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

Globe Life Inc. (NYSE:GL) announced a quarterly dividend on Monday, May 6th, RTT News reports. Investors of record on Friday, July 5th will be given a dividend of 0.24 per share on Thursday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Friday, July 5th.

Globe Life has increased its dividend payment by an average of 6.3% annually over the last three years and has increased its dividend annually for the last 19 consecutive years. Globe Life has a dividend payout ratio of 7.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Globe Life to earn $12.84 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 7.5%.

Globe Life Trading Up 5.5 %

Shares of GL stock opened at $85.26 on Wednesday. Globe Life has a twelve month low of $38.95 and a twelve month high of $132.00. The company has a market capitalization of $8.02 billion, a price-to-earnings ratio of 8.14 and a beta of 0.78. The firm has a 50-day moving average price of $100.04 and a 200 day moving average price of $113.63. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.36.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Monday, April 22nd. The company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Globe Life had a net margin of 18.07% and a return on equity of 23.91%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the firm earned $2.53 EPS. Globe Life’s revenue for the quarter was up 7.2% on a year-over-year basis. Research analysts forecast that Globe Life will post 11.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on GL shares. StockNews.com cut shares of Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday, April 20th. JPMorgan Chase & Co. raised their price target on Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Truist Financial decreased their target price on shares of Globe Life from $125.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, April 24th. Piper Sandler lowered their target price on shares of Globe Life from $130.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Finally, Wells Fargo & Company reduced their price target on Globe Life from $132.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $114.33.

Insider Buying and Selling at Globe Life

In other news, EVP Rebecca E. Zorn sold 2,320 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $77.30, for a total value of $179,336.00. Following the completion of the transaction, the executive vice president now owns 10,220 shares of the company’s stock, valued at $790,006. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director David A. Rodriguez purchased 1,500 shares of the stock in a transaction dated Wednesday, April 24th. The shares were purchased at an average cost of $79.72 per share, with a total value of $119,580.00. Following the completion of the acquisition, the director now owns 4,192 shares in the company, valued at approximately $334,186.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Rebecca E. Zorn sold 2,320 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $77.30, for a total transaction of $179,336.00. Following the sale, the executive vice president now directly owns 10,220 shares in the company, valued at approximately $790,006. The disclosure for this sale can be found here. Corporate insiders own 1.51% of the company’s stock.

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.