Globe Life Ramps Up Quarterly Dividend By 5.3%

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.

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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