Globe Life (NYSE:GL) Research Coverage Started at Truist Financial

Truist Financial started coverage on shares of Globe Life (NYSE:GL) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $150.00 price objective on the stock.

GL has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on Globe Life from $145.00 to $160.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Wells Fargo & Company upped their price target on Globe Life from $139.00 to $144.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Piper Sandler cut their price objective on shares of Globe Life from $152.00 to $147.00 and set an “overweight” rating for the company in a report on Friday, May 2nd. Morgan Stanley set a $127.00 target price on Globe Life and gave the company an “equal weight” rating in a report on Monday. Finally, Wall Street Zen upgraded shares of Globe Life from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and an average target price of $143.82.

Globe Life Stock Performance

GL stock opened at $121.72 on Tuesday. The firm has a market cap of $10.05 billion, a PE ratio of 9.90 and a beta of 0.56. The stock has a 50-day moving average price of $120.87 and a 200-day moving average price of $121.43. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.43. Globe Life has a 1-year low of $86.10 and a 1-year high of $133.76.

Globe Life (NYSE:GL) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.17). Globe Life had a net margin of 18.33% and a return on equity of 21.44%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the firm posted $2.78 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, equities research analysts expect that Globe Life will post 13.87 earnings per share for the current year.

Globe Life Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Thursday, July 3rd. Globe Life’s dividend payout ratio (DPR) is presently 8.79%.

Insiders Place Their Bets

In other news, CEO Frank M. Svoboda sold 6,019 shares of Globe Life stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $122.51, for a total value of $737,387.69. Following the transaction, the chief executive officer owned 31,298 shares in the company, valued at approximately $3,834,317.98. The trade was a 16.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in Globe Life by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 101,679 shares of the company’s stock worth $13,393,000 after buying an additional 3,960 shares during the period. DAVENPORT & Co LLC bought a new position in shares of Globe Life during the first quarter valued at $493,000. Sequoia Financial Advisors LLC increased its stake in Globe Life by 693.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 24,184 shares of the company’s stock valued at $3,185,000 after purchasing an additional 21,136 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Globe Life by 8.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,711 shares of the company’s stock worth $1,260,000 after acquiring an additional 723 shares during the last quarter. Finally, Lighthouse Investment Partners LLC raised its stake in shares of Globe Life by 914.9% in the fourth quarter. Lighthouse Investment Partners LLC now owns 128,266 shares of the company’s stock worth $14,304,000 after purchasing an additional 115,628 shares during the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.

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.