Globe Life (NYSE:GL) Updates FY24 Earnings Guidance

Globe Life (NYSE:GL) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $11.50-12.00 for the period, compared to the consensus earnings per share estimate of $11.60. Globe Life also updated its FY 2024 guidance to 11.500-12.000 EPS.

Globe Life Stock Performance

GL stock opened at $66.39 on Tuesday. The company has a market cap of $6.24 billion, a P/E ratio of 6.59 and a beta of 0.69. Globe Life has a 1 year low of $38.95 and a 1 year 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 stock’s fifty day moving average price is $110.58 and its 200-day moving average price is $116.35.

Globe Life (NYSE:GL) last released its quarterly earnings results on Wednesday, February 7th. The company reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.73 by $0.15. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the business posted $2.24 EPS. On average, equities analysts forecast that Globe Life will post 11.6 earnings per share for the current year.

Globe Life Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, April 4th. This is an increase from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.45%. Globe Life’s payout ratio is 9.52%.

Wall Street Analyst Weigh In

GL has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on Globe Life from $133.00 to $136.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Evercore ISI lowered their target price on Globe Life from $125.00 to $75.00 and set an in-line rating on the stock in a research report on Friday, April 12th. Piper Sandler lowered their target price on Globe Life from $143.00 to $130.00 and set an overweight rating on the stock in a research report on Friday, April 5th. Wells Fargo & Company lowered their target price on Globe Life from $146.00 to $132.00 and set an overweight rating on the stock in a research report on Thursday, April 11th. Finally, Truist Financial reiterated a hold rating and set a $125.00 target price on shares of Globe Life in a research report on Friday, April 12th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target 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.