State Treasurer State of Michigan decreased its holdings in Primerica, Inc. (NYSE:PRI) by 5.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,900 shares of the financial services provider’s stock after selling 1,000 shares during the period. State Treasurer State of Michigan’s holdings in Primerica were worth $1,615,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the business. Parametrica Management Ltd bought a new stake in shares of Primerica in the 4th quarter worth $203,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Primerica by 34.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,802 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 721 shares in the last quarter. Chicago Equity Partners LLC increased its holdings in shares of Primerica by 41.0% in the 4th quarter. Chicago Equity Partners LLC now owns 11,210 shares of the financial services provider’s stock worth $1,138,000 after purchasing an additional 3,260 shares in the last quarter. Wright Investors Service Inc. increased its holdings in shares of Primerica by 40.1% in the 4th quarter. Wright Investors Service Inc. now owns 8,650 shares of the financial services provider’s stock worth $878,000 after purchasing an additional 2,478 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Primerica in the 4th quarter worth $5,726,000. 94.36% of the stock is owned by institutional investors and hedge funds.
PRI has been the subject of a number of research analyst reports. SunTrust Banks lifted their target price on Primerica to $112.00 and gave the stock a “hold” rating in a report on Monday, January 22nd. ValuEngine raised Primerica from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Wells Fargo & Co reissued a “market perform” rating and issued a $100.00 target price (up previously from $95.00) on shares of Primerica in a report on Tuesday, January 9th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $95.00 target price on shares of Primerica in a report on Friday, November 10th. Finally, Zacks Investment Research lowered Primerica from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $101.25.
Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.17. The firm had revenue of $442.94 million for the quarter, compared to the consensus estimate of $435.87 million. Primerica had a return on equity of 19.47% and a net margin of 20.74%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the business posted $1.19 EPS. analysts forecast that Primerica, Inc. will post 7.24 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Thursday, February 15th will be paid a $0.25 dividend. This is an increase from Primerica’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Wednesday, February 14th. Primerica’s dividend payout ratio (DPR) is 10.50%.
Primerica declared that its board has initiated a share buyback program on Wednesday, February 7th that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
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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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