Primerica, Inc. (NYSE:PRI) Plans Quarterly Dividend of $1.04

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 given 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 yield of 1.49%. The ex-dividend date of this dividend 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. 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 %

Shares of PRI stock traded down $11.49 during trading hours on Wednesday, hitting $278.65. 251,359 shares of the company’s stock were exchanged, compared to its average volume of 142,416. The company has a market capitalization of $9.30 billion, a PE 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 business’s 50 day simple moving average is $283.06 and its 200-day simple moving average is $275.43.

Primerica (NYSE:PRI) last issued its earnings results 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 net margin of 14.95% and a return on equity of 30.93%. Equities analysts anticipate that Primerica will post 19.79 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. BMO Capital Markets assumed coverage on Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. TD Cowen upped their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods lowered 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. Seven research 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 company has a consensus rating of “Hold” and a consensus target price of $304.14.

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