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

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. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the company posted $2.53 EPS. 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 %

GL opened at $66.39 on Tuesday. The firm’s 50 day moving average is $110.58 and its 200-day moving average is $116.35. Globe Life has a 52-week low of $38.95 and a 52-week 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 $6.24 billion, a P/E ratio of 6.59 and a beta of 0.69.

Globe Life Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders 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 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 dividend payout ratio is currently 9.52%.

Analyst Upgrades and Downgrades

GL has been the subject of a number of research analyst reports. StockNews.com downgraded Globe Life from a “buy” rating to a “hold” rating in a report on Saturday. Truist Financial restated a “hold” rating and set a $125.00 price target on shares of Globe Life in a research note on Friday, April 12th. JPMorgan Chase & Co. lifted their price objective on Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Evercore ISI decreased their target price on Globe Life from $125.00 to $75.00 and set an “in-line” rating for the company in a report on Friday, April 12th. Finally, Wells Fargo & Company cut their price target on shares of Globe Life from $146.00 to $132.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.