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

Globe Life (NYSE:GL) announced its quarterly earnings data on Monday. The company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01), Briefing.com reports. The firm had revenue of $1.42 billion for 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%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the company posted $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

NYSE GL traded up $4.70 on Wednesday, reaching $80.46. 3,320,053 shares of the stock were exchanged, compared to its average volume of 2,015,383. Globe Life has a one year low of $38.95 and a one year high of $132.00. The firm has a market capitalization of $7.57 billion, a PE ratio of 7.66 and a beta of 0.69. The company’s 50-day simple moving average is $109.59 and its two-hundred day simple moving average is $116.08. 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be paid a dividend of $0.24 per share. This is a boost from Globe Life’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.96 dividend on an annualized basis and a yield of 1.19%. Globe Life’s dividend payout ratio (DPR) is presently 9.17%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. StockNews.com cut shares of Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday. Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $130.00 to $110.00 in a research note on Wednesday. Wells Fargo & Company lowered their target price on shares of Globe Life from $132.00 to $108.00 and set an “overweight” rating on the stock in a research note on Wednesday. Evercore ISI lowered their target price on shares of Globe Life from $125.00 to $75.00 and set an “in-line” rating on the stock in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.33.

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.