Rhumbline Advisers Sells 1,956 Shares of Primerica, Inc. $PRI

Rhumbline Advisers lowered its stake in shares of Primerica, Inc. (NYSE:PRI) by 2.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 90,544 shares of the financial services provider’s stock after selling 1,956 shares during the quarter. Rhumbline Advisers’ holdings in Primerica were worth $24,779,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Assetmark Inc. lifted its holdings in Primerica by 17.1% during the 1st quarter. Assetmark Inc. now owns 1,778 shares of the financial services provider’s stock worth $506,000 after buying an additional 260 shares in the last quarter. Atria Investments Inc raised its position in shares of Primerica by 27.6% during the second quarter. Atria Investments Inc now owns 12,650 shares of the financial services provider’s stock worth $3,462,000 after acquiring an additional 2,740 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in shares of Primerica during the first quarter valued at $2,683,000. New Age Alpha Advisors LLC acquired a new position in shares of Primerica during the first quarter valued at $1,922,000. Finally, Public Sector Pension Investment Board bought a new position in Primerica in the first quarter valued at about $9,234,000. 90.88% of the stock is owned by institutional investors.

Primerica Stock Performance

PRI opened at $258.21 on Thursday. The firm’s fifty day moving average is $265.26 and its two-hundred day moving average is $266.75. The firm has a market cap of $8.24 billion, a PE ratio of 11.87 and a beta of 0.96. Primerica, Inc. has a twelve month low of $230.98 and a twelve month high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $6.33 EPS for the quarter, beating analysts’ consensus estimates of $5.52 by $0.81. The business had revenue of $838.88 million during the quarter, compared to analysts’ expectations of $817.81 million. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.83 EPS. Equities analysts forecast that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 21st will be given a $1.04 dividend. The ex-dividend date is Friday, November 21st. This represents a $4.16 annualized dividend and a dividend yield of 1.6%. Primerica’s payout ratio is currently 19.12%.

Primerica announced that its Board of Directors has approved a share repurchase plan on Wednesday, November 19th that permits the company to repurchase $475.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PRI has been the subject of several recent research reports. Keefe, Bruyette & Woods dropped their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Tuesday, November 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Primerica in a research note on Tuesday. Morgan Stanley reduced their price objective on shares of Primerica from $306.00 to $301.00 and set an “equal weight” rating on the stock in a research note on Monday, November 17th. Piper Sandler set a $292.00 target price on shares of Primerica and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Finally, Jefferies Financial Group cut their price target on Primerica from $293.00 to $283.00 and set a “hold” rating on the stock in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $301.80.

Insider Buying and Selling

In related news, CEO Glenn J. Williams sold 2,500 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $259.65, for a total transaction of $649,125.00. Following the sale, the chief executive officer directly owned 33,892 shares in the company, valued at $8,800,057.80. This trade represents a 6.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Peter W. Schneider sold 2,000 shares of the company’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $255.30, for a total transaction of $510,600.00. Following the completion of the transaction, the president directly owned 7,301 shares of the company’s stock, valued at approximately $1,863,945.30. The trade was a 21.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.61% of the stock is currently owned by corporate insiders.

About Primerica

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.