Primerica, Inc. (PRI) Shares Sold by Ameriprise Financial Inc.
Ameriprise Financial Inc. lessened its holdings in Primerica, Inc. (NYSE:PRI) by 13.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 128,943 shares of the financial services provider’s stock after selling 19,346 shares during the period. Ameriprise Financial Inc. owned approximately 0.28% of Primerica worth $9,768,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in PRI. BlackRock Inc. boosted its stake in shares of Primerica by 22,346.4% in the 1st quarter. BlackRock Inc. now owns 4,448,197 shares of the financial services provider’s stock worth $365,642,000 after buying an additional 4,428,380 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Primerica by 142.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 858,611 shares of the financial services provider’s stock worth $70,578,000 after buying an additional 503,786 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Primerica by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 5,071,986 shares of the financial services provider’s stock worth $416,917,000 after buying an additional 307,797 shares during the last quarter. FMR LLC boosted its stake in shares of Primerica by 10.7% in the 1st quarter. FMR LLC now owns 1,752,471 shares of the financial services provider’s stock worth $144,053,000 after buying an additional 169,689 shares during the last quarter. Finally, Redwood Investments LLC boosted its stake in shares of Primerica by 155.6% in the 2nd quarter. Redwood Investments LLC now owns 103,955 shares of the financial services provider’s stock worth $7,875,000 after buying an additional 63,291 shares during the last quarter. Hedge funds and other institutional investors own 94.82% of the company’s stock.
Shares of Primerica, Inc. (NYSE:PRI) opened at 87.70 on Friday. The company has a 50 day moving average of $78.72 and a 200-day moving average of $78.79. The company has a market cap of $3.94 billion, a PE ratio of 17.87 and a beta of 1.17. Primerica, Inc. has a 12-month low of $52.75 and a 12-month high of $87.80.
Primerica (NYSE:PRI) last issued its earnings results on Tuesday, August 8th. The financial services provider reported $1.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $413.70 million for the quarter, compared to analysts’ expectations of $410.97 million. During the same quarter last year, the company posted $1.23 earnings per share. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. Equities research analysts anticipate that Primerica, Inc. will post $5.22 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, August 18th were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $0.80 annualized dividend and a yield of 0.91%. This is a boost from Primerica’s previous quarterly dividend of $0.19. Primerica’s dividend payout ratio (DPR) is currently 16.33%.
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A number of equities analysts have recently weighed in on PRI shares. BidaskClub downgraded Primerica from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 18th. Zacks Investment Research raised shares of Primerica from a “hold” rating to a “buy” rating and set a $96.00 price target on the stock in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $83.00 price target on shares of Primerica in a report on Friday, June 23rd. Finally, Wells Fargo & Company reaffirmed a “hold” rating on shares of Primerica in a report on Tuesday, August 8th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $87.50.
In related news, President Peter W. Schneider sold 1,301 shares of the firm’s stock in a transaction that occurred 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 owns 28,138 shares in the company, valued at $2,164,374.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $80.68, for a total transaction of $242,040.00. Following the completion of the sale, the chief executive officer now owns 77,895 shares in the company, valued at approximately $6,284,568.60. The disclosure for this sale can be found here. Insiders sold 6,301 shares of company stock worth $495,113 in the last 90 days. 0.86% of the stock is currently owned by corporate insiders.
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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