Globe Life (NYSE:GL) Trading 7% Higher

Globe Life Inc. (NYSE:GL) shot up 7% during mid-day trading on Tuesday . The company traded as high as $71.96 and last traded at $71.07. 855,090 shares changed hands during trading, a decline of 55% from the average session volume of 1,884,156 shares. The stock had previously closed at $66.39.

Analysts Set New Price Targets

A number of brokerages have issued reports on GL. Keefe, Bruyette & Woods raised Globe Life from a “market perform” rating to an “outperform” rating and cut their price objective for the company from $130.00 to $110.00 in a report on Wednesday. Truist Financial lowered their target price on Globe Life from $125.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. raised their target price on Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Wells Fargo & Company lowered their target price on Globe Life from $132.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, StockNews.com lowered Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday, April 20th. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $114.33.

Globe Life Stock Performance

The stock has a 50-day moving average of $108.65 and a 200 day moving average of $115.82. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05. The stock has a market capitalization of $7.39 billion, a price-to-earnings ratio of 7.51 and a beta of 0.69.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Monday, April 22nd. The company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. Globe Life’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.53 earnings per share. On average, analysts expect that Globe Life Inc. will post 11.6 EPS for the current year.

Globe Life Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be given a dividend of $0.24 per share. This is a positive change from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, April 4th. Globe Life’s payout ratio is presently 9.17%.

Hedge Funds Weigh In On Globe Life

Institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its position in shares of Globe Life by 488.6% during the 4th quarter. Pacer Advisors Inc. now owns 33,620 shares of the company’s stock worth $4,092,000 after buying an additional 27,908 shares during the period. Arizona State Retirement System grew its position in shares of Globe Life by 5.2% during the 4th quarter. Arizona State Retirement System now owns 26,061 shares of the company’s stock worth $3,172,000 after buying an additional 1,295 shares during the period. AIA Group Ltd acquired a new position in shares of Globe Life during the 4th quarter worth about $1,788,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Globe Life by 6.2% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 261,580 shares of the company’s stock worth $31,840,000 after buying an additional 15,329 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in shares of Globe Life by 72.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 3,637 shares of the company’s stock worth $443,000 after buying an additional 1,526 shares during the period. 81.61% of the stock is currently owned by institutional investors and hedge funds.

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.