First Trust Advisors LP grew its position in Primerica, Inc. (NYSE:PRI) by 42.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,591 shares of the financial services provider’s stock after acquiring an additional 9,044 shares during the period. First Trust Advisors LP owned about 0.07% of Primerica worth $3,107,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the business. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Primerica by 2.4% in the third 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 acquiring an additional 81,603 shares during the period. Burgundy Asset Management Ltd. raised its position in shares of Primerica by 2.7% in the third quarter. Burgundy Asset Management Ltd. now owns 1,681,212 shares of the financial services provider’s stock worth $137,103,000 after acquiring an additional 43,558 shares during the period. Wells Fargo & Company MN raised its position in shares of Primerica by 0.8% in the third quarter. Wells Fargo & Company MN now owns 814,735 shares of the financial services provider’s stock worth $66,441,000 after acquiring an additional 6,624 shares during the period. AGF Investments Inc. raised its position in shares of Primerica by 0.9% in the fourth quarter. AGF Investments Inc. now owns 689,082 shares of the financial services provider’s stock worth $69,976,000 after acquiring an additional 6,126 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Primerica by 1.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 331,573 shares of the financial services provider’s stock worth $33,672,000 after acquiring an additional 5,550 shares during the period. Institutional investors and hedge funds own 91.46% of the company’s stock.
PRI has been the subject of a number of analyst reports. Wells Fargo & Co reiterated a “market perform” rating and issued a $100.00 price objective (up previously from $95.00) on shares of Primerica in a research report on Tuesday, January 9th. SunTrust Banks upped their price objective on shares of Primerica to $112.00 and gave the stock a “hold” rating in a research report on Monday, January 22nd. ValuEngine upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Zacks Investment Research downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $101.25.
Primerica (NYSE:PRI) last released its earnings results on Wednesday, February 7th. The financial services provider reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.17. The business had revenue of $442.94 million during the quarter, compared to analysts’ expectations of $435.87 million. Primerica had a net margin of 20.74% and a return on equity of 19.47%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.19 earnings per share. analysts anticipate that Primerica, Inc. will post 7.24 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Thursday, February 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.98%. This is a boost from Primerica’s previous quarterly dividend of $0.20. Primerica’s payout ratio is currently 13.07%.
Primerica announced that its board has approved a share repurchase program on Wednesday, February 7th that authorizes the company to buyback $225.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, Director Robert F. Mccullough sold 500 shares of the business’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $95.90, for a total transaction of $47,950.00. Following the completion of the sale, the director now owns 18,585 shares of the company’s stock, valued at $1,782,301.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alison S. Rand sold 10,000 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $102.49, for a total transaction of $1,024,900.00. Following the sale, the vice president now directly owns 26,861 shares of the company’s stock, valued at approximately $2,752,983.89. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $1,770,883 in the last three months. Corporate insiders own 0.86% of the company’s stock.
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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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