Shell Asset Management Co. Sells 78 Shares of Primerica, Inc. (NYSE:PRI)

Shell Asset Management Co. lowered its holdings in Primerica, Inc. (NYSE:PRIFree Report) by 1.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,491 shares of the financial services provider’s stock after selling 78 shares during the quarter. Shell Asset Management Co.’s holdings in Primerica were worth $871,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Primerica by 0.6% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,907,117 shares of the financial services provider’s stock worth $672,962,000 after acquiring an additional 24,125 shares during the period. BlackRock Inc. grew its position in Primerica by 0.4% during the first quarter. BlackRock Inc. now owns 3,277,573 shares of the financial services provider’s stock valued at $564,529,000 after buying an additional 12,990 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in Primerica during the fourth quarter valued at $210,472,000. Burgundy Asset Management Ltd. grew its position in Primerica by 2.9% during the second quarter. Burgundy Asset Management Ltd. now owns 1,283,778 shares of the financial services provider’s stock valued at $253,880,000 after buying an additional 36,193 shares during the period. Finally, State Street Corp grew its position in Primerica by 0.6% during the second quarter. State Street Corp now owns 1,112,658 shares of the financial services provider’s stock valued at $133,174,000 after buying an additional 6,390 shares during the period. Institutional investors and hedge funds own 90.56% of the company’s stock.

Primerica Stock Up 2.8 %

Shares of NYSE PRI opened at $242.47 on Friday. The company’s 50-day simple moving average is $217.01 and its 200-day simple moving average is $208.46. Primerica, Inc. has a 52-week low of $155.68 and a 52-week high of $242.52. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 16.04 and a beta of 1.07.

Primerica (NYSE:PRIGet Free Report) last announced its earnings results on Tuesday, November 7th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.03 by $0.25. Primerica had a net margin of 19.94% and a return on equity of 28.00%. The business had revenue of $710.90 million for the quarter, compared to analyst estimates of $703.50 million. During the same quarter last year, the business earned $3.02 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Primerica, Inc. will post 16.06 EPS for the current fiscal year.

Primerica Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Wednesday, February 21st will be given a $0.75 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.65. This represents a $3.00 annualized dividend and a dividend yield of 1.24%. Primerica’s dividend payout ratio (DPR) is 17.20%.

Primerica declared that its board has authorized a stock buyback program on Thursday, November 16th that allows the company to repurchase $425.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently commented on the stock. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. Morgan Stanley raised their price target on shares of Primerica from $190.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 15th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Primerica has an average rating of “Moderate Buy” and an average price target of $219.20.

Read Our Latest Stock Report on PRI

Insider Activity

In other news, CFO Alison S. Rand sold 3,000 shares of Primerica stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $210.07, for a total value of $630,210.00. Following the sale, the chief financial officer now owns 6,444 shares in the company, valued at $1,353,691.08. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.85% of the company’s stock.

About Primerica

(Free Report)

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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Institutional Ownership by Quarter for Primerica (NYSE:PRI)

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