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

Primerica, Inc. (NYSE:PRI) announced a quarterly dividend on Wednesday, February 12th,Wall Street Journal reports. Investors 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 dividend yield of 1.49%. The ex-dividend date is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90.

Primerica has raised its dividend payment by an average of 20.6% annually over the last three years. Primerica has a dividend payout ratio of 15.7% meaning its dividend is sufficiently covered by earnings. Research 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 %

PRI traded down $11.49 during trading on Wednesday, hitting $278.65. 251,359 shares of the company’s stock traded hands, compared to its average volume of 142,416. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of 21.29 and a beta of 1.11. The company’s 50 day simple moving average is $283.06 and its two-hundred day simple moving average is $275.43. Primerica has a 12-month low of $184.76 and a 12-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, 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%. On average, equities analysts expect that Primerica will post 19.79 EPS for the current year.

Primerica announced that its Board of Directors has initiated a share repurchase plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on PRI. Piper Sandler decreased their price objective on shares of 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. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. 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 report on Friday, January 10th. Finally, TD Cowen raised their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $304.14.

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.