Jefferies Financial Group Brokers Cut Earnings Estimates for Globe Life Inc. (NYSE:GL)
Globe Life Inc. (NYSE:GL – Get Rating) – Jefferies Financial Group lowered their Q2 2023 earnings per share estimates for shares of Globe Life in a research report issued on Sunday, June 5th. Jefferies Financial Group analyst D. Bergman now forecasts that the company will earn $2.27 per share for the quarter, down from their prior estimate of $2.28. Jefferies Financial Group also issued estimates for Globe Life’s Q3 2023 earnings at $2.32 EPS, Q4 2023 earnings at $2.42 EPS and FY2023 earnings at $9.20 EPS.
Globe Life (NYSE:GL – Get Rating) last issued its earnings results on Wednesday, April 20th. The company reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.02). The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Globe Life had a net margin of 14.18% and a return on equity of 8.31%. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.53 earnings per share.
A number of other equities analysts have also recently weighed in on GL. Morgan Stanley increased their price target on Globe Life from $105.00 to $107.00 and gave the stock an “underweight” rating in a report on Tuesday, February 22nd. Zacks Investment Research upgraded Globe Life from a “sell” rating to a “hold” rating in a report on Monday, February 7th. Finally, StockNews.com assumed coverage on Globe Life in a report on Thursday, March 31st. They set a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $108.33.
NYSE GL opened at $97.72 on Tuesday. The stock has a market cap of $9.64 billion, a PE ratio of 13.65 and a beta of 0.96. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.22. Globe Life has a twelve month low of $85.25 and a twelve month high of $108.61. The stock has a fifty day simple moving average of $99.45 and a 200-day simple moving average of $98.62.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Tuesday, July 5th will be issued a dividend of $0.2075 per share. This represents a $0.83 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date is Friday, July 1st. Globe Life’s dividend payout ratio (DPR) is 11.59%.
In other Globe Life news, EVP Robert Brian Mitchell sold 3,000 shares of the stock in a transaction dated Wednesday, March 9th. The stock was sold at an average price of $97.95, for a total value of $293,850.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Christopher Todd Moore sold 882 shares of the stock in a transaction dated Friday, April 22nd. The shares were sold at an average price of $104.22, for a total value of $91,922.04. The disclosure for this sale can be found here. Insiders have sold a total of 48,382 shares of company stock valued at $5,004,232 over the last 90 days. 4.62% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans raised its position in shares of Globe Life by 25.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 347,427 shares of the company’s stock worth $30,932,000 after acquiring an additional 71,284 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Globe Life by 14.7% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,801 shares of the company’s stock worth $4,253,000 after acquiring an additional 5,732 shares in the last quarter. Invesco Ltd. raised its position in shares of Globe Life by 9.0% during the 3rd quarter. Invesco Ltd. now owns 1,175,506 shares of the company’s stock worth $104,655,000 after acquiring an additional 97,400 shares in the last quarter. Quest Capital Management Inc. ADV raised its position in shares of Globe Life by 38.6% during the 4th quarter. Quest Capital Management Inc. ADV now owns 3,847 shares of the company’s stock worth $361,000 after acquiring an additional 1,072 shares in the last quarter. Finally, Prospector Partners LLC raised its position in shares of Globe Life by 4.9% during the 4th quarter. Prospector Partners LLC now owns 230,410 shares of the company’s stock worth $21,594,000 after acquiring an additional 10,850 shares in the last quarter. 75.72% of the stock is currently owned by institutional investors.
Globe Life Company Profile (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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