Illinois Municipal Retirement Fund grew its stake in Primerica, Inc. (NYSE:PRI - Free Report) by 29.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,989 shares of the financial services provider's stock after acquiring an additional 3,376 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Primerica were worth $3,754,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vista Investment Partners II LLC acquired a new position in shares of Primerica in the fourth quarter valued at approximately $1,685,000. M&T Bank Corp grew its stake in Primerica by 1,155.8% in the 4th quarter. M&T Bank Corp now owns 32,137 shares of the financial services provider's stock worth $8,303,000 after acquiring an additional 29,578 shares during the period. Moran Wealth Management LLC raised its holdings in Primerica by 168.6% in the 4th quarter. Moran Wealth Management LLC now owns 20,522 shares of the financial services provider's stock valued at $5,302,000 after acquiring an additional 12,881 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in shares of Primerica during the 4th quarter worth $23,767,000. Finally, Oxbow Advisors LLC acquired a new stake in shares of Primerica during the fourth quarter worth $3,170,000. Hedge funds and other institutional investors own 90.88% of the company's stock.
Insider Activity
In other news, President Peter W. Schneider sold 1,800 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $279.64, for a total transaction of $503,352.00. Following the completion of the sale, the president owned 9,811 shares in the company, valued at approximately $2,743,548.04. The trade was a 15.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Glenn J. Williams sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $280.49, for a total transaction of $420,735.00. Following the sale, the chief executive officer directly owned 33,696 shares of the company's stock, valued at approximately $9,451,391.04. This trade represents a 4.26% 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. Insiders own 0.63% of the company's stock.
Primerica Stock Down 0.6%
PRI stock opened at $310.80 on Friday. The company has a market cap of $9.69 billion, a price-to-earnings ratio of 13.03 and a beta of 0.88. The business has a fifty day simple moving average of $282.78 and a 200-day simple moving average of $268.93. Primerica, Inc. has a 52 week low of $230.09 and a 52 week high of $317.69.
Primerica (NYSE:PRI - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $5.96 earnings per share for the quarter, topping the consensus estimate of $5.45 by $0.51. Primerica had a return on equity of 32.32% and a net margin of 22.99%.The business had revenue of $872.30 million for the quarter, compared to analyst estimates of $855.36 million. During the same period last year, the company posted $5.02 EPS. The business's quarterly revenue was up 8.6% on a year-over-year basis. As a group, analysts expect that Primerica, Inc. will post 24.54 earnings per share for the current fiscal year.
Primerica Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 21st were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Thursday, May 21st. Primerica's payout ratio is currently 20.13%.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on PRI shares. Keefe, Bruyette & Woods upped their target price on Primerica from $305.00 to $323.00 and gave the company a "market perform" rating in a research note on Monday, July 13th. Jefferies Financial Group lifted their price target on Primerica from $266.00 to $268.00 and gave the company a "hold" rating in a report on Friday, July 10th. Morgan Stanley upped their price objective on shares of Primerica from $280.00 to $291.00 and gave the company an "equal weight" rating in a research note on Thursday, May 21st. Finally, Weiss Ratings upgraded shares of Primerica from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 27th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $298.40.
Read Our Latest Report on PRI
About Primerica
(
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
Want to see what other hedge funds are holding PRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primerica, Inc. (NYSE:PRI - Free Report).
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