Millennium Management LLC Sells 128,845 Shares of Primerica, Inc. $PRI

Key Points

• Millennium Management LLC has significantly reduced its stake in Primerica, Inc. by 53.6%, selling 128,845 shares and now owns 111,362 shares worth approximately $31.7 million.
• CEO Glenn J. Williams sold 2,500 shares of Primerica at an average price of $262.20, reducing his stake by 6.43%.
• Primerica recently announced a quarterly dividend of $1.04 per share, with an ex-dividend date set for August 22nd, reflecting an annual yield of 1.5%.

Millennium Management LLC reduced its stake in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 53.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,362 shares of the financial services provider's stock after selling 128,845 shares during the quarter. Millennium Management LLC owned about 0.34% of Primerica worth $31,686,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mercer Global Advisors Inc. ADV lifted its stake in Primerica by 30.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,164 shares of the financial services provider's stock valued at $316,000 after purchasing an additional 269 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of Primerica by 9.9% during the fourth quarter. Captrust Financial Advisors now owns 1,553 shares of the financial services provider's stock valued at $422,000 after purchasing an additional 140 shares in the last quarter. Cetera Investment Advisers raised its position in Primerica by 17.2% in the fourth quarter. Cetera Investment Advisers now owns 1,829 shares of the financial services provider's stock worth $497,000 after acquiring an additional 268 shares during the period. Deutsche Bank AG increased its stake in shares of Primerica by 224.3% in the fourth quarter. Deutsche Bank AG now owns 13,367 shares of the financial services provider's stock worth $3,628,000 after purchasing an additional 9,245 shares in the last quarter. Finally, Gotham Asset Management LLC increased its stake in shares of Primerica by 24.1% in the fourth quarter. Gotham Asset Management LLC now owns 22,877 shares of the financial services provider's stock worth $6,209,000 after purchasing an additional 4,445 shares in the last quarter. 90.88% of the stock is owned by institutional investors.

Insider Transactions at Primerica

In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the firm'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 value of $655,500.00. Following the sale, the chief executive officer owned 36,392 shares in the company, valued at $9,541,982.40. This trade represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.61% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Primerica Trading Down 0.0%

Shares of PRI stock traded down $0.12 on Friday, hitting $274.28. The stock had a trading volume of 211,384 shares, compared to its average volume of 162,316. The firm has a market cap of $8.88 billion, a P/E ratio of 13.55 and a beta of 1.00. Primerica, Inc. has a twelve month low of $230.98 and a twelve month high of $307.91. The company has a fifty day moving average price of $266.56 and a two-hundred day moving average price of $268.80.

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, topping 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 during the quarter, compared to the consensus estimate of $790.99 million. During the same period in the prior year, the business posted $4.71 EPS. The company's quarterly revenue was up .3% on a year-over-year basis. On average, analysts expect that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 22nd will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $4.16 annualized dividend and a dividend yield of 1.5%. Primerica's dividend payout ratio (DPR) is currently 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.