Morgan Stanley lowered its position in shares of Primerica, Inc. (NYSE:PRI) by 23.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 124,580 shares of the financial services provider’s stock after selling 37,718 shares during the period. Morgan Stanley’s holdings in Primerica were worth $15,017,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. James Investment Research Inc. purchased a new position in Primerica during the third quarter valued at approximately $2,188,000. Ontario Teachers Pension Plan Board purchased a new position in Primerica during the third quarter valued at approximately $3,596,000. Wells Fargo & Company MN grew its stake in Primerica by 0.3% during the third quarter. Wells Fargo & Company MN now owns 835,985 shares of the financial services provider’s stock valued at $100,778,000 after acquiring an additional 2,191 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Primerica by 107.2% during the second quarter. Public Employees Retirement System of Ohio now owns 8,502 shares of the financial services provider’s stock valued at $847,000 after acquiring an additional 4,398 shares in the last quarter. Finally, MetLife Investment Advisors LLC grew its stake in Primerica by 17.4% during the third quarter. MetLife Investment Advisors LLC now owns 55,771 shares of the financial services provider’s stock valued at $6,723,000 after acquiring an additional 8,246 shares in the last quarter. 89.43% of the stock is owned by institutional investors.
PRI has been the subject of a number of research reports. Zacks Investment Research raised shares of Primerica from a “hold” rating to a “buy” rating and set a $132.00 price target for the company in a research note on Wednesday, November 14th. Credit Suisse Group initiated coverage on shares of Primerica in a research note on Friday, January 18th. They issued an “outperform” rating and a $135.00 price target for the company. Finally, ValuEngine cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $117.83.
PRI stock opened at $109.15 on Thursday. Primerica, Inc. has a one year low of $90.05 and a one year high of $128.35. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 19.77 and a beta of 1.34.
Primerica (NYSE:PRI) last released its quarterly earnings results on Tuesday, November 6th. The financial services provider reported $1.93 EPS for the quarter, topping the Zacks’ consensus estimate of $1.86 by $0.07. Primerica had a net margin of 21.88% and a return on equity of 21.72%. The business had revenue of $484.78 million during the quarter, compared to analysts’ expectations of $478.87 million. During the same quarter in the previous year, the company earned $1.46 EPS. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. As a group, sell-side analysts expect that Primerica, Inc. will post 7.22 earnings per share for the current year.
In other Primerica news, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $119.80, for a total value of $239,600.00. Following the completion of the transaction, the president now owns 28,647 shares of the company’s stock, valued at approximately $3,431,910.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $116.21, for a total transaction of $348,630.00. Following the completion of the transaction, the chief executive officer now directly owns 65,287 shares of the company’s stock, valued at approximately $7,587,002.27. The disclosure for this sale can be found here. In the last three months, insiders acquired 323 shares of company stock valued at $20,898 and sold 7,000 shares valued at $814,290. 0.89% of the stock is owned by insiders.
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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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