Mutual of America Capital Management LLC Sells 1,722 Shares of Primerica, Inc. (NYSE:PRI)

Mutual of America Capital Management LLC lowered its stake in Primerica, Inc. (NYSE:PRI) by 4.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 38,956 shares of the financial services provider’s stock after selling 1,722 shares during the period. Mutual of America Capital Management LLC’s holdings in Primerica were worth $10,329,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Blair William & Co. IL lifted its position in Primerica by 24.5% in the first quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider’s stock valued at $3,076,000 after purchasing an additional 2,393 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in Primerica by 9.7% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 5,059 shares of the financial services provider’s stock valued at $1,275,000 after buying an additional 449 shares during the period. Edgestream Partners L.P. bought a new stake in Primerica in the 1st quarter worth $979,000. Cynosure Group LLC purchased a new position in shares of Primerica in the first quarter valued at about $314,000. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Primerica by 10.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 5,566 shares of the financial services provider’s stock valued at $1,408,000 after acquiring an additional 547 shares during the period. Institutional investors own 90.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PRI. Piper Sandler began coverage on Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price on the stock. TD Cowen assumed coverage on Primerica in a research report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price objective on the stock. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Morgan Stanley upped their price objective on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Primerica presently has a consensus rating of “Hold” and an average target price of $288.33.

Primerica Stock Up 0.6 %

NYSE PRI opened at $298.61 on Monday. The stock’s 50 day moving average is $273.65 and its 200 day moving average is $251.41. The firm has a market capitalization of $9.96 billion, a PE ratio of 22.81 and a beta of 1.08. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $304.84.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The firm 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 company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.28 EPS. On average, research analysts anticipate that Primerica, Inc. will post 19.12 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Primerica announced that its board has approved a share 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 reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated 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 approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,500 shares of company stock valued at $1,803,175. Corporate insiders own 0.85% of the company’s stock.

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.