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

Globe Life (NYSE:GL) issued 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 18.07% and a return on equity of 23.91%. The business 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 firm posted $2.53 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. 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 14.2 %

Shares of GL opened at $75.79 on Wednesday. Globe Life has a 12-month low of $38.95 and a 12-month high of $132.00. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 7.24 and a beta of 0.69. The stock’s 50-day moving average price is $109.59 and its 200 day moving average price is $116.08.

Globe Life Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.27%. This is a positive change from Globe Life’s previous quarterly dividend of $0.23. The ex-dividend date is Thursday, April 4th. Globe Life’s payout ratio is currently 9.17%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Truist Financial reiterated a “hold” rating and set a $125.00 price target on shares of Globe Life in a report on Friday, April 12th. Piper Sandler reduced their price target on Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research report on Friday, April 5th. Evercore ISI reduced their price target on 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. JPMorgan Chase & Co. lifted their price objective on Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Finally, Keefe, Bruyette & Woods upgraded Globe Life from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $130.00 to $110.00 in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and a consensus 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.