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 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 a boost from Primerica’s previous quarterly dividend of $0.90.

Primerica has increased its dividend payment 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

Shares of NYSE:PRI opened at $278.65 on Thursday. Primerica has a 1 year low of $184.76 and a 1 year high of $307.91. The firm has a market capitalization of $9.30 billion, a PE ratio of 21.29 and a beta of 1.11. The business’s 50 day moving average price is $283.06 and its 200-day moving average price is $275.43.

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

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

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods cut 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. Piper Sandler dropped their target price 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. 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. Truist Financial lifted their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently 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.