State of New Jersey Common Pension Fund D Sells 2,659 Shares of Primerica, Inc. $PRI

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

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Mariner LLC grew its position in shares of Primerica by 1.4% during the 4th quarter. Mariner LLC now owns 2,611 shares of the financial services provider's stock worth $709,000 after buying an additional 36 shares in the last quarter. HB Wealth Management LLC boosted its position in Primerica by 1.9% during the first quarter. HB Wealth Management LLC now owns 2,088 shares of the financial services provider's stock valued at $594,000 after purchasing an additional 38 shares in the last quarter. Applied Finance Capital Management LLC boosted its position in Primerica by 5.3% during the first quarter. Applied Finance Capital Management LLC now owns 839 shares of the financial services provider's stock valued at $239,000 after purchasing an additional 42 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in Primerica by 1.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 3,095 shares of the financial services provider's stock valued at $881,000 after purchasing an additional 44 shares in the last quarter. Finally, Xponance Inc. boosted its position in Primerica by 1.2% during the first quarter. Xponance Inc. now owns 3,945 shares of the financial services provider's stock valued at $1,122,000 after purchasing an additional 47 shares in the last quarter. Institutional investors own 90.88% of the company's stock.

Analyst Ratings Changes

PRI has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on Primerica from $292.00 to $308.00 and gave the company an "equal weight" rating in a research report on Monday. Jefferies Financial Group lowered their price target on Primerica from $293.00 to $283.00 and set a "hold" rating for the company in a report on Monday, August 11th. Finally, 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 report on Monday, August 11th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Primerica has an average rating of "Hold" and a consensus price target of $315.29.

Primerica Stock Down 0.1%

Shares of NYSE:PRI opened at $267.3640 on Thursday. 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 $8.66 billion, a price-to-earnings ratio of 13.21 and a beta of 0.99. The business has a 50-day moving average price of $265.29 and a 200-day moving average price of $270.63.

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

Primerica Dividend Announcement

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

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $262.20, for a total value of $655,500.00. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.61% of the stock is 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.