Globe Life (NYSE:GL) Issues Quarterly Earnings Results

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

Shares of GL opened at $75.79 on Wednesday. Globe Life has a 1-year low of $38.95 and a 1-year high of $132.00. The stock has a market cap of $7.13 billion, a PE ratio of 7.24 and a beta of 0.69. The firm has a 50-day simple moving average of $109.59 and a two-hundred day simple moving average of $116.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders 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 a boost 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 1.27%. Globe Life’s dividend payout ratio (DPR) is currently 9.17%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GL. JPMorgan Chase & Co. raised their price target on shares of Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Truist Financial reissued a “hold” rating and issued a $125.00 price target 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 research note on Friday, April 12th. 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 research note on Friday, April 5th. Finally, StockNews.com downgraded shares of Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Globe Life has a consensus rating of “Moderate Buy” and a consensus price target of $124.22.

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.