Bank of America Corp DE lowered its position in shares of Primerica, Inc. (NYSE:PRI) by 19.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 91,872 shares of the financial services provider’s stock after selling 21,986 shares during the period. Bank of America Corp DE’s holdings in Primerica were worth $9,151,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of PRI. Principal Financial Group Inc. grew its position in Primerica by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 196,452 shares of the financial services provider’s stock worth $18,977,000 after acquiring an additional 5,546 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Primerica during the 1st quarter worth $809,000. Northwestern Mutual Investment Management Company LLC grew its position in Primerica by 56.2% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 9,054 shares of the financial services provider’s stock worth $875,000 after acquiring an additional 3,259 shares during the last quarter. Blair William & Co. IL grew its position in Primerica by 8.4% during the 1st quarter. Blair William & Co. IL now owns 7,411 shares of the financial services provider’s stock worth $716,000 after acquiring an additional 576 shares during the last quarter. Finally, LPL Financial LLC bought a new stake in Primerica during the 1st quarter worth $392,000. Institutional investors and hedge funds own 88.78% of the company’s stock.
A number of equities research analysts have commented on the company. ValuEngine lowered Primerica from a “buy” rating to a “hold” rating in a research report on Friday, October 12th. Zacks Investment Research lowered Primerica from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 10th. SunTrust Banks upped their price target on Primerica to $118.00 and gave the company a “hold” rating in a research report on Monday, July 30th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $112.00 price target on shares of Primerica in a research report on Thursday, July 19th. Finally, Citigroup lowered Primerica from a “neutral” rating to a “sell” rating and upped their price target for the company from $100.00 to $108.00 in a research report on Tuesday, September 18th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock has an average rating of “Hold” and an average target price of $114.40.
NYSE PRI opened at $113.25 on Friday. Primerica, Inc. has a 12 month low of $85.07 and a 12 month high of $128.35. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of 20.66 and a beta of 1.13.
Primerica (NYSE:PRI) last released its quarterly earnings results on Tuesday, August 7th. The financial services provider reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.12. Primerica had a return on equity of 21.07% and a net margin of 21.55%. The firm had revenue of $467.82 million for the quarter, compared to analyst estimates of $466.82 million. During the same quarter in the previous year, the company posted $1.36 EPS. On average, equities research analysts expect that Primerica, Inc. will post 7.18 earnings per share for the current fiscal year.
In other Primerica news, insider William A. Kelly sold 856 shares of the company’s stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $109.93, for a total value of $94,100.08. Following the sale, the insider now owns 14,416 shares in the company, valued at approximately $1,584,750.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider William A. Kelly sold 1,250 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $118.23, for a total value of $147,787.50. The disclosure for this sale can be found here. Insiders sold a total of 15,962 shares of company stock worth $1,937,964 in the last quarter. Corporate insiders own 0.89% of the company’s stock.
Primerica, Inc, together with its subsidiaries, distributes financial products to middle income households in the United States and Canada. The company operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.
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