Lyrical Asset Management LP Sells 6,909 Shares of Primerica, Inc. $PRI

Key Points

• Lyrical Asset Management LP reduced its stake in Primerica, Inc. by 1.2%, selling 6,909 shares in the first quarter, leaving it with 580,658 shares valued at approximately $165.2 million.
• Primerica's CEO Glenn J. Williams sold 2,500 shares for $655,500, representing a 6.43% reduction in his ownership, with his remaining shares valued at around $9.5 million.
• The company reported an EPS of $5.46 for the last quarter, exceeding estimates, and announced a quarterly dividend of $1.04 expected to be paid in September.

Lyrical Asset Management LP cut its holdings in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 1.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 580,658 shares of the financial services provider's stock after selling 6,909 shares during the period. Primerica comprises approximately 2.5% of Lyrical Asset Management LP's holdings, making the stock its 18th largest holding. Lyrical Asset Management LP owned approximately 1.75% of Primerica worth $165,215,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Vestmark Advisory Solutions Inc. lifted its holdings in Primerica by 93.2% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 38,678 shares of the financial services provider's stock worth $11,005,000 after buying an additional 18,663 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Primerica by 51.7% in the 1st quarter. Russell Investments Group Ltd. now owns 27,562 shares of the financial services provider's stock valued at $7,842,000 after purchasing an additional 9,393 shares during the period. Public Sector Pension Investment Board acquired a new position in shares of Primerica in the 1st quarter valued at $9,234,000. Nuveen LLC acquired a new stake in Primerica during the 1st quarter worth $156,019,000. Finally, Virtu Financial LLC acquired a new stake in Primerica during the 1st quarter worth $618,000. Institutional investors and hedge funds own 90.88% of the company's stock.

Primerica Price Performance

Shares of Primerica stock traded up $2.9950 during trading on Tuesday, hitting $265.3850. The company's stock had a trading volume of 34,766 shares, compared to its average volume of 169,869. 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 $8.60 billion, a price-to-earnings ratio of 13.11 and a beta of 0.99. The stock has a 50-day moving average price of $264.98 and a two-hundred day moving average price of $270.68.

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, beating the consensus estimate of $5.18 by $0.28. Primerica had a net margin of 21.48% and a return on equity of 32.42%. 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 previous year, the business earned $4.71 earnings per share. Primerica's revenue for the quarter was up .3% on a year-over-year basis. On average, equities analysts predict that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend yield of 1.6%. 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 related news, CEO Glenn J. Williams sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $262.20, for a total transaction of $655,500.00. Following the sale, the chief executive officer directly owned 36,392 shares in the company, valued at approximately $9,541,982.40. This represents a 6.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.61% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.