Primerica Inc. (PRI) Shares Gap Up to $50.47
Shares of Primerica Inc. (NYSE:PRI) gapped up before the market opened on Friday . The stock had previously closed at $50.14, but opened at $50.47. Primerica shares last traded at $52.16, with a volume of 222,183 shares.
PRI has been the topic of a number of recent research reports. Keefe, Bruyette & Woods cut shares of Primerica from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $58.00 to $60.00 in a report on Tuesday, July 12th. Zacks Investment Research raised shares of Primerica from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, July 12th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Primerica presently has an average rating of “Buy” and a consensus target price of $58.33.
The stock’s 50-day moving average is $54.75 and its 200 day moving average is $49.09. The stock has a market cap of $2.46 billion and a P/E ratio of 13.75.
In related news, COO Gregory C. Pitts sold 8,624 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $54.48, for a total value of $469,835.52. Following the transaction, the chief operating officer now directly owns 29,419 shares of the company’s stock, valued at approximately $1,602,747.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeffrey S. Fendler sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $53.21, for a total value of $266,050.00. Following the completion of the transaction, the executive vice president now directly owns 33,988 shares in the company, valued at $1,808,501.48. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently modified their holdings of the company. Morgan Stanley increased its position in shares of Primerica by 130.4% in the fourth quarter. Morgan Stanley now owns 31,015 shares of the company’s stock worth $1,464,000 after buying an additional 17,553 shares during the last quarter. Liberty Mutual Group Asset Management Inc. increased its position in shares of Primerica by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 31,979 shares of the company’s stock worth $1,511,000 after buying an additional 10,852 shares during the last quarter. First Trust Advisors LP increased its position in shares of Primerica by 275.4% in the fourth quarter. First Trust Advisors LP now owns 78,394 shares of the company’s stock worth $3,703,000 after buying an additional 57,512 shares during the last quarter. Systematic Financial Management LP increased its position in shares of Primerica by 28.2% in the fourth quarter. Systematic Financial Management LP now owns 85,565 shares of the company’s stock worth $4,041,000 after buying an additional 18,840 shares during the last quarter. Finally, WBI Investments Inc. bought a new position in shares of Primerica during the fourth quarter worth $5,184,000.
Primerica Inc (Primerica) distributes financial products to middle-income households. The Company operates through three segments. 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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