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

Globe Life (NYSE:GL) 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), Briefing.com 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. StockNews.com 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.

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.