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

Primerica, Inc. (NYSE:PRI) announced a quarterly dividend on Thursday, November 7th,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 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date is Thursday, November 21st.

Primerica has raised its dividend payment 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 Stock Performance

Shares of NYSE PRI traded down $0.30 during trading on Thursday, hitting $290.70. 132,177 shares of the company were exchanged, compared to its average volume of 154,752. The firm has a market capitalization of $9.83 billion, a PE ratio of 23.29 and a beta of 1.08. Primerica has a 12-month low of $184.76 and a 12-month high of $295.67. The company has a fifty day moving average price of $268.36 and a 200-day moving average price of $247.42.

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

Wall Street Analyst Weigh In

Several brokerages have commented on PRI. Truist Financial increased their price target on shares of Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Morgan Stanley increased their price objective on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Keefe, Bruyette & Woods increased their price objective on Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a report on Wednesday, July 17th. Jefferies Financial Group increased their price objective on Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Finally, StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Monday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $281.67.

Insider Buying and Selling at Primerica

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the sale, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares in the company, valued at $3,846,081.35. This trade 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 the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the firm’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 transaction, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,500 shares of company stock valued at $1,657,015. 0.61% of the stock is owned by company insiders.

About Primerica

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.