Mutual of America Capital Management LLC Lowers Stock Position in Primerica, Inc. $PRI

Mutual of America Capital Management LLC decreased its position in shares of Primerica, Inc. (NYSE:PRI) by 8.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,729 shares of the financial services provider’s stock after selling 3,028 shares during the period. Mutual of America Capital Management LLC’s holdings in Primerica were worth $9,640,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Whittier Trust Co. bought a new stake in shares of Primerica during the 3rd quarter valued at $95,000. Y Intercept Hong Kong Ltd purchased a new stake in Primerica in the 3rd quarter worth $1,019,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Primerica by 3.8% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 22,688 shares of the financial services provider’s stock valued at $6,298,000 after acquiring an additional 833 shares during the period. JLB & Associates Inc. raised its holdings in Primerica by 0.9% during the third quarter. JLB & Associates Inc. now owns 18,628 shares of the financial services provider’s stock valued at $5,171,000 after acquiring an additional 172 shares during the period. Finally, Covestor Ltd lifted its position in shares of Primerica by 78.7% in the third quarter. Covestor Ltd now owns 420 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Stock Performance

Shares of Primerica stock opened at $256.82 on Tuesday. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 11.80 and a beta of 0.90. The stock has a 50 day moving average price of $259.33 and a 200-day moving average price of $263.86. Primerica, Inc. has a one year low of $230.98 and a one year high of $298.75.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $6.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.52 by $0.81. Primerica had a return on equity of 31.75% and a net margin of 22.36%.The company had revenue of $838.88 million during the quarter, compared to the consensus estimate of $817.81 million. During the same period last year, the company earned $4.83 earnings per share. Primerica’s revenue was up 8.5% on a year-over-year basis. Sell-side analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 21st were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, November 21st. Primerica’s dividend payout ratio is presently 19.12%.

Primerica announced that its Board of Directors has initiated a share buyback plan on Wednesday, November 19th that authorizes the company to buyback $475.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 5.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRI. Weiss Ratings downgraded Primerica from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods dropped their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research report on Tuesday, November 11th. Piper Sandler set a $292.00 price target on shares of Primerica and gave the company a “neutral” rating in a report on Tuesday, October 7th. Morgan Stanley set a $292.00 price objective on shares of Primerica in a report on Monday, December 15th. Finally, Zacks Research downgraded Primerica from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $300.00.

Insider Buying and Selling

In other news, Director Joel M. Babbit sold 700 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $255.00, for a total value of $178,500.00. Following the sale, the director directly owned 8,400 shares in the company, valued at approximately $2,142,000. This represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $255.30, for a total value of $510,600.00. Following the transaction, the president owned 7,301 shares of the company’s stock, valued at approximately $1,863,945.30. The trade was a 21.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,200 shares of company stock valued at $1,338,225 in the last ninety days. 0.61% of the stock is owned by company insiders.

Primerica Company Profile

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.