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 Price Performance

Shares of NYSE:GL opened at $75.79 on Wednesday. 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 one year low of $38.95 and a one year high of $132.00. The business’s fifty day moving average price is $109.59 and its two-hundred day moving average price is $116.08. The stock has a market cap of $7.13 billion, a PE ratio of 7.24 and a beta of 0.69.

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

Globe Life Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, April 4th. This is an increase 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 is 9.17%.

Wall Street Analyst Weigh In

GL has been the subject of a number of research analyst reports. StockNews.com downgraded shares of Globe Life from a buy rating to a hold rating in a research note on Saturday. Wells Fargo & Company lowered their target price on shares of Globe Life from $146.00 to $132.00 and set an overweight rating for the company in a report on Thursday, April 11th. Truist Financial reaffirmed a hold rating and set a $125.00 price target on shares of Globe Life in a research note on Friday, April 12th. Piper Sandler lowered their price objective 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. Finally, Keefe, Bruyette & Woods raised Globe Life from a market perform rating to an outperform rating and cut their target price for the stock from $130.00 to $110.00 in a research report on Wednesday. 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 company. According to data from MarketBeat.com, Globe Life currently has a consensus rating of Moderate Buy and an average target price 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.