Crossmark Global Holdings Inc. Sells 7,423 Shares of Primerica, Inc. $PRI

Key Points

• Crossmark Global trimmed its Primerica stake by 67.6%, selling 7,423 shares in the third quarter and now owns 3,555 shares valued at about $987,000.
• Primerica posted an earnings beat (EPS $6.13 vs $5.69; revenue $853.5M vs $839.7M), authorized a $475 million buyback (up to 5.8% of shares) and raised its quarterly dividend to $1.20 ($4.80 annualized, ~1.9% yield).
• Insiders and the market show mixed signals: CEO Glenn J. Williams sold 2,500 shares, institutional ownership is ~90.9%, and analysts hold a consensus "Hold" rating with an average price target of $298.60.

Crossmark Global Holdings Inc. trimmed its position in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 67.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,555 shares of the financial services provider's stock after selling 7,423 shares during the period. Crossmark Global Holdings Inc.'s holdings in Primerica were worth $987,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRI. Nordea Investment Management AB acquired a new position in shares of Primerica during the 3rd quarter worth about $51,004,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in Primerica by 115.1% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 11,774 shares of the financial services provider's stock valued at $3,268,000 after purchasing an additional 6,300 shares during the last quarter. Moran Wealth Management LLC bought a new position in Primerica during the third quarter worth about $2,121,000. Aviva PLC bought a new position in Primerica during the second quarter worth about $514,000. Finally, Alps Advisors Inc. acquired a new position in Primerica during the third quarter worth approximately $20,524,000. 90.88% of the stock is owned by institutional investors.

Primerica Price Performance

Shares of NYSE PRI opened at $252.93 on Tuesday. The firm has a market cap of $8.01 billion, a price-to-earnings ratio of 11.03 and a beta of 0.92. The stock's fifty day moving average price is $260.53 and its two-hundred day moving average price is $262.99. Primerica, Inc. has a one year low of $230.09 and a one year high of $296.00.

Primerica (NYSE:PRI - Get Free Report) last posted its earnings results on Wednesday, February 11th. The financial services provider reported $6.13 earnings per share for the quarter, topping analysts' consensus estimates of $5.69 by $0.44. The company had revenue of $853.51 million during the quarter, compared to the consensus estimate of $839.65 million. Primerica had a return on equity of 32.30% and a net margin of 22.82%.The company's revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $5.03 earnings per share. On average, equities analysts anticipate that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica declared that its Board of Directors has approved a stock buyback program on Wednesday, November 19th that allows the company to buyback $475.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 5.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Monday, February 23rd will be paid a $1.20 dividend. This is a positive change from Primerica's previous quarterly dividend of $1.04. The ex-dividend date is Monday, February 23rd. This represents a $4.80 annualized dividend and a yield of 1.9%. Primerica's dividend payout ratio is presently 20.93%.

Insider Transactions at Primerica

In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the business's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $256.41, for a total value of $641,025.00. Following the completion of the sale, the chief executive officer owned 27,392 shares of the company's stock, valued at $7,023,582.72. The trade was a 8.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.61% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on PRI. Keefe, Bruyette & Woods dropped their price objective on Primerica from $320.00 to $315.00 and set a "market perform" rating on the stock in a research note on Tuesday, November 11th. Weiss Ratings raised Primerica from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 6th. TD Cowen restated a "buy" rating on shares of Primerica in a research note on Wednesday, January 28th. Zacks Research downgraded Primerica from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 24th. Finally, Morgan Stanley reduced their price objective on shares of Primerica from $292.00 to $285.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $298.60.

About Primerica

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica's core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.

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