Globe Life Inc. increased its quarterly cash dividend by 5.3% to $0.1975 per share. Prior to this, the life insurance company raised its dividend payout by 9% to $0.1875 in March 2020.
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Globe Life (GL) announced that the new dividend will be paid on April 30 to shareholders of record as of April 5.
The company’s annual dividend of $0.79 per share now reflects a dividend yield of 0.8%.
Last month, Globe Life reported 4Q results. The company’s 4Q earnings rose 2% year-over-year to $1.74 per share and outpaced Street estimates of $1.72. Revenues came in at $1.23 billion, up 7.9% and topped analysts’ expectations of $1.2 billion. Life premiums increased 10% at the American Income Life division, while advanced 7% at the Direct to Consumer division. (See Globe Life stock analysis on TipRanks)
On Feb. 25, Morgan Stanley analyst Nigel Dally increased the stock’s price target to $95 (3.5% downside potential) from $93 and maintained a Sell rating.
The rest of the Street is sidelined on the stock with a Hold consensus rating based on 1 Buy, 1 Hold, and 1 Sell. The average analyst price target of $93.67 implies around 4.9% downside potential to current levels. Shares have increased 24.6% over the last six months.
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