Globe Life (NYSE:GL) Posts Earnings Results

Globe Life (NYSE:GL) announced its quarterly earnings results on Monday. The company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01), Briefing.com reports. Globe Life had a net margin of 17.82% and a return on equity of 24.25%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the business earned $2.53 earnings per share. Globe Life’s revenue 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 Stock Performance

Shares of GL opened at $66.39 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.05 and a current ratio of 0.05. The stock has a market capitalization of $6.24 billion, a P/E ratio of 6.59 and a beta of 0.69. The company’s fifty day moving average is $110.58 and its two-hundred day moving average is $116.35. Globe Life has a 1 year low of $38.95 and a 1 year high of $132.00.

Globe Life Increases Dividend

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

Wall Street Analysts Forecast Growth

GL has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research report on Friday, April 5th. Truist Financial restated a “hold” rating and set a $125.00 price objective on shares of Globe Life in a research report on Friday, April 12th. StockNews.com downgraded shares of Globe Life from a “buy” rating to a “hold” rating in a research report on Saturday. Wells Fargo & Company reduced their price objective on shares of Globe Life from $146.00 to $132.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Finally, Evercore ISI reduced their price objective on shares of Globe Life from $125.00 to $75.00 and set an “in-line” rating for the company in a research report on Friday, April 12th. Six investment 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.