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Raymond James foresees another special dividend at FBL Financial

Raymond James upgraded FBL Financial Group Inc. after the company posted earnings that exceeded analyst C. Gregory Peters' expectations.

While second-quarter results included 10 cents per share of nonrecurring earnings, Peters sees underlying numbers as reflecting a relatively stable and profitable business. He expects the company to declare another special dividend of $1.50 per share or more in the second half of the year and raised his investment opinion to "market perform" from "underperform."

"While we continue to have a muted outlook for revenue growth and expect spread compression, the company's excess capital position continues to grow," Peters wrote.

The analyst raised his 2017 operating EPS estimate to $4.35 from $4.15 and 2018 operating EPS estimate to $4.15 from $4.10, reflecting recent results.