Bank of New York Mellon Corp Has $87.05 Million Stake in Primerica, Inc. (NYSE:PRI)

Bank of New York Mellon Corp lowered its position in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 5.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 320,732 shares of the financial services provider's stock after selling 19,797 shares during the period. Bank of New York Mellon Corp owned about 0.96% of Primerica worth $87,053,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in Primerica during the third quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new position in Primerica during the 4th quarter worth $33,000. Larson Financial Group LLC increased 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 buying an additional 54 shares in the last quarter. Venturi Wealth Management LLC raised its stake in Primerica by 116.2% in the fourth quarter. Venturi Wealth Management LLC now owns 214 shares of the financial services provider's stock valued at $58,000 after buying an additional 115 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Primerica by 65.5% in the fourth quarter. UMB Bank n.a. now owns 240 shares of the financial services provider's stock valued at $65,000 after buying an additional 95 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PRI has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Primerica from $315.00 to $320.00 and gave the company a "market perform" rating in a research report on Tuesday, February 18th. TD Cowen lifted their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. StockNews.com downgraded Primerica from a "buy" rating to a "hold" rating in a research report on Friday, February 7th. Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Finally, BMO Capital Markets began coverage on Primerica in a report on Thursday, January 23rd. They issued a "market perform" rating and a $311.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $309.86.

Primerica Stock Down 0.7 %

Shares of NYSE:PRI traded down $2.09 during trading on Thursday, reaching $283.84. 52,266 shares of the company's stock traded hands, compared to its average volume of 140,448. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The company has a 50-day simple moving average of $283.52 and a 200-day simple moving average of $278.73. The firm has a market cap of $9.47 billion, a PE ratio of 20.65 and a beta of 1.11.

Primerica (NYSE:PRI - Get Free Report) last posted its quarterly earnings data 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%. On average, equities research analysts forecast that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, February 21st. This is a positive change from Primerica's previous quarterly dividend of $0.90. Primerica's payout ratio is presently 30.25%.

Primerica announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the completion of the transaction, the chief executive officer now directly owns 33,322 shares of the company's stock, valued at approximately $9,388,140.28. This represents a 8.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Adam Jendusa sold 234 shares of Primerica stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $280.15, for a total transaction of $65,555.10. Following the sale, the insider now directly owns 200 shares in the company, valued at approximately $56,030. This trade represents a 53.92 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.85% of the company's stock.

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.