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

Globe Life (NYSE:GL) issued its earnings results on Monday. The company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business posted $2.53 earnings per share. The company’s revenue for the quarter 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 %

Shares of GL opened at $75.79 on Wednesday. Globe Life has a 12 month low of $38.95 and a 12 month high of $132.00. The firm’s 50 day moving average is $109.59 and its 200-day moving average is $116.08. The stock has a market capitalization 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 Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Piper Sandler cut their target price 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. Keefe, Bruyette & Woods cut their price objective on shares of Globe Life from $135.00 to $130.00 and set a “market perform” rating for the company in a research report on Wednesday, April 10th. Evercore ISI cut 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 report on Friday, April 12th. Truist Financial restated a “hold” rating and set a $125.00 price objective on shares of Globe Life in a research report on Friday, April 12th. Finally, Wells Fargo & Company cut 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 report on Thursday, April 11th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.44.

Globe Life Company Profile

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.