Primerica, Inc. (NYSE:PRI) Announces $0.55 Quarterly Dividend

Primerica, Inc. (NYSE:PRIGet Rating) announced a quarterly dividend on Thursday, May 5th, Zacks reports. Investors of record on Friday, May 20th will be given a dividend of 0.55 per share by the financial services provider on Tuesday, June 14th. This represents a $2.20 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, May 19th.

Primerica has raised its dividend payment by an average of 23.4% per year over the last three years and has raised its dividend every year for the last 13 years. Primerica has a dividend payout ratio of 15.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Primerica to earn $14.54 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 15.1%.

Shares of Primerica stock opened at $115.93 on Friday. The company has a market capitalization of $4.51 billion, a PE ratio of 12.92 and a beta of 1.35. The company has a 50-day simple moving average of $131.92 and a two-hundred day simple moving average of $146.27. Primerica has a one year low of $114.40 and a one year high of $179.51.

Primerica (NYSE:PRIGet Rating) last announced its earnings results on Thursday, May 5th. The financial services provider reported $2.11 EPS for the quarter, missing analysts’ consensus estimates of $2.73 by ($0.62). The firm had revenue of $691.30 million during the quarter, compared to the consensus estimate of $731.25 million. Primerica had a return on equity of 22.89% and a net margin of 13.78%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.44 earnings per share. On average, equities research analysts predict that Primerica will post 12.94 EPS for the current year.

In related news, President Peter W. Schneider sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $130.49, for a total value of $456,715.00. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.85% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. MML Investors Services LLC purchased a new stake in Primerica in the fourth quarter valued at approximately $203,000. Virtu Financial LLC purchased a new stake in Primerica in the fourth quarter valued at approximately $239,000. Kingsview Wealth Management LLC acquired a new position in Primerica in the fourth quarter valued at approximately $312,000. Allianz Asset Management GmbH boosted its position in Primerica by 2.4% in the 4th quarter. Allianz Asset Management GmbH now owns 4,290 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 100 shares in the last quarter. Finally, LPL Financial LLC grew its stake in shares of Primerica by 31.2% during the 3rd quarter. LPL Financial LLC now owns 4,469 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 1,063 shares during the period. Hedge funds and other institutional investors own 90.90% of the company’s stock.

PRI has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Primerica in a report on Tuesday, January 25th. They issued a “hold” rating and a $160.00 target price for the company. Truist Financial dropped their price target on Primerica from $197.00 to $187.00 in a research note on Wednesday, February 16th. Zacks Investment Research upgraded Primerica from a “sell” rating to a “hold” rating in a research note on Tuesday, April 12th. William Blair restated an “outperform” rating on shares of Primerica in a research note on Tuesday, February 15th. Finally, Morgan Stanley dropped their price target on Primerica from $159.00 to $157.00 and set an “overweight” rating on the stock in a research note on Friday, April 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $167.29.

Primerica declared that its Board of Directors has approved a share buyback program on Monday, February 14th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Primerica Company Profile (Get Rating)

Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.

Further Reading

Dividend History for Primerica (NYSE:PRI)

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