Bank of New York Mellon Corp Sells 14,620 Shares of Primerica, Inc. (NYSE:PRI)

Bank of New York Mellon Corp lessened its stake in shares of Primerica, Inc. (NYSE:PRI – Get Rating) by 3.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 450,067 shares of the financial services provider’s stock after selling 14,620 shares during the period. Bank of New York Mellon Corp owned about 1.22% of Primerica worth $55,561,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Republic Investment Management Inc. raised its stake in shares of Primerica by 3.3% during the third quarter. First Republic Investment Management Inc. now owns 10,220 shares of the financial services provider’s stock valued at $1,262,000 after acquiring an additional 325 shares in the last quarter. Summit Trail Advisors LLC raised its stake in shares of Primerica by 16.1% during the second quarter. Summit Trail Advisors LLC now owns 1,764 shares of the financial services provider’s stock valued at $211,000 after acquiring an additional 244 shares in the last quarter. WCM Investment Management LLC increased its holdings in Primerica by 26.7% during the second quarter. WCM Investment Management LLC now owns 112,596 shares of the financial services provider’s stock valued at $13,393,000 after buying an additional 23,716 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Primerica by 81.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,212 shares of the financial services provider’s stock valued at $520,000 after buying an additional 1,890 shares during the period. Finally, Tudor Investment Corp Et Al grew its holdings in Primerica by 220.2% in the third quarter. Tudor Investment Corp Et Al now owns 42,564 shares of the financial services provider’s stock worth $5,255,000 after purchasing an additional 29,272 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

Insider Activity at Primerica

In related news, President Peter W. Schneider sold 2,809 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $185.60, for a total transaction of $521,350.40. Following the completion of the sale, the president now owns 18,524 shares of the company’s stock, valued at approximately $3,438,054.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, President Peter W. Schneider sold 3,500 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $175.47, for a total value of $614,145.00. Following the completion of the sale, the president now owns 12,252 shares of the company’s stock, valued at approximately $2,149,858.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Peter W. Schneider sold 2,809 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $185.60, for a total transaction of $521,350.40. Following the completion of the transaction, the president now owns 18,524 shares in the company, valued at $3,438,054.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,168 shares of company stock valued at $7,238,391. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

PRI has been the subject of a number of research reports. Keefe, Bruyette & Woods boosted their target price on shares of Primerica from $167.00 to $195.00 and gave the company a “market perform” rating in a research report on Wednesday, March 1st. Morgan Stanley upped their price objective on shares of Primerica from $150.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Friday, February 24th. William Blair downgraded shares of Primerica from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 10th. Truist Financial upped their price objective on shares of Primerica from $160.00 to $210.00 and gave the stock a “buy” rating in a research report on Monday, February 27th. Finally, StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, February 17th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Primerica currently has an average rating of “Hold” and a consensus price target of $189.00.

Primerica Stock Down 3.1 %

PRI stock opened at $172.35 on Friday. The stock has a market capitalization of $6.36 billion, a P/E ratio of 17.66 and a beta of 1.20. The firm has a 50-day simple moving average of $162.65 and a 200-day simple moving average of $144.88. Primerica, Inc. has a 52 week low of $110.22 and a 52 week high of $195.69.

Primerica (NYSE:PRI – Get Rating) last released its earnings results on Friday, February 24th. The financial services provider reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $2.93 by $0.56. The business had revenue of $686.94 million during the quarter, compared to analysts’ expectations of $694.90 million. Primerica had a net margin of 13.71% and a return on equity of 24.87%. The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.94 earnings per share. On average, analysts expect that Primerica, Inc. will post 14.13 earnings per share for the current year.

Primerica announced that its Board of Directors has authorized a share buyback plan on Thursday, November 17th that permits the company to repurchase $375.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 14th. Investors of record on Tuesday, February 21st will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.51%. The ex-dividend date is Friday, February 17th. This is a boost from Primerica’s previous quarterly dividend of $0.55. Primerica’s dividend payout ratio is currently 26.64%.

Primerica Company Profile

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Primerica, Inc engages in the provision of financial products to middle-income households. It operates through the following segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits in the in-force book of term life insurance policies.