Globe Life (NYSE:GL) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Globe Life (NYSE:GL) from a buy rating to a hold rating in a research report released on Monday, Zacks.com reports.

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. “

Several other analysts have also weighed in on GL. Piper Sandler cut their price objective on Globe Life from $105.00 to $100.00 and set a neutral rating for the company in a report on Thursday, July 8th. They noted that the move was a valuation call. Credit Suisse Group upped their price objective on Globe Life from $122.00 to $135.00 and gave the company an outperform rating in a report on Monday, June 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $109.20.

Shares of GL opened at $89.00 on Monday. The company has a market cap of $9.05 billion, a P/E ratio of 12.18 and a beta of 1.15. The stock has a fifty day moving average price of $93.64 and a 200 day moving average price of $98.31. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.08 and a quick ratio of 0.08. Globe Life has a 12 month low of $75.39 and a 12 month high of $108.22.

Globe Life (NYSE:GL) last announced its quarterly earnings results on Tuesday, July 20th. The company reported $1.85 earnings per share (EPS) for the quarter, topping the Zacks’ 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 during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm posted $1.65 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Monday, October 4th will be given a dividend of $0.1975 per share. This represents a $0.79 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, October 1st.

In other Globe Life news, Director Robert W. Ingram sold 1,350 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available through this hyperlink. Also, insider Steven John Dichiaro sold 617 shares of the company’s stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $93.96, for a total value of $57,973.32. Following the completion of the transaction, the insider now directly owns 17,356 shares in the company, valued at $1,630,769.76. The disclosure for this sale can be found here. Insiders have sold 8,350 shares of company stock worth $785,545 over the last three months. 4.30% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Factorial Partners LLC boosted its stake in Globe Life by 8,392.7% during the 1st quarter. Factorial Partners LLC now owns 2,454,402 shares of the company’s stock valued at $25,400,000 after purchasing an additional 2,425,502 shares during the period. Cooke & Bieler LP boosted its stake in Globe Life by 31.4% during the 2nd quarter. Cooke & Bieler LP now owns 1,137,770 shares of the company’s stock valued at $108,373,000 after purchasing an additional 271,964 shares during the period. Thrivent Financial for Lutherans boosted its stake in Globe Life by 1,690.2% during the 1st quarter. Thrivent Financial for Lutherans now owns 274,020 shares of the company’s stock valued at $26,478,000 after purchasing an additional 258,713 shares during the period. Westpac Banking Corp bought a new stake in Globe Life during the 2nd quarter valued at approximately $22,598,000. Finally, Rockefeller Capital Management L.P. boosted its stake in Globe Life by 13.6% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,521,067 shares of the company’s stock valued at $144,879,000 after purchasing an additional 182,473 shares during the period. Institutional investors own 73.93% of the company’s stock.

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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