Primerica, Inc. $PRI Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC cut its stake in Primerica, Inc. (NYSE:PRI) by 50.4% in the third quarter, HoldingsChannel reports. The firm owned 4,501 shares of the financial services provider’s stock after selling 4,576 shares during the quarter. Granite Investment Partners LLC’s holdings in Primerica were worth $1,249,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Vestmark Advisory Solutions Inc. boosted its stake in shares of Primerica by 0.4% in the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 17,951 shares of the financial services provider’s stock valued at $4,983,000 after buying an additional 70 shares during the period. Citigroup Inc. raised its holdings in Primerica by 1.6% in the third quarter. Citigroup Inc. now owns 10,239 shares of the financial services provider’s stock valued at $2,842,000 after acquiring an additional 164 shares in the last quarter. Compass Wealth Management LLC acquired a new stake in Primerica in the third quarter valued at approximately $856,000. NewEdge Wealth LLC lifted its stake in Primerica by 0.3% in the third quarter. NewEdge Wealth LLC now owns 17,941 shares of the financial services provider’s stock worth $4,580,000 after acquiring an additional 60 shares during the last quarter. Finally, Crestwood Advisors Group LLC acquired a new stake in shares of Primerica in the 3rd quarter valued at $210,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insiders Place Their Bets

In other Primerica news, Director Joel M. Babbit sold 700 shares of Primerica stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $255.00, for a total value of $178,500.00. Following the transaction, the director directly owned 8,400 shares in the company, valued at approximately $2,142,000. The trade was a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Glenn J. Williams sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $256.41, for a total transaction of $641,025.00. Following the completion of the sale, the chief executive officer directly owned 27,392 shares of the company’s stock, valued at $7,023,582.72. The trade was a 8.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods dropped their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Tuesday, November 11th. TD Cowen reaffirmed a “buy” rating on shares of Primerica in a research report on Wednesday, January 28th. Zacks Research raised Primerica from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 26th. Morgan Stanley set a $292.00 target price on Primerica in a research note on Monday, December 15th. Finally, Weiss Ratings upgraded shares of Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $300.00.

Primerica Stock Performance

Primerica stock opened at $252.97 on Tuesday. The company has a market capitalization of $8.07 billion, a P/E ratio of 11.03 and a beta of 0.91. Primerica, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $296.00. The stock has a 50-day simple moving average of $260.97 and a 200-day simple moving average of $263.35.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $6.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.69 by $0.44. Primerica had a return on equity of 32.30% and a net margin of 22.82%.The firm had revenue of $853.51 million for the quarter, compared to the consensus estimate of $839.65 million. During the same quarter last year, the business posted $5.03 EPS. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. As a group, analysts forecast that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica announced that its board has authorized a share repurchase program on Wednesday, November 19th that authorizes the company to buyback $475.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 5.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Primerica Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Monday, February 23rd will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, February 23rd. This is a positive change from Primerica’s previous quarterly dividend of $1.04. Primerica’s dividend payout ratio is presently 20.93%.

Primerica Profile

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.