Primerica, Inc. (NYSE:PRI) to Issue Dividend Increase – $0.20 Per Share
Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Monday, August 7th, RTT News reports. Investors of record on Friday, August 18th will be paid a dividend of 0.20 per share by the financial services provider on Friday, September 15th. This represents a $0.80 annualized dividend and a yield of 0.98%. This is a positive change from Primerica’s previous quarterly dividend of $0.19.
Primerica has increased its dividend payment by an average of 16.7% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Primerica has a payout ratio of 14.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Primerica to earn $5.91 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 12.9%.
Shares of Primerica (PRI) traded down 0.36% on Monday, reaching $81.90. 155,843 shares of the company traded hands. The company has a market capitalization of $3.73 billion, a P/E ratio of 17.12 and a beta of 1.14. The firm’s 50 day moving average is $77.33 and its 200 day moving average is $78.73. Primerica has a one year low of $50.96 and a one year high of $86.45.
Primerica (NYSE:PRI) last released its earnings results on Tuesday, May 9th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.15 by $0.04. Primerica had a net margin of 14.49% and a return on equity of 18.22%. The business had revenue of $405.20 million during the quarter, compared to the consensus estimate of $401.58 million. During the same quarter in the prior year, the firm earned $0.93 EPS. The business’s revenue was up 11.7% on a year-over-year basis. Analysts expect that Primerica will post $5.23 earnings per share for the current fiscal year.
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Several analysts have recently weighed in on PRI shares. Wells Fargo & Company cut Primerica from an “outperform” rating to a “market perform” rating in a report on Thursday, April 20th. Zacks Investment Research cut Primerica from a “buy” rating to a “hold” rating in a report on Friday, May 12th. William Blair cut Primerica from an “outperform” rating to a “market perform” rating in a report on Friday, April 21st. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated a “hold” rating and set a $83.00 price target on shares of Primerica in a report on Friday, June 23rd. Finally, BidaskClub upgraded Primerica from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Six analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Primerica currently has an average rating of “Hold” and an average price target of $78.20.
In other news, VP Alison S. Rand sold 2,000 shares of the business’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $71.55, for a total transaction of $143,100.00. Following the sale, the vice president now directly owns 37,385 shares in the company, valued at $2,674,896.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.24% of the company’s stock.
Primerica Inc (Primerica) is a distributor of financial products to middle-income households in the United States and Canada. The Company operates through three segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries.
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