Primerica, Inc. (NYSE:PRI – Get Rating) announced a quarterly dividend on Monday, August 8th, RTT News reports. Shareholders of record on Monday, August 22nd will be given a dividend of 0.55 per share by the financial services provider on Wednesday, September 14th. This represents a $2.20 annualized dividend and a yield of 1.70%.
Primerica has increased its dividend payment by an average of 23.4% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Primerica has a payout ratio of 15.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Primerica to earn $13.63 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 16.1%.
Get Primerica alerts:Primerica Stock Up 0.4 %
NYSE:PRI traded up $0.46 during mid-day trading on Monday, hitting $129.06. 171,374 shares of the company traded hands, compared to its average volume of 175,959. The stock's fifty day moving average price is $121.79 and its 200-day moving average price is $129.86. Primerica has a one year low of $110.22 and a one year high of $179.51. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of 14.50 and a beta of 1.29.
Primerica (NYSE:PRI – Get Rating) last released its quarterly earnings results on Thursday, May 5th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.68). The company had revenue of $691.30 million for the quarter, compared to the consensus estimate of $731.25 million. Primerica had a net margin of 12.92% and a return on equity of 22.07%. The business's revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 EPS. Equities analysts predict that Primerica will post 11.63 EPS for the current year.Insider Activity at Primerica
In related news, CEO Glenn J. Williams sold 4,000 shares of the firm's stock in a transaction on Friday, May 20th. The shares were sold at an average price of $119.32, for a total value of $477,280.00. Following the completion of the transaction, the chief executive officer now directly owns 62,215 shares of the company's stock, valued at $7,423,493.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.85% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of PRI. Royal London Asset Management Ltd. boosted its stake in Primerica by 52.8% during the first quarter. Royal London Asset Management Ltd. now owns 232,091 shares of the financial services provider's stock worth $31,748,000 after buying an additional 80,152 shares during the period. State Street Corp boosted its stake in Primerica by 5.7% during the first quarter. State Street Corp now owns 1,106,268 shares of the financial services provider's stock worth $151,360,000 after buying an additional 59,671 shares during the period. First Trust Advisors LP boosted its stake in Primerica by 234.8% during the first quarter. First Trust Advisors LP now owns 41,514 shares of the financial services provider's stock worth $5,680,000 after buying an additional 29,115 shares during the period. SVB Wealth LLC boosted its stake in Primerica by 14.3% during the first quarter. SVB Wealth LLC now owns 154,731 shares of the financial services provider's stock worth $21,170,000 after buying an additional 19,359 shares during the period. Finally, Invesco Ltd. boosted its stake in Primerica by 7.7% during the first quarter. Invesco Ltd. now owns 215,859 shares of the financial services provider's stock worth $29,533,000 after buying an additional 15,425 shares during the period. 90.90% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on PRI. Morgan Stanley cut their price objective on shares of Primerica from $148.00 to $132.00 and set an "equal weight" rating for the company in a report on Wednesday, July 6th. Truist Financial reduced their price objective on shares of Primerica from $163.00 to $150.00 and set a "buy" rating on the stock in a research report on Friday, July 1st. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $158.40.
About Primerica
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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.
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