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

Primerica, Inc. (NYSE:PRI) announced a quarterly dividend on Tuesday, May 7th, Wall Street Journal reports. Investors 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 annualized dividend and a yield of 1.37%. The ex-dividend date is Monday, May 20th.

Primerica has increased its dividend by an average of 17.6% per year over the last three years and has raised its dividend every year for the last 15 years. Primerica has a dividend payout ratio of 15.2% meaning its dividend is sufficiently covered by earnings. 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

NYSE PRI traded down $3.34 during trading on Tuesday, reaching $219.21. The company’s stock had a trading volume of 410,944 shares, compared to its average volume of 164,281. The business’s fifty day moving average price is $237.10 and its 200-day moving average price is $223.33. Primerica has a twelve month low of $176.81 and a twelve month high of $256.56. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of 13.47 and a beta of 1.10.

Primerica (NYSE:PRI) last issued its earnings results on Monday, May 6th. The financial services provider reported $3.91 EPS for the quarter, missing the consensus estimate of $4.12 by ($0.21). The company 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%. Primerica’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.49 earnings per share. As a group, sell-side analysts forecast that Primerica will post 17.78 EPS for the current fiscal year.

Insider Buying and Selling

In other Primerica news, COO Gregory C. Pitts sold 3,759 shares of the firm’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 sale, the chief operating officer now directly owns 3,379 shares of the company’s stock, valued at approximately $829,307.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Primerica news, insider Nicholas Adam Jendusa sold 234 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $249.81, for a total transaction of $58,455.54. Following the transaction, the insider now owns 100 shares of the company’s stock, valued at approximately $24,981. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Gregory C. Pitts sold 3,759 shares of Primerica stock in a transaction on Monday, March 11th. The shares were sold at an average price of $245.43, for a total value of $922,571.37. Following the completion of the sale, 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 worth $1,648,677. 0.61% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PRI shares. Raymond James downgraded shares of Primerica from a “strong-buy” rating to a “market perform” rating in a research report on Monday, February 12th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Thursday, March 7th. Truist Financial lifted their price target on Primerica from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, February 15th. Keefe, Bruyette & Woods raised 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. Finally, Morgan Stanley upped their price target on shares of Primerica from $245.00 to $250.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $245.50.

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.