Globe Life (NYSE:GL) Price Target Cut to $80.00

Globe Life (NYSE:GL) had its target price trimmed by Truist Financial from $125.00 to $80.00 in a report published on Wednesday, Benzinga reports. They currently have a hold rating on the stock.

Several other brokerages have also weighed in on GL. Keefe, Bruyette & Woods raised Globe Life from a market perform rating to an outperform rating and dropped their target price for the stock from $130.00 to $110.00 in a research report on Wednesday. JPMorgan Chase & Co. upped their target price on Globe Life from $133.00 to $136.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. Wells Fargo & Company dropped their target price on Globe Life from $146.00 to $132.00 and set an overweight rating on the stock in a research report on Thursday, April 11th. Piper Sandler dropped their target price on Globe Life from $143.00 to $130.00 and set an overweight rating on the stock in a research report on Friday, April 5th. Finally, Evercore ISI dropped their target price on Globe Life from $125.00 to $75.00 and set an in-line rating on the stock in a research report on Friday, April 12th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Globe Life currently has a consensus rating of Moderate Buy and a consensus target price of $114.33.

Globe Life Stock Up 0.3 %

NYSE:GL opened at $75.75 on Wednesday. The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of 7.23 and a beta of 0.69. Globe Life has a 1-year low of $38.95 and a 1-year high of $132.00. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.36. The business’s fifty day moving average price is $106.65 and its 200 day moving average price is $115.30.

Globe Life (NYSE:GL) last posted its quarterly earnings results on Monday, April 22nd. The company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a net margin of 18.07% and a return on equity of 23.91%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.53 earnings per share. On average, sell-side analysts forecast that Globe Life will post 11.73 earnings per share 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. Stockholders of record on Friday, April 5th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Thursday, April 4th. This is an increase from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s dividend payout ratio is 9.17%.

Insider Transactions at Globe Life

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

Institutional Trading of Globe Life

Several hedge funds have recently added to or reduced their stakes in GL. Norges Bank acquired a new position in Globe Life in the 4th quarter valued at approximately $123,682,000. Corient Private Wealth LLC raised its holdings in Globe Life by 1,367.8% in 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 in the last quarter. California Public Employees Retirement System raised its holdings in Globe Life by 169.4% in 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 in the last quarter. Qube Research & Technologies Ltd raised its holdings in Globe Life by 141.4% in 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 in the last quarter. Finally, Nuance Investments LLC acquired a new position in Globe Life in the 4th quarter valued at approximately $30,560,000. Institutional investors own 81.61% of the company’s stock.

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.