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

Globe Life (NYSE:GL) posted its earnings results on Monday. The company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01), Briefing.com reports. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the firm posted $2.53 earnings per share. The firm’s revenue for the quarter 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 Stock Performance

GL opened at $75.79 on Wednesday. The stock has a market cap of $7.13 billion, a PE ratio of 7.24 and a beta of 0.69. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.36. Globe Life has a 1 year low of $38.95 and a 1 year high of $132.00. The stock’s 50 day simple moving average is $109.59 and its 200-day simple moving average is $116.08.

Globe Life Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, April 4th. This is a boost from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.27%. Globe Life’s payout ratio is currently 9.17%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GL. StockNews.com lowered Globe Life from a “buy” rating to a “hold” rating in a report on Saturday. JPMorgan Chase & Co. lifted their price target on Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Wells Fargo & Company dropped their price target 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. Keefe, Bruyette & Woods raised Globe Life from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $130.00 to $110.00 in a research report on Wednesday. Finally, Piper Sandler dropped their price target 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. Five 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, the stock has an average 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.