Globe Life (NYSE:GL) Issues Earnings Results, Beats Expectations By $0.07 EPS

Globe Life (NYSE:GL) posted its quarterly earnings results on Wednesday. The company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.07, Briefing.com reports. 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 22.53% and a net margin of 18.47%. The firm’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.61 earnings per share. Globe Life updated its FY 2024 guidance to 11.800-12.100 EPS.

Globe Life Stock Up 1.8 %

GL traded up $1.61 during trading on Friday, reaching $90.69. 998,446 shares of the stock traded hands, compared to its average volume of 911,533. The stock’s 50-day simple moving average is $83.59 and its two-hundred day simple moving average is $99.41. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life has a fifty-two week low of $38.95 and a fifty-two week high of $132.00. The stock has a market cap of $8.17 billion, a price-to-earnings ratio of 8.66 and a beta of 0.81.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Friday, July 5th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, July 5th. This represents a $0.96 annualized dividend and a dividend yield of 1.06%. Globe Life’s dividend payout ratio is 9.17%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Jefferies Financial Group increased their price target on Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a research report on Friday, June 28th. Truist Financial raised their target price on shares of Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Friday. Piper Sandler boosted their price target on shares of Globe Life from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Friday. Raymond James restated a “strong-buy” rating on shares of Globe Life in a research report on Tuesday, May 21st. Finally, Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $130.00 to $110.00 in a research report on Wednesday, April 24th. Five equities research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $105.44.

Insiders Place Their Bets

In other news, EVP Robert Edward Hensley acquired 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average price of $82.17 per share, for a total transaction of $205,425.00. Following the completion of the acquisition, the executive vice president now owns 7,290 shares of the company’s stock, valued at approximately $599,019.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globe Life news, EVP Robert Edward Hensley acquired 2,500 shares of Globe Life stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average price of $82.17 per share, with a total value of $205,425.00. Following the purchase, the executive vice president now owns 7,290 shares in the company, valued at $599,019.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Matthew Darden acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was acquired at an average price of $84.82 per share, with a total value of $169,640.00. Following the completion of the acquisition, the chief executive officer now directly owns 37,973 shares of the company’s stock, valued at approximately $3,220,869.86. The disclosure for this purchase can be found here. Insiders have bought a total of 8,000 shares of company stock valued at $687,880 in the last three months. 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.