Vestcor Inc Buys 414 Shares of Primerica, Inc. (NYSE:PRI)

Vestcor Inc boosted its stake in Primerica, Inc. (NYSE:PRI) by 7.1% during the third quarter, HoldingsChannel reports. The firm owned 6,281 shares of the financial services provider’s stock after buying an additional 414 shares during the period. Vestcor Inc’s holdings in Primerica were worth $1,665,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Barclays PLC increased its stake in Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after acquiring an additional 10,635 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of Primerica by 72.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 2,501 shares of the financial services provider’s stock worth $663,000 after purchasing an additional 1,050 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Primerica during the 3rd quarter valued at about $1,187,000. iSAM Funds UK Ltd purchased a new position in shares of Primerica during the 3rd quarter valued at about $745,000. Finally, Jane Street Group LLC boosted its stake in Primerica by 6.3% in the third quarter. Jane Street Group LLC now owns 30,806 shares of the financial services provider’s stock worth $8,168,000 after buying an additional 1,830 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors.

Insider Transactions at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

PRI has been the subject of a number of recent research reports. Piper Sandler began coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective for the company. TD Cowen raised their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Truist Financial lifted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Morgan Stanley increased their target price on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $293.50.

Primerica Stock Performance

Shares of PRI stock opened at $282.83 on Thursday. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The firm has a market cap of $9.44 billion, a P/E ratio of 21.61 and a beta of 1.09. The business’s 50 day moving average price is $287.28 and its 200-day moving average price is $260.69.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same period in the previous year, the firm earned $4.28 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts predict that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica declared that its board has initiated a stock repurchase program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.27%. Primerica’s payout ratio is 27.50%.

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.