First Trust Advisors LP Increases Position in Primerica, Inc. (PRI)
First Trust Advisors LP boosted its holdings in shares of Primerica, Inc. (NYSE:PRI) by 42.0% in the 4th quarter, HoldingsChannel reports. The fund owned 30,591 shares of the financial services provider’s stock after acquiring an additional 9,044 shares during the quarter. First Trust Advisors LP’s holdings in Primerica were worth $3,107,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in PRI. Crossmark Global Holdings Inc. purchased a new stake in Primerica during the 3rd quarter valued at about $508,000. Prudential Financial Inc. grew its stake in Primerica by 4.7% during the 3rd quarter. Prudential Financial Inc. now owns 35,158 shares of the financial services provider’s stock valued at $2,867,000 after acquiring an additional 1,587 shares in the last quarter. New York State Common Retirement Fund grew its stake in Primerica by 2.6% during the 3rd quarter. New York State Common Retirement Fund now owns 70,034 shares of the financial services provider’s stock valued at $5,711,000 after acquiring an additional 1,768 shares in the last quarter. Dorsey Wright & Associates grew its stake in Primerica by 30.1% during the 3rd quarter. Dorsey Wright & Associates now owns 20,704 shares of the financial services provider’s stock valued at $1,688,000 after acquiring an additional 4,786 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Primerica by 15.0% during the 3rd quarter. Rhumbline Advisers now owns 108,822 shares of the financial services provider’s stock valued at $8,874,000 after acquiring an additional 14,212 shares in the last quarter. 91.46% of the stock is owned by institutional investors.
Primerica, Inc. (NYSE:PRI) opened at $102.00 on Wednesday. The firm has a market cap of $4,544.16, a PE ratio of 13.33, a price-to-earnings-growth ratio of 1.42 and a beta of 1.14. Primerica, Inc. has a fifty-two week low of $70.00 and a fifty-two week high of $108.05.
Primerica declared that its board has authorized a stock repurchase plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 16th. Shareholders of record on Thursday, February 15th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.98%. This is a positive change from Primerica’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, February 14th. Primerica’s payout ratio is presently 13.07%.
In other Primerica news, VP Alison S. Rand sold 10,000 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $102.49, for a total value of $1,024,900.00. Following the transaction, the vice president now directly owns 26,861 shares in the company, valued at approximately $2,752,983.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $98.67, for a total transaction of $296,010.00. Following the completion of the transaction, the chief executive officer now owns 63,095 shares in the company, valued at $6,225,583.65. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock worth $1,770,883 over the last quarter. 0.86% of the stock is currently owned by company insiders.
Several brokerages recently issued reports on PRI. Wells Fargo & Co set a $102.00 price objective on shares of Primerica and gave the company a “hold” rating in a research note on Wednesday, February 7th. ValuEngine raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. SunTrust Banks upped their price objective on shares of Primerica to $112.00 and gave the company a “hold” rating in a research note on Monday, January 22nd. Finally, Zacks Investment Research cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $101.25.
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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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