Swiss National Bank Lowers Stock Position in Primerica, Inc. $PRI

Swiss National Bank trimmed its position in shares of Primerica, Inc. (NYSE:PRI) by 2.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 63,200 shares of the financial services provider’s stock after selling 1,500 shares during the period. Swiss National Bank owned approximately 0.20% of Primerica worth $17,296,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PRI. Vanguard Group Inc. increased its stake in Primerica by 1.1% during the first quarter. Vanguard Group Inc. now owns 3,493,650 shares of the financial services provider’s stock worth $994,048,000 after acquiring an additional 37,994 shares during the last quarter. Burgundy Asset Management Ltd. increased its position in Primerica by 1.7% during the 1st quarter. Burgundy Asset Management Ltd. now owns 1,310,019 shares of the financial services provider’s stock worth $372,740,000 after purchasing an additional 21,546 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Primerica by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 611,437 shares of the financial services provider’s stock valued at $173,963,000 after buying an additional 16,350 shares during the period. Nuveen LLC purchased a new position in Primerica in the first quarter valued at approximately $156,019,000. Finally, Fiduciary Management Inc. WI lifted its position in Primerica by 2.8% during the first quarter. Fiduciary Management Inc. WI now owns 490,923 shares of the financial services provider’s stock valued at $139,682,000 after buying an additional 13,402 shares in the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Primerica Price Performance

Shares of Primerica stock opened at $258.21 on Thursday. Primerica, Inc. has a 1-year low of $230.98 and a 1-year high of $307.91. The company has a market capitalization of $8.24 billion, a PE ratio of 11.87 and a beta of 0.96. The business has a 50-day moving average of $265.26 and a 200-day moving average of $266.75.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $6.33 EPS for the quarter, beating analysts’ consensus estimates of $5.52 by $0.81. Primerica had a return on equity of 31.75% and a net margin of 22.36%.The firm had revenue of $838.88 million during the quarter, compared to the consensus estimate of $817.81 million. During the same quarter in the prior year, the business posted $4.83 earnings per share. Primerica’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities analysts expect that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica announced that its Board of Directors has initiated a stock buyback plan on Wednesday, November 19th that permits the company to buyback $475.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 5.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 21st will be issued a $1.04 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $4.16 annualized dividend and a yield of 1.6%. Primerica’s dividend payout ratio is currently 19.12%.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $259.65, for a total transaction of $649,125.00. Following the transaction, the chief executive officer directly owned 33,892 shares in the company, valued at $8,800,057.80. This represents a 6.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $255.30, for a total transaction of $510,600.00. Following the completion of the sale, the president directly owned 7,301 shares of the company’s stock, valued at $1,863,945.30. The trade was a 21.50% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PRI shares. Piper Sandler set a $292.00 target price on shares of Primerica and gave the company a “neutral” rating in a research note on Tuesday, October 7th. Morgan Stanley lowered their price target on Primerica from $306.00 to $301.00 and set an “equal weight” rating for the company in a report on Monday, November 17th. Keefe, Bruyette & Woods cut their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 11th. Zacks Research upgraded Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Finally, Jefferies Financial Group decreased their target price on Primerica from $293.00 to $283.00 and set a “hold” rating for the company in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $301.80.

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.