Globe Life (NYSE:GL) Price Target Increased to $120.00 by Analysts at Morgan Stanley

Globe Life (NYSE:GL) had its price target upped by Morgan Stanley from $110.00 to $120.00 in a research note issued to investors on Thursday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group increased their target price on Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, June 28th. Wells Fargo & Company raised their price objective on shares of Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Raymond James upped their target price on shares of Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 15th. TD Cowen initiated coverage on shares of Globe Life in a research report on Wednesday, October 9th. They set a “buy” rating and a $150.00 price target for the company. Finally, Piper Sandler boosted their price objective on shares of Globe Life from $106.00 to $118.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Globe Life presently has an average rating of “Moderate Buy” and an average price target of $123.80.

Globe Life Stock Down 2.7 %

Shares of NYSE:GL traded down $2.98 during midday trading on Thursday, reaching $106.41. The company’s stock had a trading volume of 137,781 shares, compared to its average volume of 1,592,470. 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 firm has a 50 day moving average of $105.21 and a 200-day moving average of $90.90. The firm has a market capitalization of $9.58 billion, a P/E ratio of 10.24 and a beta of 0.81. Globe Life has a 12-month low of $38.95 and a 12-month high of $132.00.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a net margin of 18.47% and a return on equity of 21.93%. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company earned $2.71 earnings per share. The business’s revenue was up 5.1% compared to the same quarter last year. On average, research analysts anticipate that Globe Life will post 11.93 earnings per share for the current year.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be paid a $0.24 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. Globe Life’s dividend payout ratio (DPR) is presently 9.17%.

Institutional Investors Weigh In On Globe Life

Institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB grew its holdings in Globe Life by 10,526.9% during the 1st quarter. Nordea Investment Management AB now owns 998,717 shares of the company’s stock valued at $116,061,000 after buying an additional 989,319 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Globe Life by 398.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock valued at $88,420,000 after acquiring an additional 859,146 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Globe Life by 104.3% in the second quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock worth $132,577,000 after acquiring an additional 822,638 shares during the period. Millennium Management LLC grew its holdings in Globe Life by 177.0% during the 2nd quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock worth $105,303,000 after acquiring an additional 817,760 shares in the last quarter. Finally, Pzena Investment Management LLC increased its position in Globe Life by 146.3% during the 2nd quarter. Pzena Investment Management LLC now owns 930,378 shares of the company’s stock valued at $76,552,000 after purchasing an additional 552,634 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Company Profile

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.