Primerica, Inc. (PRI) to Issue Quarterly Dividend of $1.04 on March 14th

Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Tuesday, February 11th,Wall Street Journal reports. Stockholders of record on Friday, February 21st will be paid a dividend of 1.04 per share by the financial services provider on Friday, March 14th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Friday, February 21st. This is an increase from Primerica’s previous quarterly dividend of $0.90.

Primerica has increased its dividend payment by an average of 20.6% annually over the last three years. Primerica has a dividend payout ratio of 15.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Primerica to earn $20.45 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 17.6%.

Primerica Trading Down 4.0 %

NYSE:PRI opened at $278.65 on Thursday. The company has a market capitalization of $9.30 billion, a P/E ratio of 21.29 and a beta of 1.11. Primerica has a 12 month low of $184.76 and a 12 month high of $307.91. The firm has a fifty day simple moving average of $283.06 and a 200-day simple moving average of $275.43.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Equities analysts forecast that Primerica will post 19.79 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on PRI. Truist Financial lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler decreased their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. BMO Capital Markets started coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Keefe, Bruyette & Woods reduced their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Finally, TD Cowen upped their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $304.14.

Primerica declared that its Board of Directors has authorized a stock buyback program on Thursday, November 14th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.