Westfield Capital Management Co. LP Sells 70,732 Shares of Primerica, Inc. (NYSE:PRI)

Westfield Capital Management Co. LP decreased its position in shares of Primerica, Inc. (NYSE:PRI) by 26.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 194,009 shares of the financial services provider’s stock after selling 70,732 shares during the period. Westfield Capital Management Co. LP owned 0.57% of Primerica worth $51,441,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. boosted its position in shares of Primerica by 41.2% in the first quarter. Bessemer Group Inc. now owns 1,073 shares of the financial services provider’s stock valued at $271,000 after acquiring an additional 313 shares during the period. Axxcess Wealth Management LLC acquired a new position in shares of Primerica during the first quarter valued at about $205,000. B. Riley Wealth Advisors Inc. lifted its stake in shares of Primerica by 55.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 2,648 shares of the financial services provider’s stock valued at $670,000 after buying an additional 940 shares during the period. SkyView Investment Advisors LLC grew its position in Primerica by 3.0% during the first quarter. SkyView Investment Advisors LLC now owns 6,209 shares of the financial services provider’s stock worth $1,571,000 after buying an additional 178 shares in the last quarter. Finally, HM Payson & Co. lifted its position in shares of Primerica by 52.5% in the 1st quarter. HM Payson & Co. now owns 805 shares of the financial services provider’s stock worth $204,000 after acquiring an additional 277 shares during the period. 90.88% of the stock is currently owned by institutional investors.

Primerica Price Performance

Shares of PRI opened at $301.73 on Monday. The business’s 50 day simple moving average is $278.19 and its 200-day simple moving average is $254.45. Primerica, Inc. has a one year low of $184.76 and a one year high of $304.84. The company has a market capitalization of $10.07 billion, a P/E ratio of 23.05 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same period last year, the company posted $4.28 earnings per share. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Primerica, Inc. will post 19.12 EPS for the current fiscal year.

Primerica declared that its board has initiated a stock buyback program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the sale, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

PRI has been the subject of several research reports. Truist Financial raised their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. TD Cowen started coverage on shares of Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective for the company. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday. Morgan Stanley raised their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Finally, Piper Sandler initiated coverage on Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective on the stock. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $288.33.

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.