Bank of New York Mellon Corp raised its position in shares of Primerica, Inc. (NYSE:PRI) by 21.7% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,096,136 shares of the financial services provider’s stock after buying an additional 195,245 shares during the period. Bank of New York Mellon Corp owned approximately 2.40% of Primerica worth $90,104,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Prudential Financial Inc. boosted its stake in shares of Primerica by 3.0% in the third quarter. Prudential Financial Inc. now owns 31,043 shares of the financial services provider’s stock worth $1,646,000 after buying an additional 900 shares during the period. Comerica Bank boosted its stake in shares of Primerica by 4.2% in the fourth quarter. Comerica Bank now owns 34,691 shares of the financial services provider’s stock worth $2,588,000 after buying an additional 1,402 shares during the period. Marshall Wace LLP acquired a new stake in shares of Primerica during the fourth quarter worth approximately $17,435,000. Norges Bank acquired a new stake in shares of Primerica during the fourth quarter worth approximately $24,345,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Primerica by 20.1% in the first quarter. Janney Montgomery Scott LLC now owns 26,219 shares of the financial services provider’s stock worth $2,155,000 after buying an additional 4,394 shares during the period.
Primerica, Inc. (NYSE:PRI) traded up 0.85% during midday trading on Friday, reaching $77.25. 71,133 shares of the company traded hands. Primerica, Inc. has a 12 month low of $49.69 and a 12 month high of $86.45. The firm has a market capitalization of $3.52 billion, a PE ratio of 16.15 and a beta of 1.15. The company’s 50-day moving average price is $82.35 and its 200 day moving average price is $75.77.
Primerica (NYSE:PRI) last released its earnings results on Tuesday, May 9th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.15 by $0.04. The firm had revenue of $405.20 million during the quarter, compared to analysts’ expectations of $401.58 million. Primerica had a net margin of 14.44% and a return on equity of 17.98%. Primerica’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the company posted $0.93 earnings per share. On average, equities analysts anticipate that Primerica, Inc. will post $5.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, May 19th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, May 17th. This represents a $0.76 dividend on an annualized basis and a yield of 0.99%. Primerica’s dividend payout ratio (DPR) is 15.72%.
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A number of equities research analysts have recently commented on PRI shares. Citigroup Inc started coverage on shares of Primerica in a research report on Thursday, January 26th. They issued a “neutral” rating and a $76.00 target price for the company. Wells Fargo & Co cut shares of Primerica from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 20th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $81.00 target price on shares of Primerica in a research report on Monday, April 10th. Zacks Investment Research cut shares of Primerica from a “buy” rating to a “hold” rating in a research report on Friday, May 12th. Finally, 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. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Primerica currently has a consensus rating of “Hold” and an average price target of $83.25.
In other Primerica news, President Peter W. Schneider sold 1,850 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $81.30, for a total value of $150,405.00. Following the transaction, the president now directly owns 29,439 shares in the company, valued at approximately $2,393,390.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William A. Kelly sold 2,500 shares of the company’s stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $82.29, for a total transaction of $205,725.00. Following the completion of the transaction, the insider now owns 20,486 shares in the company, valued at $1,685,792.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,350 shares of company stock worth $765,980. 1.24% of the stock is owned by insiders.
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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