Globe Life Inc. (NYSE:GL) Stock Has Consensus Target Price of $181.50

Shares of Globe Life Inc. (NYSE:GL) have been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $181.50.

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods cut their price target on Globe Life from $192.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, July 24th. JPMorgan Chase & Co. boosted their price objective on shares of Globe Life from $193.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Morgan Stanley lowered their price objective on shares of Globe Life from $208.00 to $197.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Weiss Ratings upgraded shares of Globe Life from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 21st. Finally, Piper Sandler downgraded shares of Globe Life from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $200.00 to $165.00 in a report on Friday, October 23rd.

Insider Activity at Globe Life

In other news, EVP Michael Majors sold 14,377 shares of the firm’s stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $154.48, for a total transaction of $2,220,958.96. Following the completion of the transaction, the executive vice president directly owned 39,141 shares of the company’s stock, valued at $6,046,501.68. This trade represents a 26.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert Hensley sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $170.07, for a total transaction of $1,700,700.00. Following the transaction, the executive vice president directly owned 12,384 shares of the company’s stock, valued at approximately $2,106,146.88. This trade represents a 44.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globe Life

A number of large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its position in shares of Globe Life by 17.6% in the third quarter. Russell Investments Group Ltd. now owns 400,616 shares of the company’s stock valued at $66,368,000 after buying an additional 59,985 shares during the last quarter. Maryland State Retirement & Pension System grew its stake in Globe Life by 11.5% in the 3rd quarter. Maryland State Retirement & Pension System now owns 4,627 shares of the company’s stock worth $766,000 after acquiring an additional 477 shares during the period. Ritholtz Wealth Management raised its holdings in Globe Life by 5.7% in the 3rd quarter. Ritholtz Wealth Management now owns 4,343 shares of the company’s stock valued at $719,000 after acquiring an additional 234 shares during the last quarter. Jacobi Capital Management LLC purchased a new position in shares of Globe Life during the 3rd quarter worth $50,000. Finally, Machina Capital S.A.S. purchased a new position in shares of Globe Life during the 3rd quarter worth $617,000. Institutional investors and hedge funds own 81.61% of the company’s stock.

Globe Life Stock Performance

Shares of GL stock opened at $157.27 on Friday. The stock has a fifty day moving average price of $166.85 and a 200 day moving average price of $160.10. The stock has a market cap of $11.86 billion, a PE ratio of 10.52 and a beta of 0.47. Globe Life has a 1 year low of $129.21 and a 1 year high of $191.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.07 and a current ratio of 0.07.

Globe Life (NYSE:GL) last posted its earnings results on Wednesday, October 21st. The company reported $4.84 EPS for the quarter, missing analysts’ consensus estimates of $4.90 by ($0.06). The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Globe Life had a return on equity of 19.51% and a net margin of 18.89%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.81 earnings per share. Sell-side analysts forecast that Globe Life will post 15.48 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 1st. Shareholders of record on Friday, January 8th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, January 8th. Globe Life’s dividend payout ratio is 8.83%.

Globe Life announced that its board has approved a stock repurchase plan on Monday, August 10th that allows the company to buy back $2.50 billion in shares. This repurchase authorization allows the company to purchase up to 17.7% of its shares through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

About Globe Life

Globe Life Inc is a U.S.-based insurance holding company that provides life and supplemental health insurance through its subsidiaries. Its products include term and whole life insurance, Medicare Supplement insurance, and supplemental health coverage such as accident, cancer, and critical illness policies.

The company distributes insurance through a mix of exclusive agents, independent agents, and direct marketing. Its operating companies include Globe Life and Accident Insurance Company, American Income Life, Liberty National, Family Heritage Life, and United American.

Globe Life traces its roots to 1951, when one of its predecessor businesses was established.