Globe Life (NYSE:GL) Downgraded to Hold at Zacks Investment Research

Globe Life (NYSE:GL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Globe Life Inc. is a financial services holding company. It operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. Globe Life Inc., formerly known as Torchmark Corporation, is based in McKinney, Texas. “

GL has been the subject of several other reports. Morgan Stanley increased their price objective on Globe Life from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Wednesday, May 19th. Credit Suisse Group increased their price objective on Globe Life from $122.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, June 7th. Finally, Piper Sandler reduced their price objective on Globe Life from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, July 8th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $109.20.

Shares of GL stock traded down $1.07 during trading on Tuesday, hitting $92.12. The company’s stock had a trading volume of 276,067 shares, compared to its average volume of 400,800. The company has a market cap of $9.37 billion, a PE ratio of 12.60 and a beta of 1.15. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.23. The business has a fifty day moving average of $94.29 and a 200-day moving average of $98.67. Globe Life has a 52 week low of $75.39 and a 52 week high of $108.22.

Globe Life (NYSE:GL) last released its earnings results on Tuesday, July 20th. The company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.03. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Globe Life had a return on equity of 8.66% and a net margin of 15.55%. Globe Life’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.65 earnings per share.

In other Globe Life news, insider Steven John Dichiaro sold 617 shares of the firm’s stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $93.96, for a total transaction of $57,973.32. Following the sale, the insider now owns 17,356 shares in the company, valued at $1,630,769.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert W. Ingram sold 1,350 shares of the firm’s stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $97.38, for a total value of $131,463.00. The disclosure for this sale can be found here. Insiders sold 8,350 shares of company stock worth $785,545 in the last quarter. 4.30% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. Quadrant Capital Group LLC grew its stake in shares of Globe Life by 41.7% in the second quarter. Quadrant Capital Group LLC now owns 408 shares of the company’s stock worth $39,000 after purchasing an additional 120 shares during the last quarter. Deseret Mutual Benefit Administrators bought a new stake in shares of Globe Life in the second quarter worth about $60,000. Parallel Advisors LLC grew its stake in shares of Globe Life by 343.2% in the second quarter. Parallel Advisors LLC now owns 647 shares of the company’s stock worth $62,000 after purchasing an additional 501 shares during the last quarter. Evermay Wealth Management LLC purchased a new stake in Globe Life in the second quarter worth about $64,000. Finally, CSat Investment Advisory L.P. lifted its holdings in Globe Life by 22.0% in the first quarter. CSat Investment Advisory L.P. now owns 844 shares of the company’s stock worth $82,000 after buying an additional 152 shares during the period. 73.93% of the stock is currently owned by hedge funds and other institutional investors.

About Globe Life

Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.

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