Globe Life (NYSE:GL) Announces Earnings Results

Globe Life (NYSE:GL) announced its earnings results on Monday. The company reported $2.78 earnings per share 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 analyst estimates of $1.42 billion. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $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 Price Performance

GL stock opened at $66.39 on Tuesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05. The firm has a market capitalization of $6.24 billion, a P/E ratio of 6.59 and a beta of 0.69. The business’s 50-day moving average is $110.58 and its two-hundred day moving average is $116.35. Globe Life has a 1 year low of $38.95 and a 1 year high of $132.00.

Globe Life Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be given a $0.24 dividend. The ex-dividend date is Thursday, April 4th. This represents a $0.96 dividend on an annualized basis and a yield of 1.45%. This is a positive change from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s dividend payout ratio (DPR) is currently 9.52%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GL shares. StockNews.com downgraded Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday. Keefe, Bruyette & Woods reduced their target price on Globe Life from $135.00 to $130.00 and set a “market perform” rating for the company in a research note on Wednesday, April 10th. Truist Financial reissued a “hold” rating and issued a $125.00 price objective on shares of Globe Life in a research note on Friday, April 12th. JPMorgan Chase & Co. increased 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. Finally, Piper Sandler reduced their price objective on Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, April 5th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Globe Life currently has a consensus rating of “Moderate Buy” and an average price target of $126.44.

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.