Globe Life (NYSE:GL) Receives Overweight Rating from Morgan Stanley

Morgan Stanley reiterated their overweight rating on shares of Globe Life (NYSE:GL) in a research report report published on Monday, Marketbeat.com reports. The brokerage currently has a $171.00 price objective on the stock, up from their prior price objective of $166.00.

GL has been the subject of several other reports. Wall Street Zen raised Globe Life from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. 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. Keefe, Bruyette & Woods increased their price objective on Globe Life from $145.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, July 28th. Piper Sandler dropped their target price on Globe Life from $152.00 to $147.00 and set an “overweight” rating on the stock in a research report on Friday, May 2nd. Finally, Truist Financial started coverage on Globe Life in a research report on Tuesday, July 15th. They issued a “buy” rating and a $150.00 target price on the stock. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $152.45.

Globe Life Trading Up 0.4%

Shares of NYSE GL opened at $135.99 on Monday. Globe Life has a 12 month low of $96.73 and a 12 month high of $144.00. The company has a market cap of $11.02 billion, a price-to-earnings ratio of 10.87 and a beta of 0.56. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $127.28 and a 200-day simple moving average of $124.44.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.02. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. Globe Life had a return on equity of 21.24% and a net margin of 18.11%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 EPS. Sell-side analysts predict that Globe Life will post 13.87 EPS for the current year.

Globe Life Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.8%. Globe Life’s dividend payout ratio is currently 8.63%.

Insider Buying and Selling

In other news, CEO Frank M. Svoboda sold 12,500 shares of the stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $141.38, for a total transaction of $1,767,250.00. Following the transaction, the chief executive officer owned 32,747 shares of the company’s stock, valued at approximately $4,629,770.86. This represents a 27.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas Peter Kalmbach sold 28,952 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $140.97, for a total value of $4,081,363.44. Following the transaction, the chief financial officer directly owned 30,665 shares in the company, valued at approximately $4,322,845.05. This represents a 48.56% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,722 shares of company stock worth $11,733,793. Insiders own 1.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. grew its holdings in Globe Life by 82.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 6,788 shares of the company’s stock valued at $844,000 after buying an additional 3,071 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new stake in Globe Life in the 2nd quarter valued at approximately $28,000. Headlands Technologies LLC grew its holdings in Globe Life by 893.6% in the 2nd quarter. Headlands Technologies LLC now owns 775 shares of the company’s stock valued at $96,000 after buying an additional 697 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in Globe Life by 1.2% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 54,772 shares of the company’s stock valued at $6,817,000 after buying an additional 672 shares during the last quarter. Finally, MUFG Securities EMEA plc acquired a new stake in Globe Life in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 81.61% 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.