Globe Life (NYSE:GL) Issues Quarterly Earnings Results

Globe Life (NYSE:GL) released its quarterly earnings results on Monday. The company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01), Briefing.com reports. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $2.53 EPS. 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 Trading Up 6.2 %

NYSE:GL traded up $4.70 on Wednesday, hitting $80.46. 3,320,053 shares of the stock were exchanged, compared to its average volume of 2,015,383. The stock has a market cap of $7.57 billion, a PE ratio of 7.66 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. The stock has a fifty day moving average of $109.59 and a 200-day moving average of $116.08. Globe Life has a fifty-two week low of $38.95 and a fifty-two week high of $132.00.

Globe Life Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, April 4th. This is a positive change from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.19%. Globe Life’s dividend payout ratio is currently 9.17%.

Wall Street Analyst Weigh In

GL has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price target on Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Evercore ISI cut their price target 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. Wells Fargo & Company cut their price target on Globe Life from $132.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday. StockNews.com lowered Globe Life from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Piper Sandler dropped their target price on Globe Life from $130.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $114.33.

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.