First Mercantile Trust Co. decreased its position in Primerica Inc. (NYSE:PRI) by 13.6% during the second quarter, Holdings Channel reports. The firm owned 2,800 shares of the company’s stock after selling 440 shares during the period. First Mercantile Trust Co.’s holdings in Primerica were worth $160,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cantillon Capital Management LLC purchased a new position in Primerica during the second quarter worth $63,579,000. Ruane Cunniff & Goldfarb Inc. raised its stake in shares of Primerica by 31.2% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 3,780,842 shares of the company’s stock worth $216,415,000 after buying an additional 898,291 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Primerica by 14.4% in the second quarter. Vanguard Group Inc. now owns 4,173,713 shares of the company’s stock worth $238,904,000 after buying an additional 526,902 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Primerica by 85.4% in the first quarter. JPMorgan Chase & Co. now owns 590,793 shares of the company’s stock worth $26,308,000 after buying an additional 272,080 shares in the last quarter. Finally, British Airways Pensions Investment Management Ltd bought a new stake in shares of Primerica during the second quarter worth approximately $15,575,000.
Shares of Primerica Inc. (NYSE:PRI) opened at 54.69 on Thursday. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 13.35 and a beta of 0.93. Primerica Inc. has a one year low of $37.09 and a one year high of $59.34. The firm’s 50-day moving average price is $55.93 and its 200-day moving average price is $53.08.
Primerica (NYSE:PRI) last posted its earnings results on Monday, August 8th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.13. The company had revenue of $379.24 million for the quarter, compared to analysts’ expectations of $370.76 million. Primerica had a return on equity of 17.32% and a net margin of 13.90%. Primerica’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. Analysts anticipate that Primerica Inc. will post $4.41 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, August 24th were paid a $0.18 dividend. The ex-dividend date was Monday, August 22nd. This is a boost from Primerica’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.32%. Primerica’s dividend payout ratio (DPR) is presently 17.56%.
A number of analysts have commented on PRI shares. Zacks Investment Research lowered Primerica from a “buy” rating to a “hold” rating in a report on Thursday, August 4th. Wells Fargo & Co. started coverage on Primerica in a report on Thursday, September 22nd. They set a “market perform” rating for the company. Finally, Keefe, Bruyette & Woods lowered Primerica from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $58.00 to $60.00 in a report on Tuesday, July 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $61.50.
In related news, insider William A. Kelly sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $57.11, for a total value of $85,665.00. Following the sale, the insider now directly owns 23,630 shares of the company’s stock, valued at $1,349,509.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey S. Fendler sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $56.02, for a total value of $56,020.00. Following the completion of the sale, the insider now directly owns 32,988 shares in the company, valued at $1,847,987.76. The disclosure for this sale can be found here. 1.24% of the stock is owned by corporate insiders.
Primerica Inc (Primerica) distributes financial products to middle-income households. The Company operates through three segments. 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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