Victory Capital Management Inc. Sells 10,190 Shares of Primerica, Inc. (NYSE:PRI)

Victory Capital Management Inc. cut its stake in shares of Primerica, Inc. (NYSE:PRI) by 20.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,742 shares of the financial services provider’s stock after selling 10,190 shares during the quarter. Victory Capital Management Inc. owned approximately 0.12% of Primerica worth $10,538,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in shares of Primerica during the 3rd quarter worth about $31,000. ORG Partners LLC acquired a new position in Primerica during the 2nd quarter worth approximately $30,000. UMB Bank n.a. boosted its holdings in Primerica by 85.9% in the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares in the last quarter. Blue Trust Inc. grew its stake in Primerica by 45.5% in the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 60 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Primerica during the third quarter valued at approximately $115,000. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Stock Performance

Primerica stock opened at $294.65 on Thursday. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $304.84. The firm’s 50-day simple moving average is $275.46 and its 200 day simple moving average is $252.80. The stock has a market cap of $9.83 billion, a PE ratio of 22.76 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.28 EPS. As a group, analysts predict that Primerica, Inc. will post 19.12 EPS for the current fiscal year.

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a $0.90 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.22%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Primerica declared that its board has authorized a stock repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

PRI has been the topic of a number of recent research reports. Truist Financial increased their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. TD Cowen began coverage on shares of Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective for the company. Morgan Stanley upped their target price on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, Piper Sandler started coverage on Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $288.33.

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the sale, the president now directly owns 10,259 shares of the company’s stock, valued at $2,678,727.49. This represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock valued at $1,803,175 in the last ninety days. 0.61% of the stock is currently owned by insiders.

Primerica 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.