Primerica, Inc. (NYSE:PRI) declared a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Stockholders of record on Wednesday, May 22nd will be given a dividend of 0.34 per share by the financial services provider on Friday, June 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Tuesday, May 21st.
Primerica has increased its dividend by an average of 16.0% annually over the last three years and has increased its dividend every year for the last 8 years. Primerica has a payout ratio of 18.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Primerica to earn $9.05 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 15.0%.
Shares of PRI stock traded down $1.27 on Friday, reaching $114.86. The stock had a trading volume of 159,600 shares, compared to its average volume of 198,643. The company has a market cap of $4.86 billion, a P/E ratio of 15.67 and a beta of 1.41. Primerica has a 1 year low of $90.28 and a 1 year high of $132.17. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.57 and a quick ratio of 0.57.
PRI has been the topic of several research analyst reports. Credit Suisse Group boosted their price objective on Primerica from $135.00 to $148.00 and gave the company an “outperform” rating in a research report on Monday, March 18th. Citigroup set a $108.00 price objective on Primerica and gave the company a “sell” rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $123.60.
Primerica declared that its board has authorized a stock buyback plan on Thursday, February 7th that authorizes the company to buyback $275.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 5.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In other Primerica news, CFO Alison S. Rand sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $119.69, for a total transaction of $239,380.00. Following the sale, the chief financial officer now directly owns 19,337 shares of the company’s stock, valued at $2,314,445.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Jr. Addison sold 3,249 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $122.85, for a total value of $399,139.65. Following the sale, the director now directly owns 20,359 shares in the company, valued at $2,501,103.15. The disclosure for this sale can be found here. Insiders sold 16,249 shares of company stock worth $1,993,410 over the last ninety days. Insiders own 0.84% of the company’s stock.
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 three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.
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