Principal Financial Group Inc. Sells 1,918 Shares of Primerica, Inc. (NYSE:PRI)

Principal Financial Group Inc. lessened its position in shares of Primerica, Inc. (NYSE:PRI) by 2.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 76,497 shares of the financial services provider’s stock after selling 1,918 shares during the quarter. Principal Financial Group Inc.’s holdings in Primerica were worth $20,763,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PRI. CIBC Asset Management Inc grew its holdings in shares of Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 36 shares in the last quarter. Creative Planning lifted its position in Primerica by 0.7% during the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after purchasing an additional 40 shares during the last quarter. Kingsview Wealth Management LLC grew its stake in shares of Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after buying an additional 43 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the last quarter. Finally, Everhart Financial Group Inc. raised its position in shares of Primerica by 2.5% during the 4th quarter. Everhart Financial Group Inc. now owns 2,676 shares of the financial services provider’s stock valued at $726,000 after buying an additional 65 shares in the last quarter. Institutional investors own 90.88% of the company’s stock.

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total value of $845,220.00. Following the completion of the sale, the chief executive officer now owns 33,322 shares of the company’s stock, valued at approximately $9,388,140.28. This represents a 8.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.85% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on PRI. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Morgan Stanley lifted their target price on Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods increased their price target on Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. TD Cowen lifted their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $311.14.

Primerica Stock Up 0.6 %

Shares of Primerica stock opened at $275.16 on Tuesday. Primerica, Inc. has a 52 week low of $184.76 and a 52 week high of $307.91. The company has a market capitalization of $9.18 billion, a PE ratio of 20.01 and a beta of 1.11. The stock’s fifty day moving average is $281.79 and its two-hundred day moving average is $277.31.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. As a group, research analysts anticipate that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, February 21st. This is an increase from Primerica’s previous quarterly dividend of $0.90. Primerica’s payout ratio is currently 30.25%.

About Primerica

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.