State of Alaska Department of Revenue Reduces Position in Primerica, Inc. (NYSE:PRI)

State of Alaska Department of Revenue trimmed its position in Primerica, Inc. (NYSE:PRI) by 0.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,488 shares of the financial services provider’s stock after selling 125 shares during the quarter. State of Alaska Department of Revenue’s holdings in Primerica were worth $8,546,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRI. Geode Capital Management LLC increased its position in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after acquiring an additional 25,951 shares during the period. Barclays PLC increased its holdings in Primerica by 108.1% during the 3rd quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after purchasing an additional 10,635 shares during the period. Sylvest Advisors LLC bought a new position in Primerica during the 4th quarter valued at approximately $543,000. Oak Thistle LLC lifted its holdings in Primerica by 64.9% in the 4th quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock worth $1,340,000 after buying an additional 1,943 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Primerica in the 3rd quarter worth approximately $3,710,000. 90.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Piper Sandler dropped their target price on shares of 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 cut their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Friday, January 10th. BMO Capital Markets initiated coverage on shares of Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. Finally, StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $304.14.

Primerica Price Performance

NYSE:PRI opened at $296.29 on Friday. The firm has a market capitalization of $9.89 billion, a P/E ratio of 22.63 and a beta of 1.11. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The company’s 50-day simple moving average is $283.65 and its 200 day simple moving average is $274.01.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million for 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%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.28 EPS. On average, equities research analysts expect that Primerica, Inc. will post 19.79 earnings per share for the current fiscal year.

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

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.61% 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.