Meadow Creek Investment Management LLC grew its position in Primerica, Inc. (NYSE:PRI) by 19.0% during the 4th quarter, HoldingsChannel reports. The firm owned 4,268 shares of the financial services provider’s stock after acquiring an additional 682 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Primerica were worth $433,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRI. Schroder Investment Management Group lifted its stake in shares of Primerica by 481.7% in the 4th quarter. Schroder Investment Management Group now owns 161,100 shares of the financial services provider’s stock valued at $16,360,000 after purchasing an additional 133,404 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of Primerica by 162.5% in the 4th quarter. Deutsche Bank AG now owns 189,987 shares of the financial services provider’s stock valued at $19,290,000 after purchasing an additional 117,616 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Primerica in the 4th quarter valued at about $5,972,000. Assenagon Asset Management S.A. acquired a new position in shares of Primerica in the 4th quarter valued at about $5,726,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Primerica in the 4th quarter valued at about $5,712,000. 91.47% of the stock is currently owned by institutional investors and hedge funds.
Primerica, Inc. (NYSE:PRI) opened at $95.85 on Monday. The company has a market capitalization of $4,247.31, a P/E ratio of 12.53, a P/E/G ratio of 1.32 and a beta of 1.14. Primerica, Inc. has a 52-week low of $70.00 and a 52-week high of $108.05.
Primerica announced that its board has initiated a stock repurchase program on Wednesday, February 7th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, March 16th. Investors of record on Thursday, February 15th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, February 14th. This is a positive change from Primerica’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.04%. Primerica’s payout ratio is 13.07%.
In related news, VP Alison S. Rand sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $102.49, for a total transaction of $1,024,900.00. Following the transaction, the vice president now directly owns 26,861 shares of the company’s stock, valued at approximately $2,752,983.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert F. Mccullough sold 500 shares of the business’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $95.90, for a total value of $47,950.00. Following the transaction, the director now directly owns 18,585 shares in the company, valued at $1,782,301.50. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock worth $1,770,883 over the last three months. 0.86% of the stock is currently owned by corporate insiders.
Several equities analysts have recently weighed in on the company. Zacks Investment Research lowered Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Wells Fargo set a $102.00 price target on Primerica and gave the stock a “hold” rating in a research report on Wednesday, February 7th. ValuEngine raised Primerica from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, SunTrust Banks boosted their price target on Primerica to $112.00 and gave the stock a “hold” rating in a research report on Monday, January 22nd. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $101.25.
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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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