Globe Life (NYSE:GL) Releases FY24 Earnings Guidance

Globe Life (NYSE:GL) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $11.50-12.00 for the period, compared to the consensus estimate of $11.60. Globe Life also updated its FY 2024 guidance to 11.500-12.000 EPS.

Globe Life Stock Performance

Shares of GL stock opened at $66.39 on Tuesday. The business’s fifty day simple moving average is $110.58 and its 200-day simple moving average is $116.35. The company has a market cap of $6.24 billion, a PE ratio of 6.59 and a beta of 0.69. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.36. Globe Life has a 12-month low of $38.95 and a 12-month high of $132.00.

Globe Life (NYSE:GL) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.73 by $0.15. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.24 earnings per share. Analysts expect that Globe Life will post 11.6 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, April 4th. This is an increase from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.45%. Globe Life’s dividend payout ratio is presently 9.52%.

Analyst Upgrades and Downgrades

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