Thrivent Financial for Lutherans Reduces Stock Holdings in Primerica, Inc. (NYSE:PRI)

Thrivent Financial for Lutherans lowered its position in Primerica, Inc. (NYSE:PRI) by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,947 shares of the financial services provider’s stock after selling 367 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Primerica were worth $2,107,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Connable Office Inc. increased its position in shares of Primerica by 3.6% in the third quarter. Connable Office Inc. now owns 3,212 shares of the financial services provider’s stock valued at $852,000 after buying an additional 112 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after buying an additional 36 shares in the last quarter. OneDigital Investment Advisors LLC increased its position in shares of Primerica by 1.6% in the third quarter. OneDigital Investment Advisors LLC now owns 5,430 shares of the financial services provider’s stock valued at $1,440,000 after buying an additional 86 shares in the last quarter. MQS Management LLC purchased a new position in shares of Primerica in the third quarter valued at $417,000. Finally, Aptus Capital Advisors LLC increased its position in shares of Primerica by 15.6% in the third quarter. Aptus Capital Advisors LLC now owns 29,345 shares of the financial services provider’s stock valued at $7,781,000 after buying an additional 3,950 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, the director now owns 15,151 shares in the company, valued at $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by corporate insiders.

Primerica Price Performance

NYSE PRI opened at $304.55 on Thursday. The business’s 50-day simple moving average is $281.05 and its 200-day simple moving average is $255.94. The firm has a market capitalization of $10.16 billion, a P/E ratio of 23.27 and a beta of 1.08. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $4.28 EPS. On average, equities research analysts expect that Primerica, Inc. will post 19.12 EPS for the current fiscal year.

Primerica announced that its Board of Directors has authorized a share buyback plan on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Wall Street Analysts Forecast Growth

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

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.