Globe Life (NYSE:GL) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Globe Life (NYSE:GLGet Rating) released its quarterly earnings results on Wednesday. The company reported $1.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($0.02), MarketWatch Earnings reports. Globe Life had a net margin of 14.57% and a return on equity of 8.39%. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the firm earned $1.53 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. Globe Life updated its FY 2022 guidance to $7.850-$8.250 EPS and its FY22 guidance to $7.85-8.25 EPS.

Shares of GL stock traded up $2.66 during mid-day trading on Wednesday, hitting $105.35. The company’s stock had a trading volume of 494,599 shares, compared to its average volume of 598,425. Globe Life has a 52-week low of $85.25 and a 52-week high of $108.61. The business has a 50-day moving average price of $100.98 and a 200 day moving average price of $97.48. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.05 and a current ratio of 0.05. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 14.59 and a beta of 1.02.

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 29th. Stockholders of record on Monday, April 4th will be paid a $0.2075 dividend. The ex-dividend date of this dividend is Friday, April 1st. This represents a $0.83 annualized dividend and a dividend yield of 0.79%. This is a boost from Globe Life’s previous quarterly dividend of $0.20. Globe Life’s payout ratio is currently 11.50%.

In related news, EVP Robert Brian Mitchell sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $97.95, for a total transaction of $293,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Shane Henrie sold 1,500 shares of the company’s stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $102.94, for a total value of $154,410.00. The disclosure for this sale can be found here. Insiders sold 37,957 shares of company stock valued at $3,999,514 in the last 90 days. Company insiders own 4.62% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC grew its holdings in Globe Life by 3.6% during the fourth quarter. Parametric Portfolio Associates LLC now owns 459,933 shares of the company’s stock valued at $43,105,000 after purchasing an additional 16,095 shares during the period. Morgan Stanley grew its holdings in Globe Life by 6.2% during the second quarter. Morgan Stanley now owns 298,656 shares of the company’s stock valued at $28,447,000 after purchasing an additional 17,374 shares during the period. Sei Investments Co. grew its holdings in Globe Life by 60.1% during the fourth quarter. Sei Investments Co. now owns 11,703 shares of the company’s stock valued at $1,090,000 after purchasing an additional 4,392 shares during the period. Metropolitan Life Insurance Co NY boosted its stake in shares of Globe Life by 17.7% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 10,761 shares of the company’s stock worth $1,009,000 after acquiring an additional 1,617 shares during the period. Finally, LPL Financial LLC boosted its stake in shares of Globe Life by 6.8% in the fourth quarter. LPL Financial LLC now owns 9,377 shares of the company’s stock worth $879,000 after acquiring an additional 600 shares during the period. Institutional investors own 73.85% of the company’s stock.

GL has been the topic of several research reports. Morgan Stanley lifted their price target on Globe Life from $105.00 to $107.00 and gave the company an “underweight” rating in a research report on Tuesday, February 22nd. StockNews.com assumed coverage on Globe Life in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research upgraded Globe Life from a “sell” rating to a “hold” rating in a research note on Monday, February 7th. Jefferies Financial Group assumed coverage on Globe Life in a research note on Tuesday, January 25th. They set a “hold” rating and a $106.00 price objective for the company. Finally, Piper Sandler upgraded Globe Life from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $105.00 to $117.00 in a research note on Wednesday, January 12th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Globe Life has an average rating of “Hold” and a consensus target price of $108.33.

About Globe Life (Get Rating)

Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.

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Earnings History for Globe Life (NYSE:GL)

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