Globe Life (NYSE:GL) Updates FY24 Earnings Guidance

Globe Life (NYSE:GL) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $11.50-12.00 for the period, compared to the consensus earnings per share 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 traded down $3.06 during trading on Thursday, reaching $75.54. 4,152,533 shares of the company’s stock traded hands, compared to its average volume of 2,074,437. Globe Life has a 1 year low of $38.95 and a 1 year high of $132.00. The company has a market capitalization of $7.10 billion, a P/E ratio of 7.26 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 firm’s 50-day moving average is $108.65 and its 200 day moving average is $115.82.

Globe Life (NYSE:GL) last posted its earnings results on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the prior year, the company earned $2.53 EPS. The company’s revenue was up 7.2% on a year-over-year basis. Equities research analysts expect that Globe Life will post 11.6 EPS for the current year.

Globe Life Increases Dividend

The company also recently declared 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 1.27%. This is an increase from Globe Life’s previous quarterly dividend of $0.23. The ex-dividend date is Thursday, April 4th. Globe Life’s dividend payout ratio is presently 9.17%.

Analyst Upgrades and Downgrades

GL has been the topic of a number of recent research reports. Wells Fargo & Company reduced their price objective on Globe Life from $132.00 to $108.00 and set an overweight rating on the stock in a research note on Wednesday. StockNews.com lowered shares of Globe Life from a buy rating to a hold rating in a report on Saturday, April 20th. Evercore ISI cut their target price 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. Keefe, Bruyette & Woods raised shares of Globe Life from a market perform rating to an outperform rating and decreased their price target for the stock from $130.00 to $110.00 in a research note on Wednesday. Finally, Piper Sandler reduced 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 analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $114.33.

Globe Life Company Profile

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.