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

Globe Life (NYSE:GL) announced its quarterly earnings data 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. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.53 earnings per share. 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

Shares of GL opened at $75.79 on Wednesday. The business’s fifty day moving average price is $109.59 and its 200 day moving average price is $116.08. Globe Life has a 12-month low of $38.95 and a 12-month high of $132.00. 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 debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be paid 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 yield of 1.27%. Globe Life’s dividend payout ratio (DPR) is 9.17%.

Wall Street Analysts Forecast Growth

GL has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their target price 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. StockNews.com downgraded shares of Globe Life from a “buy” rating to a “hold” rating in a research report on Saturday. Piper Sandler dropped 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 report on Friday, April 5th. Truist Financial reissued a “hold” rating and set a $125.00 target price on shares of Globe Life in a research report on Friday, April 12th. Finally, Evercore ISI dropped their target price 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. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently 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.