Chicago Equity Partners LLC raised its holdings in shares of Primerica (NYSE:PRI) by 19.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,350 shares of the financial services provider’s stock after purchasing an additional 2,140 shares during the period. Chicago Equity Partners LLC’s holdings in Primerica were worth $1,290,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its position in shares of Primerica by 1.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 32,408 shares of the financial services provider’s stock worth $3,291,000 after acquiring an additional 517 shares during the last quarter. Intrust Bank NA grew its position in shares of Primerica by 18.4% during the fourth quarter. Intrust Bank NA now owns 3,840 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 597 shares during the last quarter. Dorsey Wright & Associates grew its position in shares of Primerica by 2.3% during the first quarter. Dorsey Wright & Associates now owns 28,172 shares of the financial services provider’s stock worth $2,721,000 after acquiring an additional 620 shares during the last quarter. Suntrust Banks Inc. grew its position in shares of Primerica by 17.1% during the fourth quarter. Suntrust Banks Inc. now owns 4,574 shares of the financial services provider’s stock worth $463,000 after acquiring an additional 667 shares during the last quarter. Finally, Meadow Creek Investment Management LLC grew its position in shares of Primerica by 19.0% during the fourth quarter. Meadow Creek Investment Management LLC now owns 4,268 shares of the financial services provider’s stock worth $433,000 after acquiring an additional 682 shares during the last quarter. Hedge funds and other institutional investors own 91.11% of the company’s stock.
PRI has been the subject of several recent research reports. SunTrust Banks upped their price target on shares of Primerica to $112.00 and gave the stock a “hold” rating in a research report on Monday, January 22nd. Zacks Investment Research lowered shares of Primerica from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 27th. Wells Fargo set a $102.00 price target on shares of Primerica and gave the stock a “hold” rating in a research report on Tuesday, May 8th. Finally, ValuEngine upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $101.25.
Primerica (NYSE:PRI) last announced its earnings results on Tuesday, May 8th. The financial services provider reported $1.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.49 by ($0.02). The company had revenue of $459.92 million during the quarter, compared to the consensus estimate of $459.83 million. Primerica had a net margin of 20.87% and a return on equity of 19.88%. The business’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 EPS. research analysts expect that Primerica will post 7.21 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Tuesday, May 22nd will be given a $0.25 dividend. The ex-dividend date is Monday, May 21st. This represents a $1.00 dividend on an annualized basis and a yield of 1.02%. Primerica’s dividend payout ratio is presently 18.12%.
Primerica declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 7th that authorizes the company to repurchase $225.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Robert F. Mccullough sold 500 shares of the stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $95.90, for a total value of $47,950.00. Following the completion of the transaction, the director now owns 18,585 shares in the company, valued at approximately $1,782,301.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Alison S. Rand sold 10,000 shares of the stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $102.49, for a total transaction of $1,024,900.00. Following the completion of the transaction, the vice president now 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 sold a total of 14,482 shares of company stock valued at $1,474,873 in the last quarter. 0.89% of the stock is currently owned by insiders.
Primerica, Inc, together with its subsidiaries, distributes 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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