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

Globe Life (NYSE:GL) issued its 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 during the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a net margin of 18.07% and a return on equity of 23.91%. Globe Life’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $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 Trading Up 14.2 %

GL opened at $75.79 on Wednesday. Globe Life has a fifty-two week low of $38.95 and a fifty-two week high of $132.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05. 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 company’s 50 day moving average price is $109.59 and its two-hundred day moving average price is $116.08.

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 issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis 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 of this dividend is Thursday, April 4th. Globe Life’s payout ratio is presently 9.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GL shares. Wells Fargo & Company lowered their price objective on shares of Globe Life from $146.00 to $132.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $130.00 to $110.00 in a research report on Wednesday. Truist Financial reiterated a “hold” rating and set a $125.00 price objective on shares of Globe Life in a research report on Friday, April 12th. Evercore ISI lowered their price objective on shares of 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. Finally, StockNews.com cut shares of Globe Life from a “buy” rating to a “hold” rating in a research report on Saturday. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock 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.