Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in Primerica, Inc. (NYSE:PRI) by 65.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,339 shares of the financial services provider’s stock after acquiring an additional 2,905 shares during the quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC’s holdings in Primerica were worth $896,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. TD Asset Management Inc. lifted its position in shares of Primerica by 14.9% in the first quarter. TD Asset Management Inc. now owns 5,209 shares of the financial services provider’s stock valued at $636,000 after buying an additional 677 shares during the last quarter. Great Lakes Advisors LLC lifted its position in shares of Primerica by 4.8% in the first quarter. Great Lakes Advisors LLC now owns 6,606 shares of the financial services provider’s stock valued at $807,000 after buying an additional 301 shares during the last quarter. Mason Street Advisors LLC lifted its position in shares of Primerica by 0.7% in the first quarter. Mason Street Advisors LLC now owns 22,644 shares of the financial services provider’s stock valued at $2,766,000 after buying an additional 153 shares during the last quarter. New York State Teachers Retirement System lifted its position in shares of Primerica by 17.0% in the first quarter. New York State Teachers Retirement System now owns 8,227 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 1,197 shares during the last quarter. Finally, Raymond James & Associates lifted its position in shares of Primerica by 1.7% in the first quarter. Raymond James & Associates now owns 156,410 shares of the financial services provider’s stock valued at $19,105,000 after buying an additional 2,615 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.
Separately, Credit Suisse Group raised their price objective on Primerica from $135.00 to $148.00 and gave the company an “outperform” rating in a research report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Primerica has an average rating of “Hold” and a consensus price target of $123.60.
Primerica (NYSE:PRI) last released its quarterly earnings results on Tuesday, May 7th. The financial services provider reported $1.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.03. The business had revenue of $494.99 million during the quarter, compared to analysts’ expectations of $498.57 million. Primerica had a return on equity of 22.89% and a net margin of 17.44%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $1.47 EPS. As a group, equities research analysts forecast that Primerica, Inc. will post 8.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 22nd will be issued a dividend of $0.34 per share. The ex-dividend date is Tuesday, May 21st. This represents a $1.36 annualized dividend and a yield of 1.10%. Primerica’s payout ratio is currently 18.55%.
Primerica announced that its board has authorized a stock buyback program on Thursday, February 7th that permits the company to buyback $275.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 5.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In related news, insider William A. Kelly sold 5,000 shares of Primerica stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $122.85, for a total transaction of $614,250.00. Following the completion of the sale, the insider now directly owns 13,776 shares of the company’s stock, valued at approximately $1,692,381.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $121.84, for a total value of $365,520.00. Following the sale, the chief executive officer now directly owns 72,620 shares of the company’s stock, valued at $8,848,020.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,249 shares of company stock valued at $2,004,130. 0.84% of the stock is currently owned by insiders.
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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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