Piper Sandler Has Lowered Expectations for Globe Life (NYSE:GL) Stock Price

Globe Life (NYSE:GL) had its price target cut by Piper Sandler from $152.00 to $147.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 20.71% from the company’s current price.

Several other equities research analysts have also issued reports on GL. Keefe, Bruyette & Woods increased their target price on shares of Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Wells Fargo & Company reduced their price objective on Globe Life from $141.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. boosted their target price on Globe Life from $136.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Evercore ISI upgraded Globe Life from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $132.00 to $143.00 in a research report on Wednesday, January 8th. Finally, BMO Capital Markets assumed coverage on Globe Life in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $114.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.09.

Globe Life Price Performance

Globe Life stock opened at $121.78 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05. The firm has a market capitalization of $10.14 billion, a P/E ratio of 10.19 and a beta of 0.60. Globe Life has a one year low of $76.55 and a one year high of $133.76. The business has a fifty day moving average price of $124.02 and a 200-day moving average price of $116.79.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.17). Globe Life had a return on equity of 22.32% and a net margin of 18.53%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the company earned $2.78 earnings per share. Globe Life’s revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts forecast that Globe Life will post 13.87 EPS for the current year.

Insider Buying and Selling

In related news, CEO James Matthew Darden sold 24,890 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $121.52, for a total transaction of $3,024,632.80. Following the sale, the chief executive officer now directly owns 38,973 shares of the company’s stock, valued at approximately $4,735,998.96. This represents a 38.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Frank M. Svoboda sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the completion of the transaction, the chief executive officer now owns 18,948 shares in the company, valued at approximately $2,317,529.88. This represents a 36.73 % decrease in their position. The disclosure for this sale can be found here. 1.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globe Life

Several large investors have recently bought and sold shares of GL. Raymond James Financial Inc. bought a new position in shares of Globe Life in the 4th quarter worth approximately $61,238,000. Principal Financial Group Inc. boosted its stake in shares of Globe Life by 9.0% during the 3rd quarter. Principal Financial Group Inc. now owns 105,315 shares of the company’s stock worth $11,154,000 after acquiring an additional 8,663 shares during the last quarter. Merit Financial Group LLC bought a new stake in shares of Globe Life during the 4th quarter valued at $487,000. Prudential Financial Inc. increased its stake in shares of Globe Life by 50.0% in the 4th quarter. Prudential Financial Inc. now owns 82,749 shares of the company’s stock worth $9,069,000 after purchasing an additional 27,590 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in Globe Life by 61.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 24,665 shares of the company’s stock worth $2,751,000 after purchasing an additional 9,395 shares during the period. 81.61% of the stock is currently owned by 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.