Primerica, Inc. to Post Q3 2017 Earnings of $1.34 Per Share, SunTrust Banks Forecasts (NYSE:PRI)
Primerica, Inc. (NYSE:PRI) – SunTrust Banks cut their Q3 2017 earnings per share (EPS) estimates for Primerica in a research note issued to investors on Wednesday. SunTrust Banks analyst M. Hughes now expects that the financial services provider will earn $1.34 per share for the quarter, down from their prior estimate of $1.35. SunTrust Banks also issued estimates for Primerica’s Q4 2017 earnings at $1.37 EPS, FY2017 earnings at $5.18 EPS, Q1 2018 earnings at $1.26 EPS, Q2 2018 earnings at $1.47 EPS and Q3 2018 earnings at $1.48 EPS.
Primerica (NYSE:PRI) last released its earnings results on Tuesday, August 8th. The financial services provider reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. The business had revenue of $413.70 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.23 EPS.
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PRI has been the subject of a number of other research reports. Zacks Investment Research downgraded Primerica from a “hold” rating to a “sell” rating in a report on Friday. Wells Fargo & Company restated a “hold” rating on shares of Primerica in a report on Tuesday. BidaskClub upgraded Primerica from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. Keefe, Bruyette & Woods restated a “hold” rating and set a $83.00 target price on shares of Primerica in a report on Friday, June 23rd. Finally, William Blair downgraded Primerica from an “outperform” rating to a “market perform” rating in a report on Friday, April 21st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $83.75.
Shares of Primerica (NYSE PRI) opened at 80.85 on Friday. The firm has a market cap of $3.72 billion, a P/E ratio of 16.47 and a beta of 1.14. The firm’s 50-day moving average is $78.53 and its 200-day moving average is $79.03. Primerica has a 52-week low of $52.50 and a 52-week high of $86.45.
A number of large investors have recently modified their holdings of the company. James Investment Research Inc. purchased a new stake in shares of Primerica during the first quarter valued at $152,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Primerica by 13.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,081 shares of the financial services provider’s stock valued at $158,000 after buying an additional 242 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Primerica by 68.7% in the second quarter. Riverhead Capital Management LLC now owns 2,530 shares of the financial services provider’s stock valued at $192,000 after buying an additional 1,030 shares during the last quarter. Independent Portfolio Consultants Inc. purchased a new stake in shares of Primerica during the second quarter valued at $211,000. Finally, World Asset Management Inc boosted its stake in shares of Primerica by 0.6% in the second quarter. World Asset Management Inc now owns 2,856 shares of the financial services provider’s stock valued at $216,000 after buying an additional 18 shares during the last quarter. 97.09% of the stock is currently owned by institutional investors.
In related news, VP Alison S. Rand sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $71.55, for a total transaction of $143,100.00. Following the completion of the transaction, the vice president now owns 37,385 shares in the company, valued at $2,674,896.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.24% of the stock is owned by corporate insiders.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, August 18th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Wednesday, August 16th. This is an increase from Primerica’s previous quarterly dividend of $0.19. Primerica’s dividend payout ratio is currently 15.51%.
Primerica Company Profile
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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