Mutual of America Capital Management LLC Sells 1,093 Shares of Primerica, Inc. (NYSE:PRI)

Mutual of America Capital Management LLC lessened its position in Primerica, Inc. (NYSE:PRI) by 2.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,863 shares of the financial services provider’s stock after selling 1,093 shares during the quarter. Mutual of America Capital Management LLC owned 0.11% of Primerica worth $10,277,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Primerica by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the last quarter. Barclays PLC boosted its stake in Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock worth $5,428,000 after buying an additional 10,635 shares in the last quarter. Sylvest Advisors LLC bought a new position in Primerica during the fourth quarter valued at approximately $543,000. Oak Thistle LLC raised its stake in shares of Primerica by 64.9% during the fourth quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock worth $1,340,000 after acquiring an additional 1,943 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Primerica by 4,150.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,123 shares of the financial services provider’s stock worth $1,120,000 after acquiring an additional 4,026 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Price Performance

PRI opened at $289.86 on Friday. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The business has a 50 day simple moving average of $282.64 and a two-hundred day simple moving average of $278.13. The firm has a market capitalization of $9.67 billion, a price-to-earnings ratio of 21.08 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. As a group, sell-side analysts expect that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.04 per share. This is a positive change from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.44%. Primerica’s payout ratio is presently 30.25%.

Primerica announced that its Board of Directors has authorized a stock buyback program on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Morgan Stanley reduced their target price on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating on the stock in a report on Friday. Truist Financial lifted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. 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 assumed coverage on Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target on the stock. Finally, Piper Sandler lowered 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. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $309.86.

Insider Activity at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 33,322 shares in the company, valued at approximately $9,388,140.28. This represents a 8.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.85% of the stock is 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.