Primerica, Inc. (NYSE:PRI) Plans $0.65 Quarterly Dividend

Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Tuesday, November 7th, RTT News reports. Stockholders of record on Tuesday, November 21st will be paid a dividend of 0.65 per share by the financial services provider on Tuesday, December 12th. This represents a $2.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Monday, November 20th.

Primerica has raised its dividend payment by an average of 17.4% annually over the last three years and has increased its dividend every year for the last 14 years. Primerica has a dividend payout ratio of 14.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Primerica to earn $17.54 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 14.8%.

Primerica Stock Up 2.7 %

Shares of PRI opened at $209.56 on Friday. Primerica has a fifty-two week low of $135.00 and a fifty-two week high of $220.00. The firm’s 50 day moving average price is $200.51 and its 200 day moving average price is $198.41. The company has a market cap of $7.34 billion, a P/E ratio of 13.86 and a beta of 1.16.

Primerica (NYSE:PRI) last announced its earnings results on Tuesday, November 7th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.03 by $0.25. Primerica had a net margin of 19.94% and a return on equity of 28.00%. The firm had revenue of $710.90 million for the quarter, compared to the consensus estimate of $703.50 million. During the same period in the prior year, the firm earned $3.02 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts forecast that Primerica will post 16 earnings per share for the current year.

Insider Buying and Selling at Primerica

In other Primerica news, CFO Alison S. Rand sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $202.26, for a total value of $606,780.00. Following the sale, the chief financial officer now directly owns 9,444 shares of the company’s stock, valued at approximately $1,910,143.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Alison S. Rand sold 3,000 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $202.26, for a total value of $606,780.00. Following the transaction, the chief financial officer now directly owns 9,444 shares of the company’s stock, valued at approximately $1,910,143.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Peter W. Schneider sold 3,500 shares of the stock in a transaction on Monday, August 28th. The shares were sold at an average price of $201.43, for a total transaction of $705,005.00. Following the completion of the transaction, the president now directly owns 9,524 shares in the company, valued at $1,918,419.32. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its position in shares of Primerica by 2.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 2,281 shares of the financial services provider’s stock valued at $393,000 after buying an additional 59 shares during the last quarter. Creative Planning boosted its stake in Primerica by 1.4% during the 3rd quarter. Creative Planning now owns 4,349 shares of the financial services provider’s stock worth $844,000 after purchasing an additional 60 shares during the period. KB Financial Partners LLC boosted its stake in Primerica by 1.2% during the 2nd quarter. KB Financial Partners LLC now owns 5,026 shares of the financial services provider’s stock worth $994,000 after purchasing an additional 60 shares during the period. LPL Financial LLC boosted its stake in Primerica by 1.1% during the 1st quarter. LPL Financial LLC now owns 5,882 shares of the financial services provider’s stock worth $1,013,000 after purchasing an additional 66 shares during the period. Finally, Captrust Financial Advisors boosted its stake in Primerica by 3.2% during the 3rd quarter. Captrust Financial Advisors now owns 2,760 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 86 shares during the period. 90.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of Primerica from $190.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group cut their target price on shares of Primerica from $198.00 to $197.00 and set a “hold” rating on the stock in a research note on Thursday, September 14th. Truist Financial increased their price objective on shares of Primerica from $240.00 to $260.00 in a research report on Wednesday, August 9th. Finally, StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $219.20.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.