Texas Permanent School Fund Corp cut its holdings in Primerica, Inc. (NYSE:PRI – Free Report) by 4.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,376 shares of the financial services provider’s stock after selling 1,520 shares during the period. Texas Permanent School Fund Corp owned 0.08% of Primerica worth $5,893,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in PRI. Moneta Group Investment Advisors LLC bought a new position in Primerica in the fourth quarter worth approximately $210,472,000. Norges Bank bought a new position in Primerica in the fourth quarter worth approximately $50,974,000. Victory Capital Management Inc. raised its position in Primerica by 27.4% in the fourth quarter. Victory Capital Management Inc. now owns 811,888 shares of the financial services provider’s stock worth $115,142,000 after acquiring an additional 174,822 shares during the period. Comerica Bank bought a new position in Primerica in the second quarter worth approximately $22,500,000. Finally, Royal London Asset Management Ltd. raised its position in Primerica by 52.8% in the first quarter. Royal London Asset Management Ltd. now owns 232,091 shares of the financial services provider’s stock worth $31,748,000 after acquiring an additional 80,152 shares during the period. 90.56% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
PRI has been the topic of several recent research reports. Morgan Stanley increased their price target on shares of Primerica from $190.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 15th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. Finally, Raymond James downgraded shares of Primerica from a “strong-buy” rating to a “market perform” rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $219.20.
Insider Activity at Primerica
In related news, CFO Alison S. Rand sold 3,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $210.07, for a total transaction of $630,210.00. Following the completion of the transaction, the chief financial officer now directly owns 6,444 shares of the company’s stock, valued at $1,353,691.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.
Primerica Price Performance
Shares of PRI stock opened at $242.46 on Monday. The company has a market capitalization of $8.49 billion, a price-to-earnings ratio of 16.04 and a beta of 1.07. Primerica, Inc. has a one year low of $155.68 and a one year high of $242.52. The company’s fifty day moving average price is $217.01 and its 200-day moving average price is $208.42.
Primerica Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Wednesday, February 21st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.24%. This is an increase from Primerica’s previous quarterly dividend of $0.65. The ex-dividend date is Tuesday, February 20th. Primerica’s dividend payout ratio (DPR) is presently 17.20%.
Primerica declared that its board has authorized a stock buyback plan on Thursday, November 16th that authorizes the company to buyback $425.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 5.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.
- Five stocks we like better than Primerica
- 3 Must-Buy Warren Buffett Stocks for Volatile Times
- Uber quadruples EPS estimates, but is growth decelerating?
- Dividend Screener: How to Evaluate Dividend Stocks Before Buying
- 3 stocks set to benefit from record Valentine’s Day spending
- 3 Warren Buffett Stocks to Buy Now
- Tradeweb is a disruptive pure play on financial market liquidity
Receive News & Ratings for Primerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primerica and related companies with MarketBeat.com's FREE daily email newsletter.