Primerica, Inc. (PRI) to Issue Quarterly Dividend of $0.90 on September 12th

Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Wednesday, August 7th, RTT News reports. Investors of record on Wednesday, August 21st will be given a dividend of 0.90 per share by the financial services provider on Thursday, September 12th. This represents a $3.60 annualized dividend and a yield of 1.40%. The ex-dividend date is Wednesday, August 21st. This is an increase from Primerica’s previous quarterly dividend of $0.75.

Primerica has increased its dividend by an average of 17.6% per year over the last three years and has increased its dividend annually for the last 15 consecutive years. Primerica has a payout ratio of 18.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Primerica to earn $19.96 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 18.0%.

Primerica Price Performance

NYSE PRI opened at $257.66 on Monday. The company’s fifty day moving average is $241.74 and its two-hundred day moving average is $237.16. Primerica has a 52-week low of $184.76 and a 52-week high of $260.41. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of 15.68 and a beta of 1.09.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.24. The business had revenue of $803.38 million for 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 firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the business earned $3.99 earnings per share. As a group, sell-side analysts expect that Primerica will post 17.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PRI has been the topic of a number of research reports. Truist Financial boosted their price objective on Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods increased their price objective on shares of Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group lifted their target price on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. Morgan Stanley dropped their price target on shares of Primerica from $245.00 to $243.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Finally, StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $266.75.

Insider Activity at Primerica

In other news, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $227.44, for a total transaction of $341,160.00. Following the completion of the sale, the president now owns 11,759 shares of the company’s stock, valued at $2,674,466.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $222.76, for a total value of $668,280.00. Following the completion of the transaction, the chief executive officer now directly owns 48,322 shares of the company’s stock, valued at $10,764,208.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Peter W. Schneider sold 1,500 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $227.44, for a total transaction of $341,160.00. Following the sale, the president now directly owns 11,759 shares in the company, valued at approximately $2,674,466.96. The disclosure for this sale can be found here. Insiders sold 7,500 shares of company stock valued at $1,767,090 in the last ninety days. Insiders own 0.85% of the company’s stock.

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.