Globe Life (NYSE:GL) Issues Earnings Results

Globe Life (NYSE:GL) issued its quarterly earnings data on Monday. The company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01), Briefing.com reports. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the company posted $2.53 earnings per share. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. Globe Life updated its FY24 guidance to $11.50-12.00 EPS and its FY 2024 guidance to 11.500-12.000 EPS.

Globe Life Price Performance

GL stock opened at $75.79 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.05 and a current ratio of 0.05. Globe Life has a 52 week low of $38.95 and a 52 week high of $132.00. The firm’s fifty day moving average is $109.59 and its 200 day moving average is $116.08. The firm has a market cap of $7.13 billion, a P/E ratio of 7.24 and a beta of 0.69.

Globe Life Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, April 4th. This represents a $0.96 annualized dividend and a dividend yield of 1.27%. This is a positive change from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s dividend payout ratio (DPR) is currently 9.17%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GL shares. StockNews.com downgraded shares of Globe Life from a “buy” rating to a “hold” rating in a research report on Saturday. Keefe, Bruyette & Woods lowered their target price on shares of Globe Life from $135.00 to $130.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 10th. Truist Financial reiterated a “hold” rating and issued a $125.00 target price on shares of Globe Life in a research note on Friday, April 12th. Evercore ISI decreased their price target on shares of Globe Life from $125.00 to $75.00 and set an “in-line” rating on the stock in a report on Friday, April 12th. Finally, Piper Sandler decreased their price target on shares of Globe Life from $143.00 to $130.00 and set an “overweight” rating on the stock in a report on Friday, April 5th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $126.44.

About Globe Life

Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States. The company operates in four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.