Globe Life (NYSE:GL) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of Globe Life (NYSE:GL) from an in-line rating to an outperform rating in a report issued on Wednesday, MarketBeat reports. The brokerage currently has $143.00 price objective on the stock, up from their previous price objective of $132.00.

Other analysts also recently issued reports about the stock. Keefe, Bruyette & Woods upped their target price on shares of Globe Life from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Piper Sandler lifted their target price on Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Wells Fargo & Company increased their price objective on shares of Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Truist Financial increased their price objective on shares of Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Finally, Morgan Stanley boosted their price objective on Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $134.00.

Globe Life Stock Performance

Shares of NYSE:GL opened at $112.51 on Wednesday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $108.89 and a 200-day moving average price of $101.76. The company has a market cap of $9.44 billion, a price-to-earnings ratio of 9.52 and a beta of 0.80. 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 results on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.06 by $0.43. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the company earned $2.71 earnings per share. Globe Life’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities analysts anticipate that Globe Life will post 12.31 EPS for the current year.

Globe Life Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, January 6th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Monday, January 6th. Globe Life’s payout ratio is 8.12%.

Insider Transactions at Globe Life

In other Globe Life news, CEO Frank M. Svoboda sold 14,340 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $108.80, for a total value of $1,560,192.00. Following the transaction, the chief executive officer now owns 16,396 shares of the company’s stock, valued at $1,783,884.80. This represents a 46.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark A. Blinn sold 3,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $113.23, for a total transaction of $339,690.00. Following the completion of the transaction, the director now directly owns 5,122 shares in the company, valued at $579,964.06. This represents a 36.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,788 shares of company stock worth $4,429,779. 1.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its position in shares of Globe Life by 1.7% during the second quarter. Arizona State Retirement System now owns 26,325 shares of the company’s stock valued at $2,166,000 after buying an additional 438 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Globe Life by 132.7% during the second quarter. Acadian Asset Management LLC now owns 2,204 shares of the company’s stock worth $180,000 after acquiring an additional 1,257 shares during the period. Ballentine Partners LLC increased its holdings in shares of Globe Life by 41.0% during the 2nd quarter. Ballentine Partners LLC now owns 2,491 shares of the company’s stock valued at $205,000 after purchasing an additional 724 shares in the last quarter. Royal London Asset Management Ltd. boosted its stake in shares of Globe Life by 48.2% during the 2nd quarter. Royal London Asset Management Ltd. now owns 111,907 shares of the company’s stock worth $9,208,000 after acquiring an additional 36,406 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in Globe Life by 42.0% in the second quarter. Daiwa Securities Group Inc. now owns 48,247 shares of the company’s stock valued at $3,970,000 after purchasing an additional 14,268 shares during the period. 81.61% of the stock is currently owned by institutional investors.

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.