Globe Life (NYSE:GL) Issues Quarterly Earnings Results

Globe Life (NYSE:GL) issued its earnings results on Wednesday. The company reported $4.84 earnings per share for the quarter, missing analysts’ consensus estimates of $4.91 by ($0.07), Zacks reports. Globe Life had a return on equity of 20.52% and a net margin of 19.58%.

Globe Life Stock Performance

Shares of GL traded down $0.39 during mid-day trading on Wednesday, reaching $169.33. 472,395 shares of the company’s stock traded hands, compared to its average volume of 537,453. The business’s 50-day moving average price is $170.92 and its 200-day moving average price is $166.88. The stock has a market capitalization of $13.01 billion, a P/E ratio of 11.24 and a beta of 0.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. Globe Life has a 12 month low of $127.85 and a 12 month high of $191.55.

Globe Life Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Monday, October 5th will be paid a $0.33 dividend. The ex-dividend date is Monday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 0.8%. Globe Life’s dividend payout ratio (DPR) is presently 8.76%.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. TD Cowen lifted their price target on shares of Globe Life from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Jefferies Financial Group boosted their price objective on shares of Globe Life from $147.00 to $166.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Weiss Ratings lowered shares of Globe Life from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, October 6th. JPMorgan Chase & Co. raised their target price on shares of Globe Life from $193.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Finally, Piper Sandler raised their target price on shares of Globe Life from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $189.56.

Globe Life announced that its board has authorized a share buyback plan on Monday, August 10th that allows the company to buy back $2.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 17.7% of its shares through open market purchases. Share buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Michael Majors sold 37,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.64, for a total value of $6,609,680.00. Following the completion of the transaction, the executive vice president directly owned 53,518 shares of the company’s stock, valued at $9,560,455.52. This represents a 40.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas Kalmbach sold 25,650 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $178.58, for a total value of $4,580,577.00. Following the completion of the transaction, the chief financial officer directly owned 50,568 shares of the company’s stock, valued at $9,030,433.44. This trade represents a 33.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 143,650 shares of company stock valued at $25,793,717. Corporate insiders own 2.11% of the company’s stock.

Globe Life Company Profile

Globe Life Inc (NYSE: GL) is an insurance holding company that provides individual life and supplemental health insurance products through a network of wholly owned subsidiaries. Its offerings are designed primarily for middle-income households and include term and whole life insurance, mortgage protection coverage, accident and supplemental health insurance, Medicare supplement policies, and annuities.

The company markets its products through several distribution channels, including exclusive and independent agency networks, direct-to-consumer sales, and workplace or union-affiliated programs.