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

Primerica, Inc. (NYSE:PRI) announced a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Shareholders 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 1.24%. 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 raised its dividend every year for the last 15 years. Primerica has a payout ratio of 17.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Primerica to earn $20.26 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 17.8%.

Primerica Price Performance

NYSE:PRI traded down $0.30 during mid-day trading on Thursday, reaching $290.70. The company’s stock had a trading volume of 132,177 shares, compared to its average volume of 154,752. The company’s fifty day simple moving average is $268.36 and its two-hundred day simple moving average is $247.42. Primerica has a twelve month low of $184.76 and a twelve month high of $295.67. The stock has a market cap of $9.83 billion, a P/E ratio of 23.29 and a beta of 1.08.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.24. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The firm had revenue of $803.38 million for the quarter, compared to analyst estimates of $748.88 million. During the same period last year, the company earned $3.99 EPS. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. Sell-side analysts expect that Primerica will post 18.13 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRI shares. TD Cowen started coverage on Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price objective on Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a report on Wednesday, July 17th. Piper Sandler began coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target for the company. Jefferies Financial Group boosted their price target on Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Finally, Morgan Stanley upped their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Primerica presently has a consensus rating of “Hold” and an average price target of $281.67.

Insider Activity

In other news, President Peter W. Schneider sold 1,500 shares of the company’s stock in a transaction on Monday, August 26th. The stock was 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the sale, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the sale, the president now directly owns 10,259 shares in the company, valued at $2,678,727.49. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock worth $1,657,015 over the last 90 days. 0.61% of the stock is currently owned by company insiders.

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.