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

Globe Life (NYSE:GLGet Free Report) released its quarterly earnings results on Monday. The company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01), reports. The business 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%. Globe Life’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.53 EPS. 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 Up 14.2 %

Shares of GL opened at $75.79 on Wednesday. The business’s 50 day simple moving average is $109.59 and its 200-day simple moving average is $116.08. Globe Life has a 1 year low of $38.95 and a 1 year high of $132.00. The stock has a market capitalization of $7.13 billion, a price-to-earnings ratio of 7.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.27%. 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. Globe Life’s dividend payout ratio is 9.17%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Evercore ISI cut their price objective on Globe Life from $125.00 to $75.00 and set an “in-line” rating for the company in a research note on Friday, April 12th. JPMorgan Chase & Co. boosted their price objective on Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. downgraded Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday. Wells Fargo & Company cut their price objective on Globe Life from $146.00 to $132.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Finally, Keefe, Bruyette & Woods upgraded Globe Life from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $130.00 to $110.00 in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $124.22.

Read Our Latest Stock Analysis on GL

About Globe Life

(Get Free Report)

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.

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Earnings History for Globe Life (NYSE:GL)

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