11,731 Primerica, Inc. $PRI Shares Acquired by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings more than doubled its Primerica stake in the third quarter, acquiring 11,731 shares and bringing its total holdings to 21,078 shares valued at approximately $5.7 million. Institutional investors collectively own 90.88% of the company.
• Primerica reported quarterly EPS of $6.41, beating estimates of $6.03, while revenue rose 9% year over year to $865.1 million but came in below expectations. The company paid a quarterly dividend of $1.20 per share, representing a 1.8% yield.
• Analysts maintain a generally cautious outlook, with Primerica carrying an average “Hold” rating and an average price target of $318.80. The stock opened at $274.10, down 4.1%, while insiders sold 3,579 shares worth about $1.13 million over the past three months.

Crossmark Global Holdings Inc. grew its holdings in Primerica, Inc. (NYSE:PRI - Free Report) by 125.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,078 shares of the financial services provider's stock after purchasing an additional 11,731 shares during the quarter. Crossmark Global Holdings Inc. owned approximately 0.07% of Primerica worth $5,741,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PRI. Pacer Advisors Inc. lifted its holdings in Primerica by 1.1% during the first quarter. Pacer Advisors Inc. now owns 3,790 shares of the financial services provider's stock worth $949,000 after buying an additional 40 shares during the period. Versant Capital Management Inc boosted its position in Primerica by 12.5% during the 3rd quarter. Versant Capital Management Inc now owns 405 shares of the financial services provider's stock valued at $110,000 after acquiring an additional 45 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Primerica by 1.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 3,056 shares of the financial services provider's stock valued at $848,000 after acquiring an additional 50 shares during the period. Root Financial Partners LLC increased its holdings in shares of Primerica by 52.6% in the 1st quarter. Root Financial Partners LLC now owns 177 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 61 shares during the period. Finally, Petros Family Wealth LLC increased its holdings in shares of Primerica by 5.2% in the 1st quarter. Petros Family Wealth LLC now owns 1,405 shares of the financial services provider's stock valued at $352,000 after acquiring an additional 70 shares during the period. Institutional investors own 90.88% of the company's stock.

Insiders Place Their Bets

In other Primerica news, CEO Glenn Williams sold 1,500 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $320.20, for a total transaction of $480,300.00. Following the sale, the chief executive officer directly owned 32,196 shares of the company's stock, valued at approximately $10,309,159.20. This trade represents a 4.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amber Cottle sold 279 shares of Primerica stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $313.63, for a total value of $87,502.77. Following the transaction, the director owned 3,549 shares of the company's stock, valued at $1,113,072.87. The trade was a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 3,579 shares of company stock valued at $1,130,573. Company insiders own 0.63% of the company's stock.

Wall Street Analysts Forecast Growth

PRI has been the subject of a number of analyst reports. Jefferies Financial Group upped their price objective on Primerica from $266.00 to $268.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Morgan Stanley raised their price objective on Primerica from $291.00 to $316.00 and gave the company an "equal weight" rating in a research report on Monday, August 24th. Truist Financial reiterated a "hold" rating and issued a $320.00 target price (down from $370.00) on shares of Primerica in a research note on Thursday, August 27th. Weiss Ratings downgraded shares of Primerica from a "buy (b+)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Finally, TD Cowen increased their price target on shares of Primerica from $322.00 to $360.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Primerica has an average rating of "Hold" and an average price target of $318.80.

Primerica Trading Down 4.1%

PRI opened at $274.10 on Friday. Primerica, Inc. has a 12-month low of $230.09 and a 12-month high of $327.28. The firm has a 50 day moving average of $286.39 and a two-hundred day moving average of $287.10. The firm has a market capitalization of $8.44 billion, a PE ratio of 11.01 and a beta of 0.88.

Primerica (NYSE:PRI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $6.41 EPS for the quarter, beating the consensus estimate of $6.03 by $0.38. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The business had revenue of $865.07 million for the quarter, compared to the consensus estimate of $881.00 million. During the same period in the prior year, the firm earned $5.46 EPS. The business's revenue for the quarter was up 9.0% on a year-over-year basis. As a group, analysts predict that Primerica, Inc. will post 25.23 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 21st were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 21st. Primerica's dividend payout ratio (DPR) is currently 19.28%.

Primerica Profile

Primerica, Inc is a financial services company that focuses on serving middle-income households in the United States and Canada, as well as families in Puerto Rico. The company distributes its products and services through a network of independent representatives who provide financial education and help clients address protection, savings and investment needs.

Primerica's principal offerings include term life insurance, investment and savings products, retirement planning solutions, and strategies for managing debt.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.