Globe Life (NYSE:GL) Updates FY24 Earnings Guidance

Globe Life (NYSE:GL) updated its FY24 earnings guidance on Monday. 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 Down 3.9 %

Globe Life stock traded down $3.06 during mid-day trading on Thursday, reaching $75.54. The stock had a trading volume of 4,152,533 shares, compared to its average volume of 2,074,437. The firm has a market capitalization of $7.10 billion, a PE ratio of 7.26 and a beta of 0.69. The stock’s 50-day simple moving average is $108.65 and its 200-day simple moving average is $115.82. 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 fifty-two week low of $38.95 and a fifty-two week high of $132.00.

Globe Life (NYSE:GL) last posted its quarterly earnings data on Monday, April 22nd. The company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the firm posted $2.53 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, sell-side analysts forecast that Globe Life will post 11.6 EPS for the current fiscal year.

Globe Life Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be given a $0.24 dividend. 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. This represents a $0.96 annualized dividend and a yield of 1.27%. Globe Life’s payout ratio is currently 9.17%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on GL shares. Evercore ISI decreased their price target 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. Wells Fargo & Company dropped their price objective on Globe Life from $132.00 to $108.00 and set an overweight rating on the stock in a report on Wednesday. Truist Financial reduced their price target on shares of Globe Life from $125.00 to $80.00 and set a hold rating for the company in a research report on Wednesday. StockNews.com downgraded shares of Globe Life from a buy rating to a hold rating in a research note on Saturday, April 20th. Finally, JPMorgan Chase & Co. increased their price objective on Globe Life from $133.00 to $136.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Five research analysts have rated the stock with a hold rating, four have issued 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 a consensus target price of $114.33.

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.