Globe Life Inc. (NYSE:GL) Receives Average Recommendation of “Moderate Buy” from Analysts

Globe Life Inc. (NYSE:GL) has received an average rating of “Moderate Buy” from the nine brokerages that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $108.33.

Several analysts recently issued reports on the stock. Truist Financial boosted their target price on shares of Globe Life from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Jefferies Financial Group upped their price objective on Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, June 28th. Morgan Stanley lifted their target price on Globe Life from $66.00 to $83.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Evercore ISI upped their price target on Globe Life from $83.00 to $86.00 and gave the stock an “in-line” rating in a research report on Wednesday, June 26th. Finally, Wells Fargo & Company lifted their price objective on Globe Life from $105.00 to $108.00 and gave the company an “overweight” rating in a research report on Friday, July 26th.

Globe Life Stock Down 4.7 %

Shares of Globe Life stock opened at $104.40 on Friday. Globe Life has a twelve month low of $38.95 and a twelve month high of $132.00. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $98.97 and its 200 day moving average is $91.72. The company has a market cap of $9.38 billion, a price-to-earnings ratio of 9.97 and a beta of 0.81.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.90 by $0.07. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm posted $2.61 earnings per share. Research analysts anticipate that Globe Life will post 11.93 EPS for the current year.

Globe Life Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend is Friday, October 4th. Globe Life’s payout ratio is 9.17%.

Insider Activity

In other news, Director Mary E. Thigpen purchased 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was purchased at an average cost of $90.20 per share, with a total value of $270,600.00. Following the purchase, the director now owns 15,605 shares in the company, valued at $1,407,571. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.51% of the company’s stock.

Institutional Investors Weigh In On Globe Life

Hedge funds and other institutional investors have recently modified their holdings of the business. Nordea Investment Management AB increased its stake in Globe Life by 10,526.9% in the 1st quarter. Nordea Investment Management AB now owns 998,717 shares of the company’s stock worth $116,061,000 after buying an additional 989,319 shares during the period. D. E. Shaw & Co. Inc. increased its position in shares of Globe Life by 398.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock worth $88,420,000 after acquiring an additional 859,146 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Globe Life by 104.3% during the second quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock valued at $132,577,000 after acquiring an additional 822,638 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Globe Life by 177.0% in the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock valued at $105,303,000 after purchasing an additional 817,760 shares during the period. Finally, Pzena Investment Management LLC grew its stake in Globe Life by 146.3% in the second quarter. Pzena Investment Management LLC now owns 930,378 shares of the company’s stock worth $76,552,000 after purchasing an additional 552,634 shares in the last quarter. 81.61% of the stock is currently 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.