Globe Life (NYSE:GL) Posts Earnings Results, Beats Expectations By $0.07 EPS

Globe Life (NYSE:GL) released its quarterly earnings results on Wednesday. The company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.07, Briefing.com reports. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. Globe Life had a return on equity of 22.53% and a net margin of 18.47%. The firm’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.61 earnings per share. Globe Life updated its FY 2024 guidance to 11.800-12.100 EPS.

Globe Life Trading Up 1.8 %

Shares of GL stock traded up $1.61 during trading on Friday, hitting $90.69. 998,446 shares of the stock traded hands, compared to its average volume of 911,533. The firm has a market capitalization of $8.17 billion, a P/E ratio of 8.66 and a beta of 0.81. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life has a 52-week low of $38.95 and a 52-week high of $132.00. The firm’s fifty day moving average price is $83.59 and its 200-day moving average price is $99.41.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, July 5th. Globe Life’s payout ratio is presently 9.17%.

Insider Buying and Selling at Globe Life

In other news, CEO James Matthew Darden bought 2,000 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was purchased at an average price of $84.82 per share, for a total transaction of $169,640.00. Following the completion of the purchase, the chief executive officer now owns 37,973 shares in the company, valued at approximately $3,220,869.86. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO James Matthew Darden acquired 2,000 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were bought at an average price of $84.82 per share, with a total value of $169,640.00. Following the completion of the acquisition, the chief executive officer now owns 37,973 shares in the company, valued at approximately $3,220,869.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Mary E. Thigpen bought 3,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were acquired at an average price of $90.20 per share, with a total value of $270,600.00. Following the purchase, the director now directly owns 15,605 shares of the company’s stock, valued at approximately $1,407,571. The disclosure for this purchase can be found here. Insiders have bought a total of 8,000 shares of company stock valued at $687,880 over the last quarter. 1.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday. Raymond James reaffirmed a “strong-buy” rating on shares of Globe Life in a research note on Tuesday, May 21st. Truist Financial boosted their target price on Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday. Evercore ISI increased their price target on Globe Life from $83.00 to $86.00 and gave the stock an “in-line” rating in a report on Wednesday, June 26th. Finally, Jefferies Financial Group increased their price target on Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, June 28th. Five investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $105.44.

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.