First Citizens Bank & Trust Co. Has $1.45 Million Holdings in Primerica, Inc. (NYSE:PRI)

First Citizens Bank & Trust Co. cut its holdings in shares of Primerica, Inc. (NYSE:PRI) by 3.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,329 shares of the financial services provider’s stock after selling 175 shares during the period. First Citizens Bank & Trust Co.’s holdings in Primerica were worth $1,446,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PRI. V Square Quantitative Management LLC acquired a new position in Primerica during the 3rd quarter valued at about $31,000. Prospera Private Wealth LLC acquired a new position in Primerica during the 3rd quarter valued at about $31,000. UMB Bank n.a. lifted its position in Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares during the period. Larson Financial Group LLC lifted its position in Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares during the period. Finally, Quarry LP lifted its position in Primerica by 629.2% during the 3rd quarter. Quarry LP now owns 350 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 302 shares during the period. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.85% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRI. Keefe, Bruyette & Woods lowered their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Truist Financial upped their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. TD Cowen upped their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, BMO Capital Markets began coverage on Primerica in a research note on Thursday. They issued a “market perform” rating and a $311.00 price target for the company. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $304.14.

Primerica Stock Performance

NYSE PRI opened at $289.80 on Monday. The business has a 50 day simple moving average of $285.15 and a 200 day simple moving average of $271.44. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $307.91. The stock has a market cap of $9.67 billion, a price-to-earnings ratio of 22.14 and a beta of 1.11.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same quarter in the prior year, the firm posted $4.28 EPS. The business’s revenue was up 11.0% on a year-over-year basis. On average, analysts predict that Primerica, Inc. will post 19.79 EPS for the current year.

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

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s payout ratio is presently 27.50%.

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.