Globe Life (NYSE:GL) Issues FY24 Earnings Guidance

Globe Life (NYSE:GL) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $12.20-12.40 for the period, compared to the consensus EPS estimate of $11.94. Globe Life also updated its FY 2024 guidance to 12.200-12.400 EPS.

Wall Street Analysts Forecast Growth

GL has been the topic of a number of analyst reports. Piper Sandler boosted their price objective on shares of Globe Life from $106.00 to $118.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $118.00 price target (up previously from $110.00) on shares of Globe Life in a research note on Wednesday, July 31st. Raymond James raised their price target on shares of Globe Life from $160.00 to $188.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 15th. Evercore ISI boosted their price objective on shares of Globe Life from $83.00 to $86.00 and gave the company an “in-line” rating in a report on Wednesday, June 26th. Finally, Jefferies Financial Group upped their price objective on Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a research report on Friday, June 28th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $121.10.

Globe Life Price Performance

Shares of GL traded down $0.71 during midday trading on Thursday, hitting $110.15. 746,372 shares of the company traded hands, compared to its average volume of 1,597,123. Globe Life has a 52 week low of $38.95 and a 52 week high of $132.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.05 and a current ratio of 0.05. The firm has a 50 day moving average of $104.94 and a 200-day moving average of $90.77. The stock has a market cap of $9.92 billion, a price-to-earnings ratio of 10.77 and a beta of 0.81.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.90 by $0.07. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the prior year, the firm earned $2.61 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts forecast that Globe Life will post 11.93 EPS for the current fiscal year.

Globe Life Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be paid a $0.24 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.87%. Globe Life’s payout ratio is currently 9.17%.

Insider Activity

In other news, Director Mary E. Thigpen bought 3,000 shares of the stock in a transaction dated Friday, July 26th. The stock was purchased at an average price of $90.20 per share, for a total transaction of $270,600.00. Following the acquisition, the director now owns 15,605 shares of the company’s stock, valued at $1,407,571. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.51% of the company’s stock.

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.