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 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, 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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