Baird Financial Group Inc. raised its stake in shares of Primerica, Inc. (NYSE:PRI – Get Rating) by 16.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,455 shares of the financial services provider’s stock after purchasing an additional 636 shares during the period. Baird Financial Group Inc.’s holdings in Primerica were worth $533,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in PRI. Signaturefd LLC boosted its stake in Primerica by 84.2% during the 1st quarter. Signaturefd LLC now owns 420 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 192 shares during the last quarter. National Asset Management Inc. acquired a new position in Primerica during the 1st quarter valued at about $271,000. State of New Jersey Common Pension Fund D boosted its stake in Primerica by 10.3% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 23,454 shares of the financial services provider’s stock valued at $3,209,000 after purchasing an additional 2,190 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Primerica by 0.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 53,233 shares of the financial services provider’s stock valued at $7,283,000 after purchasing an additional 459 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in Primerica by 4.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 2,593 shares of the financial services provider’s stock valued at $354,000 after purchasing an additional 121 shares during the last quarter. Institutional investors and hedge funds own 91.10% of the company’s stock.
Insider Activity at Primerica
In related news, CFO Alison S. Rand sold 1,500 shares of Primerica stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $127.40, for a total value of $191,100.00. Following the completion of the transaction, the chief financial officer now directly owns 12,433 shares in the company, valued at approximately $1,583,964.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.85% of the stock is owned by company insiders.
Analyst Ratings Changes
Primerica Trading Up 3.9 %
NYSE:PRI opened at $143.18 on Monday. The stock has a market capitalization of $5.28 billion, a PE ratio of 20.19 and a beta of 1.24. The firm’s 50 day moving average is $133.91 and its 200 day moving average is $127.49. Primerica, Inc. has a 12 month low of $110.22 and a 12 month high of $159.47.
Primerica (NYSE:PRI – Get Rating) last posted its quarterly earnings results on Tuesday, November 8th. The financial services provider reported $3.02 EPS for the quarter, topping analysts’ consensus estimates of $2.94 by $0.08. Primerica had a net margin of 10.01% and a return on equity of 22.96%. The company had revenue of $673.29 million for the quarter, compared to analysts’ expectations of $675.99 million. During the same quarter in the previous year, the firm posted $2.98 EPS. Primerica’s revenue was down 2.9% on a year-over-year basis. Research analysts predict that Primerica, Inc. will post 10.99 earnings per share for the current year.
Primerica declared that its board has authorized a share repurchase plan on Thursday, August 11th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
Primerica Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 14th. Investors of record on Tuesday, November 22nd will be paid a $0.55 dividend. The ex-dividend date is Monday, November 21st. This represents a $2.20 dividend on an annualized basis and a yield of 1.54%. Primerica’s dividend payout ratio is 31.03%.
Primerica, Inc, together with its subsidiaries, provides financial products to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products. The Term Life Insurance segment underwrites individual term life insurance products.
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