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

Primerica, Inc. (NYSE:PRI) announced 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 yield of 1.47%. The ex-dividend date is Friday, February 21st. This is an increase from Primerica’s previous quarterly dividend of $0.90.

Primerica has increased its dividend by an average of 20.6% per year over the last three years. Primerica has a payout ratio of 18.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Primerica to earn $22.63 per share next year, which means the company should continue to be able to cover its $4.16 annual dividend with an expected future payout ratio of 18.4%.

Primerica Price Performance

PRI opened at $282.30 on Wednesday. The firm has a market capitalization of $9.42 billion, a PE ratio of 20.53 and a beta of 1.11. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The company’s 50-day moving average is $282.05 and its 200 day moving average is $276.28.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. As a group, analysts expect that Primerica will post 20.53 EPS for the current year.

Analyst Upgrades and Downgrades

PRI has been the subject of several analyst reports. Piper Sandler lowered 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. Truist Financial increased 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. Keefe, Bruyette & Woods lifted their target price on shares of Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research report on Tuesday. BMO Capital Markets assumed coverage on Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price for the company. Finally, StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $311.14.

Primerica declared that its board has initiated a share buyback program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors 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.