Marks Group Wealth Management Inc lessened its holdings in Primerica, Inc. (NYSE:PRI – Free Report) by 10.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,903 shares of the financial services provider’s stock after selling 2,996 shares during the period. Marks Group Wealth Management Inc owned about 0.08% of Primerica worth $6,488,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Montreal Can increased its holdings in Primerica by 5,277.5% in the 4th quarter. Bank of Montreal Can now owns 1,311,634 shares of the financial services provider’s stock valued at $338,874,000 after purchasing an additional 1,287,243 shares in the last quarter. Invesco Ltd. raised its position in Primerica by 200.3% in the fourth quarter. Invesco Ltd. now owns 357,696 shares of the financial services provider’s stock valued at $92,414,000 after purchasing an additional 238,571 shares during the period. Life Cycle Investment Partners Ltd acquired a new position in shares of Primerica during the fourth quarter worth about $40,714,000. Millennium Management LLC lifted its stake in shares of Primerica by 183.3% during the fourth quarter. Millennium Management LLC now owns 212,196 shares of the financial services provider’s stock worth $54,823,000 after purchasing an additional 137,297 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Primerica in the third quarter worth about $30,396,000. Institutional investors and hedge funds own 90.88% of the company’s stock.
Insider Activity at Primerica
In other news, CEO Glenn J. Williams sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $280.49, for a total transaction of $420,735.00. Following the completion of the transaction, the chief executive officer directly owned 33,696 shares in the company, valued at approximately $9,451,391.04. This represents a 4.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Peter W. Schneider sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $279.64, for a total transaction of $503,352.00. Following the sale, the president directly owned 9,811 shares of the company’s stock, valued at $2,743,548.04. The trade was a 15.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.63% of the stock is owned by insiders.
Primerica Price Performance
Primerica (NYSE:PRI – Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.45 by $0.51. Primerica had a return on equity of 32.32% and a net margin of 22.99%.The business had revenue of $872.30 million for the quarter, compared to analyst estimates of $855.36 million. During the same period in the previous year, the company earned $5.02 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts expect that Primerica, Inc. will post 24.54 earnings per share for the current year.
Primerica Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 21st were issued a dividend of $1.20 per share. The ex-dividend date was Thursday, May 21st. This represents a $4.80 annualized dividend and a yield of 1.6%. Primerica’s payout ratio is currently 20.13%.
Analysts Set New Price Targets
Several equities research analysts recently commented on PRI shares. Morgan Stanley raised their target price on Primerica from $280.00 to $291.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Weiss Ratings upgraded Primerica from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 27th. Jefferies Financial Group increased their price objective on shares of Primerica from $266.00 to $268.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Primerica from $305.00 to $323.00 and gave the company a “market perform” rating in a research note on Monday. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $298.40.
Check Out Our Latest Report on Primerica
About Primerica
Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.
In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.
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