating of “Hold” and a consensus target price of $288.33.

Primerica Stock Performance

Shares of PRI opened at $301.71 on Friday. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $304.84. The company’s 50 day simple moving average is $277.24 and its 200 day simple moving average is $253.40. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 23.05 and a beta of 1.08.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.28 EPS. Equities analysts expect that Primerica, Inc. will post 19.12 EPS for the current fiscal year.

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

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. This represents a $3.60 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is 27.50%.

Primerica 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.