Primerica, Inc. (PRI) to Issue Quarterly Dividend of $0.90 on December 12th

Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Investors of record on Thursday, November 21st will be given a dividend of 0.90 per share by the financial services provider on Thursday, December 12th. This represents a $3.60 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Thursday, November 21st.

Primerica has increased its dividend payment by an average of 17.6% per year over the last three years and has increased its dividend annually for the last 15 consecutive years. Primerica has a dividend payout ratio of 17.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Primerica to earn $20.63 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 17.5%.

Primerica Stock Performance

Primerica stock opened at $300.76 on Tuesday. Primerica has a 1 year low of $184.76 and a 1 year high of $304.84. The firm has a 50 day moving average price of $273.65 and a 200 day moving average price of $251.66. The company has a market cap of $10.04 billion, a price-to-earnings ratio of 22.98 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. The company had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $4.28 EPS. Sell-side analysts predict that Primerica will post 19.12 EPS for the current year.

Wall Street Analysts Forecast Growth

PRI has been the topic of several research analyst reports. Morgan Stanley lifted their price objective on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Piper Sandler started coverage on shares of Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. TD Cowen assumed coverage on shares of Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price on the stock. Truist Financial lifted their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Thursday, November 14th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $288.33.

Insider Activity

In other Primerica news, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the sale, the president now directly owns 10,259 shares in the company, valued at $2,678,727.49. The trade was a 12.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,500 shares of company stock worth $1,803,175. 0.61% of the stock is currently owned by company insiders.

Primerica announced that its Board of Directors has approved a stock buyback program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services 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.