Globe Life (NYSE:GL) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Globe Life (NYSE:GL) posted its quarterly earnings data 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 company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the company 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 Stock Up 14.2 %

Shares of NYSE:GL opened at $75.79 on Wednesday. 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. The company has a 50-day moving average price of $109.59 and a 200 day moving average price of $116.08. The company has a market cap of $7.13 billion, a price-to-earnings ratio of 7.24 and a beta of 0.69.

Globe Life Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Thursday, April 4th. This is an increase from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s dividend payout ratio is 9.17%.

Wall Street Analysts Forecast Growth

GL has been the subject of several analyst reports. Piper Sandler reduced their price objective on Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, April 5th. StockNews.com downgraded shares of Globe Life from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company dropped their target price on shares of Globe Life from $146.00 to $132.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. JPMorgan Chase & Co. upped their target price on shares of Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. Finally, Evercore ISI dropped their target price on shares of Globe Life from $125.00 to $75.00 and set an “in-line” rating for the company in a report on Friday, April 12th. 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 company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.