Globe Life Inc. (NYSE:GL) Announces $0.24 Quarterly Dividend

Globe Life Inc. (NYSE:GL) declared a quarterly dividend on Monday, May 6th, RTT News reports. Stockholders of record on Friday, July 5th will be given a dividend of 0.24 per share on Thursday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, July 5th.

Globe Life has raised its dividend payment by an average of 6.3% annually over the last three years and has increased its dividend annually for the last 19 consecutive years. Globe Life has a dividend payout ratio of 7.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Globe Life to earn $12.84 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 7.5%.

Globe Life Price Performance

GL opened at $80.84 on Tuesday. Globe Life has a 1 year low of $38.95 and a 1 year high of $132.00. The company’s 50 day simple moving average is $100.90 and its 200 day simple moving average is $113.80. The stock has a market capitalization of $7.60 billion, a PE ratio of 7.72 and a beta of 0.78. 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 (NYSE:GL) last posted its quarterly earnings results on Monday, April 22nd. The company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). 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 for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the business earned $2.53 EPS. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, sell-side analysts expect that Globe Life will post 11.72 EPS for the current year.

Insider Activity

In other news, EVP Rebecca E. Zorn sold 2,320 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $77.30, for a total value of $179,336.00. Following the completion of the transaction, the executive vice president now directly owns 10,220 shares in the company, valued at $790,006. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Rebecca E. Zorn sold 2,320 shares of Globe Life stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $77.30, for a total transaction of $179,336.00. Following the sale, the executive vice president now directly owns 10,220 shares of the company’s stock, valued at $790,006. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David A. Rodriguez purchased 1,500 shares of Globe Life stock in a transaction that occurred on Wednesday, April 24th. The stock was acquired at an average cost of $79.72 per share, with a total value of $119,580.00. Following the acquisition, the director now directly owns 4,192 shares of the company’s stock, valued at approximately $334,186.24. The disclosure for this purchase can be found here. Insiders own 1.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GL. Evercore ISI reduced their target price on Globe Life from $125.00 to $75.00 and set an “in-line” rating on the stock in a report 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. StockNews.com cut Globe Life from a “buy” rating to a “hold” rating in a report on Saturday, April 20th. Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and cut their price target for the company from $130.00 to $110.00 in a report on Wednesday, April 24th. Finally, Piper Sandler reduced their price target on shares of Globe Life from $130.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.