Principal Financial Group Inc. Sells 24,049 Shares of Primerica, Inc. (PRI)
Principal Financial Group Inc. lowered its stake in Primerica, Inc. (NYSE:PRI) by 10.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 196,059 shares of the financial services provider’s stock after selling 24,049 shares during the quarter. Principal Financial Group Inc. owned approximately 0.43% of Primerica worth $14,852,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Primerica by 6.5% in the first quarter. Vanguard Group Inc. now owns 5,071,986 shares of the financial services provider’s stock valued at $416,917,000 after acquiring an additional 307,797 shares during the last quarter. BlackRock Inc. increased its position in shares of Primerica by 22,346.4% in the first quarter. BlackRock Inc. now owns 4,448,197 shares of the financial services provider’s stock valued at $365,642,000 after acquiring an additional 4,428,380 shares during the last quarter. State Street Corp increased its position in shares of Primerica by 2.7% in the first quarter. State Street Corp now owns 1,758,135 shares of the financial services provider’s stock valued at $144,519,000 after acquiring an additional 46,400 shares during the last quarter. FMR LLC increased its position in shares of Primerica by 10.7% in the first quarter. FMR LLC now owns 1,752,471 shares of the financial services provider’s stock valued at $144,053,000 after acquiring an additional 169,689 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Primerica by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 1,105,499 shares of the financial services provider’s stock valued at $83,741,000 after acquiring an additional 9,363 shares during the last quarter. 94.82% of the stock is currently owned by institutional investors and hedge funds.
In other Primerica news, VP Alison S. Rand sold 2,000 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $76.50, for a total value of $153,000.00. Following the completion of the sale, the vice president now owns 35,385 shares in the company, valued at approximately $2,706,952.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $80.68, for a total transaction of $242,040.00. Following the completion of the sale, the chief executive officer now owns 77,895 shares of the company’s stock, valued at approximately $6,284,568.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,301 shares of company stock valued at $495,113. Company insiders own 0.86% of the company’s stock.
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PRI has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $83.00 price target on shares of Primerica in a report on Friday, June 23rd. BidaskClub upgraded Primerica from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research cut Primerica from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Primerica in a report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $83.75.
Primerica, Inc. (NYSE PRI) opened at 76.70 on Tuesday. Primerica, Inc. has a 12-month low of $52.50 and a 12-month high of $86.45. The company has a market cap of $3.44 billion, a PE ratio of 15.62 and a beta of 1.14. The company’s 50-day moving average price is $77.63 and its 200-day moving average price is $78.67.
Primerica (NYSE:PRI) last posted its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $413.70 million during the quarter, compared to analyst estimates of $410.97 million. Primerica had a net margin of 14.41% and a return on equity of 18.48%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the business posted $1.23 EPS. Equities analysts anticipate that Primerica, Inc. will post $5.22 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, August 18th were paid a $0.20 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $0.80 annualized dividend and a yield of 1.04%. Primerica’s dividend payout ratio (DPR) is 16.33%.
Primerica Inc (Primerica) is a distributor of financial products to middle-income households in the United States and Canada. The Company operates through three segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries.
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