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

Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Shareholders of record on Tuesday, May 21st will be given a dividend of 0.75 per share by the financial services provider on Wednesday, June 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date is Monday, May 20th.

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 15.2% indicating that 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 Price Performance

NYSE PRI traded down $0.46 during trading hours on Wednesday, reaching $218.75. 18,471 shares of the company’s stock traded hands, compared to its average volume of 164,295. The firm has a market cap of $7.59 billion, a PE ratio of 13.78 and a beta of 1.10. Primerica has a 52-week low of $176.81 and a 52-week high of $256.56. The firm has a 50-day simple moving average of $236.60 and a 200 day simple moving average of $223.48.

Primerica (NYSE:PRI) last released its earnings results 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 company had revenue of $742.83 million during 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 company’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $3.49 earnings per share. Sell-side analysts forecast that Primerica will post 17.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Primerica

In other Primerica news, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $243.41, for a total transaction of $365,115.00. Following the completion of the transaction, the president now owns 13,259 shares in the company, valued at $3,227,373.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction on Friday, March 15th. The stock was sold at an average price of $243.41, for a total transaction of $365,115.00. Following the completion of the sale, the president now directly owns 13,259 shares in the company, valued at $3,227,373.19. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicholas Adam Jendusa sold 234 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $249.81, for a total transaction of $58,455.54. Following the completion of the transaction, the insider now owns 100 shares in the company, valued at $24,981. The disclosure for this sale can be found here. Insiders have sold a total of 6,708 shares of company stock valued at $1,648,677 over the last 90 days. 0.61% of the stock is owned by corporate 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.