Algert Global LLC decreased its holdings in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 37.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,068 shares of the financial services provider's stock after selling 6,750 shares during the quarter. Algert Global LLC's holdings in Primerica were worth $2,935,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Cerity Partners LLC acquired a new stake in Primerica in the 3rd quarter worth about $983,000. Kingsview Wealth Management LLC lifted its holdings in shares of Primerica by 0.7% during the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider's stock worth $1,549,000 after acquiring an additional 43 shares during the period. Great Valley Advisor Group Inc. acquired a new stake in shares of Primerica in the third quarter worth approximately $398,000. Advisors Asset Management Inc. grew its holdings in Primerica by 187.1% in the third quarter. Advisors Asset Management Inc. now owns 643 shares of the financial services provider's stock valued at $170,000 after purchasing an additional 419 shares during the period. Finally, Prospera Private Wealth LLC acquired a new position in Primerica during the third quarter worth approximately $31,000. Hedge funds and other institutional investors own 90.88% of the company's stock.
PRI stock opened at $304.93 on Wednesday. The stock has a 50-day simple moving average of $280.07 and a 200-day simple moving average of $255.60. The firm has a market cap of $10.18 billion, a P/E ratio of 23.29 and a beta of 1.08. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $306.48.
Primerica (NYSE:PRI - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same quarter last year, the company earned $4.28 earnings per share. Primerica's revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts predict that Primerica, Inc. will post 19.12 EPS for the current year.
Primerica announced that its Board of Directors has initiated a stock buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.18%. Primerica's payout ratio is currently 27.50%.
In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John A. Jr. Addison sold 2,000 shares of the business's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the sale, the director now directly owns 15,151 shares of the company's stock, valued at $3,846,081.35. The trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.85% of the company's stock.
PRI has been the subject of several research reports. Morgan Stanley boosted their price objective on shares of Primerica from $257.00 to $269.00 and gave the company an "equal weight" rating in a research note on Monday, August 19th. TD Cowen boosted their price target on Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a research report on Tuesday. StockNews.com upgraded Primerica from a "hold" rating to a "buy" rating in a report on Friday, November 22nd. Piper Sandler began coverage on Primerica in a report on Friday, August 30th. They set a "neutral" rating and a $283.00 target price for the company. Finally, Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $293.50.
View Our Latest Analysis on PRI
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.
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