Globe Life Inc. (NYSE:GL) Plans $0.24 Quarterly Dividend

Globe Life Inc. (NYSE:GL) announced a quarterly dividend on Thursday, August 8th, RTT News reports. Investors of record on Friday, October 4th will be paid a dividend of 0.24 per share on Friday, November 1st. This represents a $0.96 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Friday, October 4th.

Globe Life has increased its dividend payment by an average of 6.3% per year over the last three years and has raised its dividend every year for the last 19 years. Globe Life has a dividend payout ratio of 7.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Globe Life to earn $13.20 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 7.3%.

Globe Life Stock Down 2.1 %

Shares of NYSE:GL opened at $103.71 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.05 and a current ratio of 0.05. Globe Life has a 52-week low of $38.95 and a 52-week high of $132.00. The business’s 50 day simple moving average is $99.59 and its two-hundred day simple moving average is $91.37. The firm has a market cap of $9.34 billion, a P/E ratio of 9.91 and a beta of 0.81.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $0.07. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. Globe Life’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business earned $2.61 EPS. As a group, research analysts forecast that Globe Life will post 11.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $118.00 price objective (up from $110.00) on shares of Globe Life in a report on Wednesday, July 31st. Morgan Stanley raised their target price on Globe Life from $66.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Jefferies Financial Group upped 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. Finally, Truist Financial raised their price objective on Globe Life from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Globe Life currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.33.

Insider Buying and Selling

In related news, Director Mary E. Thigpen purchased 3,000 shares of Globe Life stock in a transaction that occurred on Friday, July 26th. The stock was bought at an average price of $90.20 per share, for a total transaction of $270,600.00. Following the completion of the transaction, the director now owns 15,605 shares in the company, valued at $1,407,571. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.51% of the stock is owned by insiders.

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.