TIAA CREF Investment Management LLC cut its position in shares of Primerica, Inc. (NYSE:PRI) by 9.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,659 shares of the financial services provider’s stock after selling 10,809 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.25% of Primerica worth $11,136,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Parametrica Management Ltd purchased a new position in Primerica during the fourth quarter worth about $203,000. Magnetar Financial LLC purchased a new position in Primerica during the third quarter worth about $204,000. Jane Street Group LLC purchased a new position in Primerica during the third quarter worth about $215,000. Raymond James Financial Services Advisors Inc. purchased a new position in Primerica during the fourth quarter worth about $234,000. Finally, Amundi Pioneer Asset Management Inc. purchased a new position in Primerica during the fourth quarter worth about $242,000. 91.47% of the stock is currently owned by institutional investors.
Shares of PRI opened at $96.80 on Friday. Primerica, Inc. has a 1-year low of $70.00 and a 1-year high of $108.05. The stock has a market cap of $4,260.56, a price-to-earnings ratio of 17.54, a P/E/G ratio of 1.33 and a beta of 1.13.
The business also recently declared a quarterly dividend, which was paid on Friday, March 16th. Shareholders 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 boost from Primerica’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.03%. Primerica’s dividend payout ratio (DPR) is currently 18.12%.
Primerica declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 7th that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have commented on the stock. Zacks Investment Research downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Wells Fargo set a $102.00 target price on shares of Primerica and gave the stock 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. Finally, SunTrust Banks lifted their price target on shares of Primerica to $112.00 and gave the company a “hold” rating in a research report on Monday, January 22nd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $101.25.
In other Primerica news, CFO Alison S. Rand sold 2,000 shares of Primerica stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $100.95, for a total transaction of $201,900.00. Following the completion of the sale, the chief financial officer now directly owns 31,385 shares in the company, valued at $3,168,315.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Alison S. Rand sold 10,000 shares of Primerica stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $102.49, for a total transaction of $1,024,900.00. Following the sale, the vice president now owns 26,861 shares of the company’s stock, valued at $2,752,983.89. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,482 shares of company stock valued at $1,770,883. Company insiders own 0.86% of the company’s stock.
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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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