Principal Financial Group Inc. boosted its stake in shares of Primerica Inc. (NYSE:PRI) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 357,972 shares of the company’s stock after buying an additional 3,038 shares during the period. Principal Financial Group Inc. owned 0.76% of Primerica worth $20,491,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. LS Investment Advisors LLC raised its position in shares of Primerica by 72.9% in the second quarter. LS Investment Advisors LLC now owns 2,853 shares of the company’s stock valued at $163,000 after buying an additional 1,203 shares in the last quarter. Huntington National Bank raised its position in shares of Primerica by 4.2% in the second quarter. Huntington National Bank now owns 2,969 shares of the company’s stock valued at $170,000 after buying an additional 119 shares in the last quarter. Calvert Investment Management Inc. purchased a new position in shares of Primerica during the second quarter valued at approximately $200,000. M&T Bank Corp raised its position in shares of Primerica by 5.7% in the first quarter. M&T Bank Corp now owns 4,613 shares of the company’s stock valued at $205,000 after buying an additional 247 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of Primerica during the second quarter valued at approximately $207,000.
Primerica Inc. (NYSE:PRI) opened at 53.03 on Friday. Primerica Inc. has a 1-year low of $37.09 and a 1-year high of $59.34. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 12.94 and a beta of 0.80. The firm has a 50-day moving average price of $56.03 and a 200 day moving average price of $52.80.
Primerica (NYSE:PRI) last posted its quarterly earnings results on Monday, August 8th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.13. Primerica had a return on equity of 17.32% and a net margin of 13.90%. The firm earned $379.24 million during the quarter, compared to the consensus estimate of $370.76 million. During the same quarter in the previous year, the business earned $0.93 earnings per share. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts anticipate that Primerica Inc. will post $4.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, August 24th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Monday, August 22nd. This is an increase from Primerica’s previous quarterly dividend of $0.17. Primerica’s payout ratio is 17.56%.
PRI has been the topic of several research reports. Zacks Investment Research upgraded Primerica from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, July 12th. Wells Fargo & Co. initiated coverage on Primerica in a research note on Thursday, September 22nd. They issued a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods lowered 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 research note on Tuesday, July 12th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Primerica presently has an average rating of “Buy” and an average price target of $61.50.
In other Primerica news, insider William A. Kelly sold 1,500 shares of the business’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $52.93, for a total transaction of $79,395.00. Following the completion of the sale, the insider now owns 26,630 shares of the company’s stock, valued at $1,409,525.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joel M. Babbit sold 1,406 shares of the business’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $57.31, for a total value of $80,577.86. Following the sale, the director now directly owns 1,915 shares of the company’s stock, valued at approximately $109,748.65. The disclosure for this sale can be found here. Company insiders own 1.24% of the company’s stock.
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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