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

Primerica, Inc. (NYSE:PRI) 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 annualized dividend and a yield of 1.20%. The ex-dividend date is Thursday, November 21st.

Primerica has increased its dividend by an average of 17.6% per year over the last three years and has increased its dividend every year for the last 15 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 Trading Up 0.7 %

Shares of PRI opened at $300.76 on Tuesday. Primerica has a 52 week low of $184.76 and a 52 week high of $304.84. The firm has a market cap of $10.04 billion, a price-to-earnings ratio of 22.98 and a beta of 1.08. The stock has a 50 day moving average of $273.65 and a 200-day moving average of $251.66.

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, topping 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 period last year, the business posted $4.28 earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts predict that Primerica will post 19.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Primerica declared that its board has approved a stock buyback plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the transaction, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This trade represents a 12.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,500 shares of company stock valued at $1,803,175. 0.61% of the stock is owned by corporate 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.