First Citizens Bank & Trust Co. Trims Stake in Primerica, Inc. (PRI)
First Citizens Bank & Trust Co. trimmed its stake in shares of Primerica, Inc. (NYSE:PRI) by 19.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,711 shares of the financial services provider’s stock after selling 658 shares during the period. First Citizens Bank & Trust Co.’s holdings in Primerica were worth $275,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of PRI. Koch Industries Inc. acquired a new stake in shares of Primerica during the 2nd quarter valued at approximately $237,000. Macquarie Group Ltd. raised its position in shares of Primerica by 25.2% during the 2nd quarter. Macquarie Group Ltd. now owns 585,073 shares of the financial services provider’s stock worth $44,319,000 after purchasing an additional 117,739 shares during the last quarter. Voya Investment Management LLC raised its position in shares of Primerica by 19.2% during the 2nd quarter. Voya Investment Management LLC now owns 548,220 shares of the financial services provider’s stock worth $41,528,000 after purchasing an additional 88,376 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Primerica by 2.4% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,508,400 shares of the financial services provider’s stock worth $286,111,000 after purchasing an additional 81,603 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Primerica by 8.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 927,674 shares of the financial services provider’s stock worth $70,272,000 after purchasing an additional 69,063 shares during the last quarter. Institutional investors own 95.89% of the company’s stock.
Several brokerages recently issued reports on PRI. Zacks Investment Research downgraded Primerica from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Wells Fargo & Co restated a “market perform” rating and set a $100.00 price objective (up from $95.00) on shares of Primerica in a research report on Tuesday, January 9th. ValuEngine upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Keefe, Bruyette & Woods restated a “hold” rating and set a $95.00 price objective on shares of Primerica in a research report on Friday, November 10th. Finally, SunTrust Banks downgraded Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, October 19th. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $92.40.
Primerica (NYSE:PRI) last released its earnings results on Tuesday, November 7th. The financial services provider reported $1.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.09. The firm had revenue of $427.30 million during the quarter, compared to analysts’ expectations of $425.83 million. Primerica had a net margin of 14.55% and a return on equity of 18.94%. Primerica’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 EPS. research analysts forecast that Primerica, Inc. will post 5.36 EPS for the current year.
In other Primerica news, VP Gregory C. Pitts sold 5,000 shares of Primerica stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $92.40, for a total value of $462,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.86% of the stock is currently owned by insiders.
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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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