Primerica, Inc. (NYSE:PRI) Announces Quarterly Dividend of $0.90

by · The Cerbat Gem

Primerica, Inc. (NYSE:PRI – Get Free Report) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Investors of record on Thursday, November 21st will be paid a dividend of 0.90 per share by the financial services provider on Thursday, December 12th. This represents a $3.60 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st.

Primerica has increased its dividend by an average of 17.6% annually 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% meaning its dividend is sufficiently covered by earnings. Equities 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

NYSE PRI opened at $297.96 on Wednesday. Primerica has a one year low of $184.76 and a one year high of $304.84. The firm has a market cap of $9.94 billion, a PE ratio of 22.76 and a beta of 1.08. The firm’s fifty day moving average is $275.46 and its two-hundred day moving average is $252.80.

Primerica (NYSE:PRI – Get Free Report) last issued its quarterly earnings results 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. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the previous year, the firm posted $4.28 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Research analysts predict that Primerica will post 19.12 earnings per share for the current year.

Primerica declared that its Board of Directors has approved a share 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 buy up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the sale, the president now owns 10,259 shares in the company, valued at $2,678,727.49. This represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,500 shares of company stock valued at $1,803,175. Insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research note on Thursday, November 14th. Morgan Stanley increased their price target on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. TD Cowen assumed coverage on shares of Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective on the stock. Truist Financial increased 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, Piper Sandler began coverage on shares of Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $288.33.

View Our Latest Analysis on Primerica

Primerica Company Profile

(Get Free Report)

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.

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