Brant Point Investment Management LLC Sells 17,604 Shares of Primerica, Inc. $PRI

Key Points

• Brant Point Investment Management LLC has reduced its holdings in Primerica, Inc. by 67.7%, selling 17,604 shares and reducing the total to 8,396 shares valued at approximately $2.39 million.
• CEO Glenn J. Williams sold 2,500 shares at an average price of $262.20, resulting in a decrease of his ownership by 6.43%, leaving him with 36,392 shares valued at about $9.54 million.
• Primerica recently declared a quarterly dividend of $1.04, representing an annualized dividend of $4.16 and a yield of 1.5%.

Brant Point Investment Management LLC decreased its holdings in Primerica, Inc. (NYSE:PRI - Free Report) by 67.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,396 shares of the financial services provider's stock after selling 17,604 shares during the quarter. Brant Point Investment Management LLC's holdings in Primerica were worth $2,389,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ieq Capital LLC grew its stake in shares of Primerica by 108.5% during the first quarter. Ieq Capital LLC now owns 11,069 shares of the financial services provider's stock worth $3,150,000 after purchasing an additional 5,759 shares during the period. Comerica Bank grew its stake in shares of Primerica by 8.0% during the first quarter. Comerica Bank now owns 33,069 shares of the financial services provider's stock worth $9,409,000 after purchasing an additional 2,463 shares during the period. Fiduciary Management Inc. WI grew its stake in shares of Primerica by 2.8% during the first quarter. Fiduciary Management Inc. WI now owns 490,923 shares of the financial services provider's stock worth $139,682,000 after purchasing an additional 13,402 shares during the period. CW Advisors LLC grew its stake in shares of Primerica by 10.2% during the first quarter. CW Advisors LLC now owns 856 shares of the financial services provider's stock worth $244,000 after purchasing an additional 79 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Primerica by 2.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 143,950 shares of the financial services provider's stock worth $40,960,000 after purchasing an additional 3,335 shares during the period. 90.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRI has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on Primerica from $292.00 to $308.00 and gave the stock an "equal weight" rating in a research note on Monday, August 18th. Keefe, Bruyette & Woods boosted their target price on Primerica from $315.00 to $320.00 and gave the company a "market perform" rating in a research note on Monday, August 11th. Finally, Jefferies Financial Group decreased their target price on Primerica from $293.00 to $283.00 and set a "hold" rating for the company in a research note on Monday, August 11th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Primerica currently has a consensus rating of "Hold" and an average target price of $315.29.

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $262.20, for a total value of $655,500.00. Following the transaction, the chief executive officer owned 36,392 shares of the company's stock, valued at approximately $9,541,982.40. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.61% of the company's stock.

Primerica Trading Down 1.9%

Shares of Primerica stock traded down $5.12 during trading on Tuesday, reaching $264.22. The stock had a trading volume of 31,669 shares, compared to its average volume of 168,549. Primerica, Inc. has a 52 week low of $230.98 and a 52 week high of $307.91. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of 13.05 and a beta of 1.00. The stock has a fifty day moving average price of $266.53 and a two-hundred day moving average price of $269.14.

Primerica (NYSE:PRI - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $5.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.18 by $0.28. Primerica had a return on equity of 32.42% and a net margin of 21.48%.The business had revenue of $796.02 million for the quarter, compared to analyst estimates of $790.99 million. During the same quarter in the prior year, the company posted $4.71 earnings per share. Primerica's revenue was up .3% on a year-over-year basis. On average, equities analysts forecast that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 22nd will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 22nd. Primerica's payout ratio is 20.55%.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.