Primerica, Inc. (PRI) Stake Decreased by Smith Asset Management Group LP
Smith Asset Management Group LP decreased its stake in Primerica, Inc. (NYSE:PRI) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 48,310 shares of the financial services provider’s stock after selling 500 shares during the period. Smith Asset Management Group LP’s holdings in Primerica were worth $3,659,000 as of its most recent filing with the SEC.
Other large investors have also recently added to or reduced their stakes in the company. James Investment Research Inc. purchased a new stake in Primerica during the first quarter valued at about $152,000. Independent Portfolio Consultants Inc. purchased a new stake in Primerica during the second quarter valued at about $211,000. World Asset Management Inc boosted its stake in Primerica by 0.6% in the second quarter. World Asset Management Inc now owns 2,856 shares of the financial services provider’s stock valued at $216,000 after buying an additional 18 shares during the period. TD Asset Management Inc. boosted its stake in Primerica by 1.7% in the first quarter. TD Asset Management Inc. now owns 3,030 shares of the financial services provider’s stock valued at $249,000 after buying an additional 52 shares during the period. Finally, Sawtooth Solutions LLC purchased a new stake in Primerica during the first quarter valued at about $274,000. 97.09% of the stock is owned by institutional investors and hedge funds.
Shares of Primerica, Inc. (NYSE PRI) opened at 80.60 on Friday. The company’s 50-day moving average is $78.71 and its 200 day moving average is $79.09. Primerica, Inc. has a 52 week low of $52.50 and a 52 week high of $86.45. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 16.42 and a beta of 1.14.
Primerica (NYSE:PRI) last posted its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.01. Primerica had a net margin of 14.41% and a return on equity of 18.48%. The firm had revenue of $413.70 million for the quarter, compared to the consensus estimate of $410.97 million. During the same period in the prior year, the firm posted $1.23 EPS. The firm’s revenue was up 9.2% compared to the same quarter last year. Analysts anticipate that Primerica, Inc. will post $5.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 18th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.99%. This is an increase from Primerica’s previous quarterly dividend of $0.19. The ex-dividend date is Wednesday, August 16th. Primerica’s dividend payout ratio is 15.51%.
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Several research firms have recently issued reports on PRI. BidaskClub raised shares of Primerica from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. Wells Fargo & Company reaffirmed a “hold” rating on shares of Primerica in a research report on Tuesday. William Blair cut shares of Primerica from an “outperform” rating to a “market perform” rating in a research report on Friday, April 21st. They noted that the move was a valuation call. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $83.00 price target on shares of Primerica in a research note on Friday, June 23rd. Finally, Zacks Investment Research lowered shares of Primerica from a “hold” rating to a “sell” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $83.75.
In other Primerica news, VP Alison S. Rand sold 2,000 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $71.55, for a total transaction of $143,100.00. Following the transaction, the vice president now directly owns 37,385 shares in the company, valued at approximately $2,674,896.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.24% of the company’s stock.
Primerica Inc (Primerica) is a distributor of financial products to middle-income households in the United States and Canada. The Company operates through three segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries.
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