Bank of New York Mellon Corp bought a new position in Primerica, Inc. (NYSE:PRI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 278,128 shares of the financial services provider's stock, valued at approximately $79,044,000. Bank of New York Mellon Corp owned approximately 0.89% of Primerica at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC grew its position in shares of Primerica by 20.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,142 shares of the financial services provider's stock valued at $609,000 after acquiring an additional 366 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Primerica by 27.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 129,666 shares of the financial services provider's stock worth $36,894,000 after acquiring an additional 28,129 shares during the period. Empowered Funds LLC bought a new position in shares of Primerica during the 1st quarter worth $1,763,000. Focus Partners Wealth increased its holdings in Primerica by 17.5% in the 1st quarter. Focus Partners Wealth now owns 1,398 shares of the financial services provider's stock worth $398,000 after acquiring an additional 208 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Primerica by 205.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 263 shares of the financial services provider's stock worth $75,000 after acquiring an additional 177 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company's stock.
Primerica Stock Performance
Shares of PRI stock opened at $297.33 on Wednesday. The company has a market capitalization of $9.15 billion, a P/E ratio of 11.94 and a beta of 0.87. Primerica, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $327.28. The stock has a 50 day moving average price of $304.03 and a two-hundred day moving average price of $278.58.
Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.03 by $0.38. Primerica had a return on equity of 32.45% and a net margin of 23.20%.The company had revenue of $865.07 million for the quarter, compared to the consensus estimate of $881.00 million. During the same quarter in the previous year, the business earned $5.46 EPS. Primerica's revenue was up 9.0% compared to the same quarter last year. As a group, equities analysts predict that Primerica, Inc. will post 25.02 earnings per share for the current year.
Primerica Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 21st will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 21st. Primerica's dividend payout ratio is currently 19.28%.
Insider Activity at Primerica
In related news, President Peter W. Schneider sold 1,800 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $312.65, for a total value of $562,770.00. Following the completion of the transaction, the president directly owned 8,011 shares in the company, valued at $2,504,639.15. The trade was a 18.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Glenn J. Williams sold 1,500 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $320.20, for a total value of $480,300.00. Following the completion of the transaction, the chief executive officer directly owned 32,196 shares of the company's stock, valued at approximately $10,309,159.20. This trade represents a 4.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 5,079 shares of company stock valued at $1,551,308. 0.63% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on PRI. Keefe, Bruyette & Woods raised their price target on Primerica from $323.00 to $335.00 and gave the stock a "market perform" rating in a report on Tuesday, August 11th. Morgan Stanley boosted their price objective on Primerica from $291.00 to $316.00 and gave the company an "equal weight" rating in a research note on Monday. TD Cowen increased their price target on shares of Primerica from $322.00 to $360.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings downgraded Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, Jefferies Financial Group upped their target price on Primerica from $266.00 to $268.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $314.83.
Read Our Latest Research Report on Primerica
Primerica Company Profile
(
Free Report)
Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica's core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.
In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.
Further Reading
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