Primerica, Inc. (NYSE:PRI) Announces $0.75 Quarterly Dividend

Primerica, Inc. (NYSE:PRI) announced a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Stockholders of record on Tuesday, May 21st will be paid a dividend of 0.75 per share by the financial services provider on Wednesday, June 12th. This represents a $3.00 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Monday, May 20th.

Primerica has increased its dividend payment by an average of 17.6% annually over the last three years and has raised its dividend annually for the last 15 consecutive years. Primerica has a payout ratio of 15.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Primerica to earn $19.57 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 15.3%.

Primerica Stock Performance

Primerica stock traded up $0.79 during mid-day trading on Wednesday, reaching $220.00. 9,873 shares of the company were exchanged, compared to its average volume of 164,174. The firm has a market cap of $7.63 billion, a PE ratio of 13.86 and a beta of 1.10. The firm’s 50-day simple moving average is $236.60 and its two-hundred day simple moving average is $223.48. Primerica has a twelve month low of $176.81 and a twelve month high of $256.56.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Monday, May 6th. The financial services provider reported $3.91 EPS for the quarter, missing analysts’ consensus estimates of $4.12 by ($0.21). The firm had revenue of $742.83 million for the quarter, compared to analysts’ expectations of $740.57 million. Primerica had a return on equity of 27.83% and a net margin of 20.37%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.49 EPS. As a group, equities research analysts anticipate that Primerica will post 17.78 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on PRI. Morgan Stanley increased their price objective on Primerica from $245.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Truist Financial raised their price objective on shares of Primerica from $260.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Keefe, Bruyette & Woods increased their target price on shares of Primerica from $255.00 to $260.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Raymond James downgraded shares of Primerica from a “strong-buy” rating to a “market perform” rating in a report on Monday, February 12th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Primerica presently has a consensus rating of “Hold” and a consensus target price of $245.50.

Insider Activity at Primerica

In related news, President Peter W. Schneider sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $243.41, for a total transaction of $365,115.00. Following the transaction, the president now owns 13,259 shares of the company’s stock, valued at $3,227,373.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Primerica news, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $243.41, for a total value of $365,115.00. Following the sale, the president now directly owns 13,259 shares of the company’s stock, valued at approximately $3,227,373.19. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Gregory C. Pitts sold 3,759 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $245.43, for a total transaction of $922,571.37. Following the transaction, the chief operating officer now directly owns 3,379 shares of the company’s stock, valued at approximately $829,307.97. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,708 shares of company stock valued at $1,648,677. 0.61% of the stock is owned by 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.