Globe Life (NYSE:GL) Announces Quarterly Earnings Results

Globe Life (NYSE:GL) issued 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. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the firm posted $2.53 earnings per share. Globe Life’s 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 Down 0.5 %

Shares of NYSE GL opened at $66.39 on Tuesday. The stock has a market cap of $6.24 billion, a price-to-earnings ratio of 6.59 and a beta of 0.69. The business has a 50 day simple moving average of $110.58 and a 200 day simple moving average of $116.35. Globe Life has a 52 week low of $38.95 and a 52 week high of $132.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.05 and a current ratio of 0.05.

Globe Life Increases Dividend

The firm also recently announced 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. This represents a $0.96 annualized dividend and a yield of 1.45%. The ex-dividend date is Thursday, April 4th. This is a boost from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s payout ratio is 9.52%.

Analyst Upgrades and Downgrades

GL has been the topic of several research reports. Piper Sandler dropped their price target on shares of Globe Life from $143.00 to $130.00 and set an “overweight” rating on the stock 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 report on Friday, April 12th. StockNews.com downgraded Globe Life from a “buy” rating to a “hold” rating in a report on Saturday. Evercore ISI cut their price objective on Globe Life from $125.00 to $75.00 and set an “in-line” rating on the stock in a report on Friday, April 12th. Finally, Keefe, Bruyette & Woods cut their price objective on Globe Life from $135.00 to $130.00 and set a “market perform” rating on the stock in a report on Wednesday, April 10th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.