Globe Life (NYSE:GL) Shares Gap Down to $78.09

Globe Life Inc. (NYSE:GL) gapped down before the market opened on Tuesday . The stock had previously closed at $78.09, but opened at $72.38. Globe Life shares last traded at $77.07, with a volume of 1,677,987 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GL shares. StockNews.com downgraded shares of Globe Life from a “buy” rating to a “hold” rating in a report on Saturday, April 20th. JPMorgan Chase & Co. lifted their target price on shares of Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Truist Financial reduced their target price on shares of Globe Life from $125.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, April 24th. Wells Fargo & Company reduced their target price on shares of Globe Life from $132.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $130.00 to $110.00 in a research note on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Globe Life presently has an average rating of “Moderate Buy” and an average target price of $114.33.

Globe Life Trading Down 2.5 %

The firm has a market capitalization of $7.16 billion, a P/E ratio of 7.47 and a beta of 0.69. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.36. The firm’s 50-day simple moving average is $105.71 and its 200-day simple moving average is $115.07.

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 net margin of 18.07% and a return on equity of 23.91%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the firm earned $2.53 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. Analysts anticipate that Globe Life Inc. will post 11.73 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. Shareholders of record on Friday, April 5th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, April 4th. This is a positive change from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.26%. Globe Life’s payout ratio is presently 9.17%.

Insider Buying and Selling at Globe Life

In other news, EVP Rebecca E. Zorn sold 2,320 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were 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 approximately $790,006. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Globe Life news, Director David A. Rodriguez acquired 1,500 shares of the stock in a transaction dated Wednesday, April 24th. The stock was purchased at an average cost of $79.72 per share, for a total transaction of $119,580.00. Following the acquisition, the director now owns 4,192 shares in the company, valued at approximately $334,186.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Rebecca E. Zorn sold 2,320 shares of Globe Life stock in a transaction 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 transaction, 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 currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Private Trust Co. NA increased its stake in shares of Globe Life by 270.0% in the fourth quarter. Private Trust Co. NA now owns 222 shares of the company’s stock worth $27,000 after buying an additional 162 shares during the period. Private Wealth Management Group LLC purchased a new position in shares of Globe Life in the fourth quarter worth $27,000. BKM Wealth Management LLC purchased a new position in shares of Globe Life in the fourth quarter worth $28,000. Lindbrook Capital LLC increased its stake in shares of Globe Life by 62.2% in the fourth quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock worth $29,000 after buying an additional 92 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of Globe Life by 177.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 277 shares of the company’s stock worth $34,000 after buying an additional 177 shares during the period. 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.