State Board of Administration of Florida Retirement System Lowers Stock Holdings in Primerica, Inc. (NYSE:PRI)

State Board of Administration of Florida Retirement System trimmed its position in Primerica, Inc. (NYSE:PRI) by 6.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,460 shares of the financial services provider’s stock after selling 2,400 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.09% of Primerica worth $5,591,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Primerica by 0.6% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,907,117 shares of the financial services provider’s stock worth $672,962,000 after purchasing an additional 24,125 shares during the last quarter. BlackRock Inc. lifted its position in Primerica by 0.4% during the first quarter. BlackRock Inc. now owns 3,277,573 shares of the financial services provider’s stock valued at $564,529,000 after purchasing an additional 12,990 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in Primerica in the fourth quarter valued at $210,472,000. State Street Corp boosted its holdings in Primerica by 0.6% in the second quarter. State Street Corp now owns 1,112,658 shares of the financial services provider’s stock valued at $133,174,000 after purchasing an additional 6,390 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Primerica by 27.4% during the 4th quarter. Victory Capital Management Inc. now owns 811,888 shares of the financial services provider’s stock valued at $115,142,000 after buying an additional 174,822 shares during the last quarter. 90.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Primerica

In other news, CEO Glenn J. Williams sold 4,000 shares of Primerica stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $213.47, for a total value of $853,880.00. Following the completion of the sale, the chief executive officer now owns 51,583 shares of the company’s stock, valued at $11,011,423.01. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Primerica news, CEO Glenn J. Williams sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $213.47, for a total transaction of $853,880.00. Following the completion of the sale, the chief executive officer now directly owns 51,583 shares in the company, valued at $11,011,423.01. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Peter W. Schneider sold 3,500 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $201.43, for a total value of $705,005.00. Following the completion of the sale, the president now directly owns 9,524 shares of the company’s stock, valued at approximately $1,918,419.32. The disclosure for this sale can be found here. Insiders sold a total of 10,500 shares of company stock valued at $2,165,665 in the last ninety days. Corporate insiders own 0.85% of the company’s stock.

Primerica Price Performance

NYSE:PRI opened at $203.91 on Tuesday. Primerica, Inc. has a 12 month low of $120.96 and a 12 month high of $220.00. The firm has a market capitalization of $7.29 billion, a PE ratio of 16.63 and a beta of 1.18. The business’s fifty day moving average price is $206.48 and its 200 day moving average price is $190.03.

Primerica (NYSE:PRI) last announced its earnings results on Monday, August 7th. The financial services provider reported $3.99 EPS for the quarter, beating analysts’ consensus estimates of $3.81 by $0.18. Primerica had a net margin of 16.55% and a return on equity of 28.48%. The business had revenue of $688.40 million during the quarter, compared to analysts’ expectations of $704.91 million. During the same period in the prior year, the company earned $2.86 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that Primerica, Inc. will post 15.63 EPS for the current year.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Monday, August 21st were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Friday, August 18th. Primerica’s dividend payout ratio is currently 21.21%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PRI shares. Morgan Stanley boosted their price target on Primerica from $171.00 to $185.00 and gave the company an “equal weight” rating in a report on Friday, August 18th. Jefferies Financial Group lowered their price target on shares of Primerica from $198.00 to $197.00 and set a “hold” rating on the stock in a report on Thursday, September 14th. Truist Financial lifted their price objective on shares of Primerica from $240.00 to $260.00 in a report on Wednesday, August 9th. Finally, StockNews.com began coverage on shares of Primerica in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $216.20.

Primerica Profile

Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.