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

Globe Life (NYSE:GL) posted its quarterly earnings results on Monday. The company reported $2.78 earnings per share (EPS) 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 company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the business posted $2.53 earnings per share. Globe Life’s revenue was up 7.2% on a year-over-year basis. 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 %

GL stock opened at $75.79 on Wednesday. The stock has a market capitalization of $7.13 billion, a P/E ratio of 7.24 and a beta of 0.69. 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 has a one year low of $38.95 and a one year high of $132.00. The company has a 50 day moving average price of $109.59 and a two-hundred day moving average price of $116.08.

Globe Life Increases Dividend

The company 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 $0.24 dividend. This is a boost from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.27%. 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 research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Globe Life from a “buy” rating to a “hold” rating in a research report on Saturday. Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $130.00 to $110.00 in a research report on Wednesday. Evercore ISI dropped 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 note on Friday, April 12th. Piper Sandler dropped their price objective on shares of Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, April 5th. Finally, Wells Fargo & Company dropped 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 note on Thursday, April 11th. Five equities research 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 company’s stock. Based on data from MarketBeat.com, Globe Life currently has a consensus rating of “Moderate Buy” and an average price target 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.