Virginia Retirement Systems ET AL Boosts Stake in Primerica, Inc. (PRI)
Virginia Retirement Systems ET AL grew its stake in shares of Primerica, Inc. (NYSE:PRI) by 102.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,700 shares of the financial services provider’s stock after buying an additional 3,900 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Primerica were worth $767,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of PRI. Wells Fargo & Company MN grew its position in shares of Primerica by 2.3% in the 1st quarter. Wells Fargo & Company MN now owns 838,510 shares of the financial services provider’s stock worth $81,000,000 after acquiring an additional 19,142 shares in the last quarter. Alps Advisors Inc. acquired a new position in Primerica during the 1st quarter valued at approximately $455,000. Dorsey Wright & Associates boosted its position in Primerica by 2.3% during the 1st quarter. Dorsey Wright & Associates now owns 28,172 shares of the financial services provider’s stock valued at $2,721,000 after purchasing an additional 620 shares during the period. Mackay Shields LLC acquired a new position in Primerica during the 1st quarter valued at approximately $2,023,000. Finally, Barings LLC boosted its position in Primerica by 14.3% during the 1st quarter. Barings LLC now owns 5,600 shares of the financial services provider’s stock valued at $541,000 after purchasing an additional 700 shares during the period. Hedge funds and other institutional investors own 90.26% of the company’s stock.
NYSE:PRI opened at $118.80 on Tuesday. Primerica, Inc. has a 12-month low of $71.60 and a 12-month high of $120.30. The company has a market cap of $5.10 billion, a P/E ratio of 21.52 and a beta of 1.20.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Investors of record on Tuesday, August 21st will be given a dividend of $0.25 per share. The ex-dividend date is Monday, August 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.84%. Primerica’s dividend payout ratio is currently 18.12%.
In other Primerica news, insider William A. Kelly sold 1,250 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $118.23, for a total transaction of $147,787.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gregory C. Pitts sold 3,000 shares of the business’s stock in a transaction on Monday, July 9th. The stock was sold at an average price of $105.04, for a total value of $315,120.00. Following the transaction, the vice president now owns 15,058 shares of the company’s stock, valued at approximately $1,581,692.32. The disclosure for this sale can be found here. Insiders have sold a total of 5,500 shares of company stock valued at $593,383 in the last 90 days. Insiders own 0.89% of the company’s stock.
PRI has been the subject of a number of analyst reports. ValuEngine upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Saturday, July 28th. Zacks Investment Research upgraded Primerica from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research report on Saturday, August 11th. Wells Fargo & Co set a $102.00 price objective on Primerica and gave the company a “hold” rating in a research report on Tuesday, May 8th. SunTrust Banks boosted their price objective on Primerica to $118.00 and gave the company a “hold” rating in a research report on Monday, July 30th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $112.00 price objective on shares of Primerica in a research report on Thursday, July 19th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $116.00.
Primerica, Inc, together with its subsidiaries, distributes 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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