Primerica, Inc. (NYSE:PRI) Declares Dividend Increase – $1.04 Per Share

Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Tuesday, February 11th,Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90.

Primerica has raised its dividend by an average of 20.6% per year over the last three years. Primerica has a dividend payout ratio of 15.7% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

PRI traded down $11.49 during trading on Wednesday, hitting $278.65. The company’s stock had a trading volume of 251,359 shares, compared to its average volume of 142,416. The firm’s 50 day moving average price is $283.06 and its 200-day moving average price is $275.43. The stock has a market cap of $9.30 billion, a PE ratio of 21.29 and a beta of 1.11. Primerica has a twelve month low of $184.76 and a twelve month high of $307.91.

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

Analyst Upgrades and Downgrades

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

Primerica announced that its board has approved a share repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Primerica Company Profile

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.