Primerica, Inc. (PRI) Shares Sold by Comerica Bank

Comerica Bank cut its stake in Primerica, Inc. (NYSE:PRI) by 2.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,849 shares of the financial services provider’s stock after selling 709 shares during the quarter. Comerica Bank’s holdings in Primerica were worth $3,540,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. FMR LLC grew its position in Primerica by 11.9% during the fourth quarter. FMR LLC now owns 2,448,912 shares of the financial services provider’s stock valued at $239,283,000 after buying an additional 260,990 shares during the period. Cantillon Capital Management LLC grew its position in Primerica by 0.8% during the fourth quarter. Cantillon Capital Management LLC now owns 944,514 shares of the financial services provider’s stock valued at $92,288,000 after buying an additional 7,204 shares during the period. Victory Capital Management Inc. grew its position in Primerica by 2.8% during the fourth quarter. Victory Capital Management Inc. now owns 782,675 shares of the financial services provider’s stock valued at $76,476,000 after buying an additional 21,621 shares during the period. Geode Capital Management LLC grew its position in Primerica by 11.1% during the fourth quarter. Geode Capital Management LLC now owns 500,512 shares of the financial services provider’s stock valued at $48,905,000 after buying an additional 49,999 shares during the period. Finally, Norges Bank bought a new stake in Primerica during the fourth quarter valued at approximately $44,238,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Shares of NYSE PRI opened at $123.09 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $5.31 billion, a P/E ratio of 16.79 and a beta of 1.41. Primerica, Inc. has a 12-month low of $90.28 and a 12-month high of $132.17.

Primerica (NYSE:PRI) last announced its earnings results on Tuesday, May 7th. The financial services provider reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.03. Primerica had a net margin of 17.44% and a return on equity of 22.89%. The company had revenue of $494.99 million during the quarter, compared to analyst estimates of $498.57 million. During the same period in the previous year, the business posted $1.47 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that Primerica, Inc. will post 8.13 EPS for the current year.

Primerica declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 7th that permits the company to buyback $275.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 5.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 22nd will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Tuesday, May 21st. Primerica’s dividend payout ratio is currently 18.55%.

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $121.84, for a total transaction of $365,520.00. Following the transaction, the chief executive officer now owns 72,620 shares of the company’s stock, valued at $8,848,020.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alison S. Rand sold 2,000 shares of Primerica stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $125.05, for a total transaction of $250,100.00. Following the transaction, the vice president now directly owns 14,545 shares in the company, valued at approximately $1,818,852.25. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock worth $2,004,130 in the last ninety days. Insiders own 0.84% of the company’s stock.

Separately, Credit Suisse Group boosted their target price on shares of Primerica from $135.00 to $148.00 and gave the company an “outperform” rating in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $123.60.

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Primerica Profile

Primerica, Inc, together with its subsidiaries, provides financial products to middle income households in the United States and Canada. The company operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.

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Institutional Ownership by Quarter for Primerica (NYSE:PRI)

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