Primerica, Inc. (NYSE:PRI) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Primerica, Inc. (NYSE:PRI) by 3.1% in the third quarter, Holdings Channel reports. The firm owned 8,118 shares of the financial services provider’s stock after selling 260 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Primerica were worth $2,152,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in Primerica by 30,726.7% in the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after buying an additional 678,752 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Primerica by 66.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after acquiring an additional 39,761 shares during the period. Squarepoint Ops LLC increased its holdings in shares of Primerica by 2,986.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after acquiring an additional 31,064 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Primerica in the 2nd quarter valued at $71,000. Finally, International Assets Investment Management LLC boosted its stake in Primerica by 359,742.9% during the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after purchasing an additional 25,182 shares during the period. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

Primerica Trading Down 0.8 %

Shares of PRI stock opened at $298.57 on Wednesday. The stock has a 50 day simple moving average of $284.29 and a 200-day simple moving average of $258.31. The company has a market cap of $9.96 billion, a price-to-earnings ratio of 22.81 and a beta of 1.09. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.28 earnings per share. On average, equities analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica declared that its Board of Directors has initiated a stock buyback 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 purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Primerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is 27.50%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PRI shares. Truist Financial lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler initiated coverage on Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. Morgan Stanley lifted their target price on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus 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.