Globe Life (NYSE:GL) Rating Increased to Buy at Zacks Investment Research

Globe Life (NYSE:GL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $105.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.70% from the company’s current price.

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. “

Separately, Piper Sandler lowered their price objective on shares of Globe Life from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, July 8th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Globe Life presently has an average rating of “Hold” and a consensus target price of $109.60.

Shares of GL stock opened at $94.00 on Tuesday. Globe Life has a 12 month low of $77.71 and a 12 month high of $108.22. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $93.25 and its two-hundred day moving average is $97.56. The company has a market cap of $9.56 billion, a PE ratio of 12.86 and a beta of 1.15.

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

In related news, Director Robert W. Ingram sold 1,350 shares of the firm’s stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $97.38, for a total value of $131,463.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven John Dichiaro sold 617 shares of Globe Life stock in a transaction on Friday, July 30th. The shares were sold at an average price of $93.96, for a total value of $57,973.32. Following the transaction, the insider now directly owns 17,356 shares of the company’s stock, valued at $1,630,769.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,350 shares of company stock worth $785,545. 4.30% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Quadrant Capital Group LLC increased 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 valued at $39,000 after buying an additional 120 shares in the last quarter. Deseret Mutual Benefit Administrators acquired a new stake in shares of Globe Life in the second quarter valued at $60,000. Parallel Advisors LLC increased 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 valued at $62,000 after buying an additional 501 shares in the last quarter. Evermay Wealth Management LLC acquired a new stake in shares of Globe Life in the second quarter valued at $64,000. Finally, CSat Investment Advisory L.P. increased its stake in shares of Globe Life by 22.0% in the first quarter. CSat Investment Advisory L.P. now owns 844 shares of the company’s stock valued at $82,000 after buying an additional 152 shares in the last quarter. 73.93% of the stock is owned by 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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