Globe Life (NYSE:GL) Announces Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Globe Life (NYSE:GL) posted its quarterly earnings data on Wednesday. The company reported $4.84 earnings per share for the quarter, missing the consensus estimate of $4.91 by ($0.07), Zacks reports. Globe Life had a return on equity of 20.52% and a net margin of 19.58%.

Globe Life Price Performance

NYSE GL traded down $0.39 on Wednesday, reaching $169.33. The company’s stock had a trading volume of 472,395 shares, compared to its average volume of 537,453. Globe Life has a twelve month low of $127.85 and a twelve month high of $191.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. The firm’s 50 day moving average is $170.92 and its two-hundred day moving average is $166.88. The stock has a market cap of $13.01 billion, a PE ratio of 11.24 and a beta of 0.44.

Globe Life Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Monday, October 5th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, October 5th. Globe Life’s dividend payout ratio is presently 8.76%.

Insider Buying and Selling at Globe Life

In other Globe Life news, CEO James Darden sold 50,000 shares of Globe Life stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $182.43, for a total value of $9,121,500.00. Following the transaction, the chief executive officer owned 58,451 shares in the company, valued at approximately $10,663,215.93. The trade was a 46.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Hensley sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $170.07, for a total value of $1,700,700.00. Following the completion of the transaction, the executive vice president directly owned 12,384 shares in the company, valued at $2,106,146.88. This represents a 44.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 143,650 shares of company stock worth $25,793,717. Company insiders own 2.11% of the company’s stock.

Globe Life announced that its Board of Directors has authorized a share buyback plan on Monday, August 10th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the company to purchase up to 17.7% of its stock through open market purchases. Share repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Globe Life from $193.00 to $195.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Piper Sandler boosted their target price on Globe Life from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Jefferies Financial Group upped their target price on Globe Life from $147.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. TD Cowen upped their target price on Globe Life from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings lowered Globe Life from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $189.56.

Globe Life Company Profile

Globe Life Inc (NYSE: GL) is an insurance holding company that provides individual life and supplemental health insurance products through a network of wholly owned subsidiaries. Its offerings are designed primarily for middle-income households and include term and whole life insurance, mortgage protection coverage, accident and supplemental health insurance, Medicare supplement policies, and annuities.

The company markets its products through several distribution channels, including exclusive and independent agency networks, direct-to-consumer sales, and workplace or union-affiliated programs.