New York State Common Retirement Fund reduced its position in Primerica, Inc. (NYSE:PRI) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,409 shares of the financial services provider’s stock after selling 2,323 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of Primerica worth $5,913,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. FMR LLC raised its position in Primerica by 11.9% in the fourth quarter. FMR LLC now owns 2,448,912 shares of the financial services provider’s stock worth $239,283,000 after acquiring an additional 260,990 shares in the last quarter. Cantillon Capital Management LLC raised its position in Primerica by 0.8% in the fourth quarter. Cantillon Capital Management LLC now owns 944,514 shares of the financial services provider’s stock worth $92,288,000 after acquiring an additional 7,204 shares in the last quarter. Victory Capital Management Inc. raised its position in Primerica by 2.8% in the fourth quarter. Victory Capital Management Inc. now owns 782,675 shares of the financial services provider’s stock worth $76,476,000 after acquiring an additional 21,621 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Primerica by 11.1% in the fourth quarter. Geode Capital Management LLC now owns 500,512 shares of the financial services provider’s stock valued at $48,905,000 after buying an additional 49,999 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Primerica in the fourth quarter valued at $44,238,000. 91.30% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $121.84, for a total value of $365,520.00. Following the sale, the chief executive officer now owns 72,620 shares of the company’s stock, valued at approximately $8,848,020.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $115.02, for a total value of $230,040.00. Following the completion of the sale, the president now directly owns 32,790 shares in the company, valued at approximately $3,771,505.80. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock valued at $834,940 in the last quarter. 0.84% of the stock is currently owned by insiders.
Primerica (NYSE:PRI) last announced its quarterly earnings results on Tuesday, May 7th. The financial services provider reported $1.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.71 by $0.03. Primerica had a return on equity of 22.89% and a net margin of 17.44%. The company had revenue of $494.99 million during the quarter, compared to analyst estimates of $498.57 million. During the same quarter in the previous year, the firm posted $1.47 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts expect that Primerica, Inc. will post 8.13 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.36 dividend on an annualized basis and a yield of 1.10%. Primerica’s dividend payout ratio (DPR) is presently 18.55%.
A number of brokerages have issued reports on PRI. Credit Suisse Group raised their price target on Primerica from $135.00 to $148.00 and gave the stock an “outperform” rating in a research note on Monday, March 18th. Citigroup set a $108.00 price target on Primerica and gave the stock a “sell” rating in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $123.60.
Primerica, Inc, together with its subsidiaries, provides financial products to middle income households in the United States and Canada. The company operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.
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