Northern Trust Corp Decreases Stock Holdings in Primerica, Inc. $PRI

Key Points

• Northern Trust Corp reduced its stake in Primerica, Inc. by 2.6% during Q1, owning approximately 1.02% of the company, worth $96.15 million after selling 9,116 shares.
• Analysts have mixed views on Primerica's stock, with Jefferies reducing its price target from $293.00 to $283.00, while Keefe, Bruyette & Woods raised theirs from $315.00 to $320.00.
• Primerica recently declared a quarterly $1.04 dividend, with an annualized amount of $4.16 and a yield of 1.5%, set to be paid on September 15th.

Northern Trust Corp reduced its position in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 2.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 337,924 shares of the financial services provider's stock after selling 9,116 shares during the quarter. Northern Trust Corp owned approximately 1.02% of Primerica worth $96,150,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Co SC purchased a new position in shares of Primerica in the fourth quarter valued at about $25,000. True Wealth Design LLC bought a new stake in shares of Primerica in the fourth quarter worth about $27,000. Headlands Technologies LLC increased its holdings in Primerica by 2,300.0% during the 1st quarter. Headlands Technologies LLC now owns 168 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 161 shares during the period. Summit Securities Group LLC bought a new position in Primerica during the 1st quarter valued at approximately $64,000. Finally, Golden State Wealth Management LLC raised its position in Primerica by 105.7% during the 1st quarter. Golden State Wealth Management LLC now owns 253 shares of the financial services provider's stock valued at $72,000 after purchasing an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company's stock.

Wall Street Analysts Forecast Growth

PRI has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their price objective on Primerica from $293.00 to $283.00 and set a "hold" rating on the stock in a research report on Monday, August 11th. Keefe, Bruyette & Woods raised their price target on Primerica from $315.00 to $320.00 and gave the stock a "market perform" rating in a research note on Monday, August 11th. Finally, Morgan Stanley boosted their price objective on shares of Primerica from $292.00 to $308.00 and gave the company an "equal weight" rating in a research report on Monday, August 18th. 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, the company currently has an average rating of "Hold" and a consensus price target of $315.29.

Primerica Stock Up 1.8%

PRI opened at $269.9860 on Friday. The stock has a market cap of $8.74 billion, a PE ratio of 13.34 and a beta of 0.99. The business has a 50 day moving average of $265.62 and a 200-day moving average of $270.13. Primerica, Inc. has a 52 week low of $230.98 and a 52 week high of $307.91.

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

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 22nd will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 22nd. Primerica's dividend payout ratio (DPR) is presently 20.55%.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 2,500 shares of Primerica stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $262.20, for a total transaction of $655,500.00. Following the completion of the transaction, the chief executive officer directly owned 36,392 shares of the company's stock, valued at $9,541,982.40. This trade represents a 6.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.61% of the stock is currently owned by company insiders.

About Primerica

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.