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 reduced its stake in Primerica, Inc. (NYSE:PRI - Free Report) by 67.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,396 shares of the financial services provider's stock after selling 17,604 shares during the period. Brant Point Investment Management LLC's holdings in Primerica were worth $2,389,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Primerica by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 3,493,650 shares of the financial services provider's stock valued at $994,048,000 after purchasing an additional 37,994 shares in the last quarter. Burgundy Asset Management Ltd. boosted its stake in shares of Primerica by 1.7% in the 1st quarter. Burgundy Asset Management Ltd. now owns 1,310,019 shares of the financial services provider's stock valued at $372,740,000 after purchasing an additional 21,546 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Primerica by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 611,437 shares of the financial services provider's stock valued at $173,963,000 after purchasing an additional 16,350 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Primerica in the 1st quarter valued at approximately $156,019,000. Finally, Fiduciary Management Inc. WI boosted its stake in shares of Primerica by 2.8% in the 1st quarter. Fiduciary Management Inc. WI now owns 490,923 shares of the financial services provider's stock valued at $139,682,000 after purchasing an additional 13,402 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PRI shares. Morgan Stanley raised their price target on shares of Primerica from $292.00 to $308.00 and gave the company an "equal weight" rating in a research note on Monday, August 18th. Keefe, Bruyette & Woods lifted their target price on shares of Primerica from $315.00 to $320.00 and gave the stock a "market perform" rating in a research report on Monday, August 11th. Finally, Jefferies Financial Group cut their target price on shares of Primerica from $293.00 to $283.00 and set a "hold" rating on the stock in a research report on Monday, August 11th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $315.29.

Primerica Stock Performance

Shares of NYSE:PRI traded up $0.62 during trading on Friday, reaching $269.11. The stock had a trading volume of 157,205 shares, compared to its average volume of 157,668. The firm's fifty day moving average is $266.49 and its 200 day moving average is $269.34. Primerica, Inc. has a 52 week low of $230.98 and a 52 week high of $307.91. The stock has a market cap of $8.72 billion, a price-to-earnings ratio of 13.30 and a beta of 0.99.

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

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 22nd will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 22nd. Primerica's dividend payout ratio is currently 20.55%.

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 2,500 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $262.20, for a total value of $655,500.00. Following the sale, the chief executive officer directly owned 36,392 shares of the company's stock, valued at approximately $9,541,982.40. This represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.61% of the company's stock.

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.