Globe Life (NYSE:GL) Raised to “Outperform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Globe Life (NYSE:GL) from a market perform rating to an outperform rating in a report issued on Wednesday morning, MarketBeat Ratings reports. They currently have $110.00 target price on the stock, down from their prior target price of $130.00.

Several other research analysts have also issued reports on the stock. Truist Financial reiterated a hold rating and issued a $125.00 target price on shares of Globe Life in a research report on Friday, April 12th. Evercore ISI lowered their price target on shares of Globe Life from $125.00 to $75.00 and set an in-line rating for the company in a research note on Friday, April 12th. Wells Fargo & Company lowered their price target on shares of Globe Life from $146.00 to $132.00 and set an overweight rating for the company in a research note on Thursday, April 11th. Piper Sandler lowered their price target on shares of Globe Life from $143.00 to $130.00 and set an overweight rating for the company in a research note on Friday, April 5th. Finally, StockNews.com downgraded shares of Globe Life from a buy rating to a hold rating in a research note on Saturday, April 20th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $114.33.

Globe Life Stock Up 0.3 %

Shares of NYSE:GL opened at $75.75 on Wednesday. Globe Life has a 52-week low of $38.95 and a 52-week high of $132.00. The firm has a fifty day moving average of $106.65 and a 200 day moving average of $115.29. The firm has a market capitalization of $7.12 billion, a PE ratio of 7.23 and a beta of 0.69. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.05 and a current ratio of 0.05.

Globe Life (NYSE:GL) last announced its earnings results on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the firm posted $2.53 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. As a group, research analysts anticipate that Globe Life will post 11.73 EPS for the current fiscal year.

Globe Life Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.96 annualized dividend and a dividend yield of 1.27%. This is a boost from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s payout ratio is currently 9.17%.

Insider Activity at Globe Life

In related news, Director David A. Rodriguez purchased 1,500 shares of Globe Life stock in a transaction that occurred on Wednesday, April 24th. The shares were bought at an average price of $79.72 per share, for a total transaction of $119,580.00. Following the completion of the transaction, the director now directly owns 4,192 shares of the company’s stock, valued at $334,186.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director David A. Rodriguez purchased 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were bought at an average price of $79.72 per share, for a total transaction of $119,580.00. Following the purchase, the director now directly owns 4,192 shares of the company’s stock, valued at approximately $334,186.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Rebecca E. Zorn sold 2,320 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $77.30, for a total value of $179,336.00. Following the completion of the sale, the executive vice president now directly owns 10,220 shares in the company, valued at $790,006. The disclosure for this sale can be found here. 1.51% of the stock is owned by corporate insiders.

Institutional Trading of Globe Life

Several institutional investors have recently bought and sold shares of GL. Norges Bank purchased a new stake in Globe Life during the 4th quarter valued at about $123,682,000. Corient Private Wealth LLC boosted its holdings in shares of Globe Life by 1,367.8% during the 4th quarter. Corient Private Wealth LLC now owns 362,535 shares of the company’s stock valued at $44,128,000 after acquiring an additional 337,836 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of Globe Life by 169.4% during the 4th quarter. California Public Employees Retirement System now owns 484,982 shares of the company’s stock valued at $59,032,000 after acquiring an additional 304,942 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in shares of Globe Life by 141.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 466,896 shares of the company’s stock valued at $50,766,000 after acquiring an additional 273,515 shares during the last quarter. Finally, Nuance Investments LLC purchased a new stake in shares of Globe Life during the 4th quarter valued at about $30,560,000. 81.61% of the stock is owned by hedge funds and other 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.