Primerica, Inc. $PRI Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its investment in Primerica, Inc. by 21.9%, selling 2,659 shares during the first quarter, bringing its total holdings to 9,499 shares valued at approximately $2.7 million.
• Analysts have mixed ratings for Primerica, with Morgan Stanley raising its price target to $308, while Jefferies Financial Group lowered it to $283, reflecting varied outlooks on the company's stock performance.
• Primerica's latest earnings report showed a profit of $5.46 per share, surpassing estimates, with revenue of $796 million, indicating a slight year-over-year increase.

State of New Jersey Common Pension Fund D reduced its position in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 21.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,499 shares of the financial services provider's stock after selling 2,659 shares during the period. State of New Jersey Common Pension Fund D's holdings in Primerica were worth $2,703,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. American Century Companies Inc. lifted its position in shares of Primerica by 20.1% during the 1st quarter. American Century Companies Inc. now owns 94,670 shares of the financial services provider's stock worth $26,936,000 after purchasing an additional 15,841 shares during the last quarter. Ethic Inc. raised its stake in Primerica by 2.9% during the 1st quarter. Ethic Inc. now owns 3,107 shares of the financial services provider's stock worth $895,000 after acquiring an additional 88 shares in the last quarter. Brandywine Global Investment Management LLC raised its stake in Primerica by 59.0% during the 1st quarter. Brandywine Global Investment Management LLC now owns 43,719 shares of the financial services provider's stock worth $12,439,000 after acquiring an additional 16,229 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Primerica by 2.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 611,437 shares of the financial services provider's stock worth $173,963,000 after acquiring an additional 16,350 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Primerica by 1.1% during the 1st quarter. Sei Investments Co. now owns 76,474 shares of the financial services provider's stock worth $20,947,000 after acquiring an additional 842 shares in the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Glenn J. Williams sold 2,500 shares of the business's 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 transaction, the chief executive officer directly owned 36,392 shares in the company, valued at $9,541,982.40. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.61% of the stock is currently owned by company insiders.

Primerica Stock Performance

NYSE PRI traded up $1.35 during trading on Tuesday, reaching $267.92. The company's stock had a trading volume of 129,039 shares, compared to its average volume of 164,169. The firm has a market cap of $8.68 billion, a price-to-earnings ratio of 13.24 and a beta of 0.99. Primerica, Inc. has a twelve month low of $230.98 and a twelve month high of $307.91. The business's fifty day moving average price is $265.96 and its 200-day moving average price is $269.72.

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. The company had revenue of $796.02 million for the quarter, compared to analyst estimates of $790.99 million. Primerica had a net margin of 21.48% and a return on equity of 32.42%. Primerica's quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $4.71 earnings per share. As a group, sell-side analysts forecast that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 22nd will be paid a $1.04 dividend. The ex-dividend date is Friday, August 22nd. This represents a $4.16 dividend on an annualized basis and a yield of 1.6%. Primerica's payout ratio is currently 20.55%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their price target 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. Jefferies Financial Group cut their price target on shares of Primerica from $293.00 to $283.00 and set a "hold" rating on the stock in a research note on Monday, August 11th. Finally, Morgan Stanley lifted their price target on shares of Primerica from $292.00 to $308.00 and gave the stock an "equal weight" rating in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target 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.