Fmr LLC Sells 214,366 Shares of Primerica, Inc. (PRI)
Fmr LLC lowered its stake in Primerica, Inc. (NYSE:PRI) by 12.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,538,105 shares of the financial services provider’s stock after selling 214,366 shares during the quarter. Fmr LLC owned 3.38% of Primerica worth $116,511,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in PRI. BlackRock Inc. lifted its position in Primerica by 22,346.4% in the first quarter. BlackRock Inc. now owns 4,448,197 shares of the financial services provider’s stock valued at $365,642,000 after purchasing an additional 4,428,380 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Primerica by 142.0% in the first quarter. Goldman Sachs Group Inc. now owns 858,611 shares of the financial services provider’s stock valued at $70,578,000 after purchasing an additional 503,786 shares during the last quarter. Vanguard Group Inc. lifted its position in Primerica by 6.5% in the first quarter. Vanguard Group Inc. now owns 5,071,986 shares of the financial services provider’s stock valued at $416,917,000 after purchasing an additional 307,797 shares during the last quarter. Redwood Investments LLC lifted its position in Primerica by 155.6% in the second quarter. Redwood Investments LLC now owns 103,955 shares of the financial services provider’s stock valued at $7,875,000 after purchasing an additional 63,291 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Primerica by 39.7% in the first quarter. Bank of America Corp DE now owns 204,065 shares of the financial services provider’s stock valued at $16,775,000 after purchasing an additional 58,038 shares during the last quarter. Hedge funds and other institutional investors own 94.82% of the company’s stock.
In other Primerica news, VP Alison S. Rand sold 2,000 shares of Primerica stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $76.50, for a total transaction of $153,000.00. Following the completion of the sale, the vice president now directly owns 35,385 shares of the company’s stock, valued at approximately $2,706,952.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Peter W. Schneider sold 1,301 shares of Primerica stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $76.92, for a total value of $100,072.92. Following the sale, the president now directly owns 28,138 shares of the company’s stock, valued at $2,164,374.96. The disclosure for this sale can be found here. Insiders have sold a total of 6,301 shares of company stock valued at $495,113 over the last three months. 0.86% of the stock is owned by corporate insiders.
Primerica, Inc. (PRI) opened at 84.65 on Monday. The company has a market cap of $3.80 billion, a P/E ratio of 17.24 and a beta of 1.17. Primerica, Inc. has a one year low of $52.75 and a one year high of $86.45. The company’s 50 day moving average price is $77.52 and its 200-day moving average price is $78.60.
Primerica (NYSE:PRI) last issued its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $1.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.01. Primerica had a return on equity of 18.48% and a net margin of 14.41%. The firm had revenue of $413.70 million during the quarter, compared to analyst estimates of $410.97 million. During the same period last year, the company earned $1.23 EPS. Primerica’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, analysts forecast that Primerica, Inc. will post $5.22 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, August 18th were paid a dividend of $0.20 per share. This is a positive change from Primerica’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date was Wednesday, August 16th. Primerica’s dividend payout ratio (DPR) is currently 16.33%.
PRI has been the subject of several recent research reports. BidaskClub downgraded Primerica from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 18th. Zacks Investment Research downgraded Primerica from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $83.00 price objective on shares of Primerica in a research report on Friday, June 23rd. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Primerica in a research report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Primerica has a consensus rating of “Hold” and an average price target of $84.67.
Primerica Company Profile
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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