Bank of New York Mellon Corp Has $87.05 Million Position in Primerica, Inc. (NYSE:PRI)

Bank of New York Mellon Corp cut its holdings in Primerica, Inc. (NYSE:PRI) by 5.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 320,732 shares of the financial services provider’s stock after selling 19,797 shares during the quarter. Bank of New York Mellon Corp’s holdings in Primerica were worth $87,053,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PRI. Prospera Private Wealth LLC bought a new position in Primerica in the third quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new stake in Primerica in the 4th quarter valued at $33,000. Larson Financial Group LLC boosted its stake in Primerica by 56.8% in the 3rd 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 period. Venturi Wealth Management LLC increased its holdings in Primerica by 116.2% during the 4th quarter. Venturi Wealth Management LLC now owns 214 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 115 shares in the last quarter. Finally, UMB Bank n.a. increased 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 worth $65,000 after purchasing an additional 95 shares in the last quarter. 90.88% of the stock is owned by institutional investors.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was 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 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 document filed with the SEC, which is available through this hyperlink. Insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Piper Sandler reduced their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Keefe, Bruyette & Woods boosted their target price on Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. BMO Capital Markets began coverage on shares of Primerica in a research note on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target for the company. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, TD Cowen raised their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $309.86.

Primerica Trading Up 2.0 %

Shares of PRI opened at $289.86 on Monday. The company’s fifty day simple moving average is $282.64 and its 200 day simple moving average is $278.28. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91. The company has a market cap of $9.67 billion, a price-to-earnings ratio of 21.08 and a beta of 1.11.

Primerica (NYSE:PRI) last released its quarterly earnings data 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, research analysts forecast that Primerica, Inc. will post 20.6 earnings per share for the current year.

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

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be paid a $1.04 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, February 21st. This represents a $4.16 annualized dividend and a yield of 1.44%. Primerica’s dividend payout ratio is currently 30.25%.

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.