Principal Financial Group Inc. Sells 1,918 Shares of Primerica, Inc. (NYSE:PRI)

Principal Financial Group Inc. lessened its holdings in shares of Primerica, Inc. (NYSE:PRI) by 2.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,497 shares of the financial services provider’s stock after selling 1,918 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Primerica worth $20,763,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Prospera Private Wealth LLC bought a new stake in Primerica during the 3rd quarter worth approximately $31,000. Golden State Wealth Management LLC bought a new stake in shares of Primerica in the 4th quarter worth approximately $33,000. Larson Financial Group LLC lifted its stake in Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares during the last quarter. UMB Bank n.a. boosted its holdings in Primerica by 65.5% during the 4th quarter. UMB Bank n.a. now owns 240 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 95 shares during the period. Finally, Allworth Financial LP boosted its stake in shares of Primerica by 27.3% during the fourth quarter. Allworth Financial LP now owns 331 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 71 shares during the period. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PRI. BMO Capital Markets assumed coverage on Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price on the stock. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. Morgan Stanley lifted their price objective on Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. TD Cowen upped their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler dropped their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $311.14.

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the sale, the chief executive officer now directly owns 33,322 shares of the company’s stock, valued at $9,388,140.28. This trade represents a 8.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.85% of the stock is currently owned by company insiders.

Primerica Trading Up 0.6 %

PRI opened at $275.16 on Tuesday. The company’s 50 day moving average is $281.79 and its 200 day moving average is $277.31. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 20.01 and a beta of 1.11. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $307.91.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. As a group, analysts predict that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be paid a dividend of $1.04 per share. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.51%. Primerica’s payout ratio is 30.25%.

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

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.