Globe Life (NYSE:GL) Cut to Hold at StockNews.com

StockNews.com lowered shares of Globe Life (NYSE:GL – Get Rating) from a buy rating to a hold rating in a research note published on Wednesday.

GL has been the subject of several other reports. Piper Sandler increased their price target on Globe Life from $127.00 to $130.00 and gave the company an overweight rating in a research report on Tuesday, December 20th. Raymond James raised their target price on shares of Globe Life from $138.00 to $141.00 and gave the company a strong-buy rating in a research note on Wednesday, February 15th. Credit Suisse Group upped their price target on shares of Globe Life from $130.00 to $140.00 and gave the stock an outperform rating in a research report on Monday, December 19th. Morgan Stanley lifted their price objective on shares of Globe Life from $132.00 to $133.00 and gave the company an underweight rating in a research report on Friday, February 24th. Finally, Truist Financial upped their target price on shares of Globe Life from $112.00 to $125.00 and gave the company a hold rating in a report on Friday, February 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $129.14.

Globe Life Stock Down 3.4 %

Globe Life stock opened at $105.05 on Wednesday. The company has a 50 day moving average of $119.10 and a 200-day moving average of $114.07. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.33. Globe Life has a twelve month low of $87.87 and a twelve month high of $123.85. The stock has a market capitalization of $10.14 billion, a PE ratio of 14.06 and a beta of 0.80.

Globe Life (NYSE:GL – Get Rating) last released its quarterly earnings results on Wednesday, February 1st. The company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.07. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Globe Life had a return on equity of 15.03% and a net margin of 14.18%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the business posted $1.70 EPS. On average, equities research analysts anticipate that Globe Life will post 10.37 EPS for the current fiscal year.

Globe Life Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Stockholders of record on Monday, April 3rd will be given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 0.86%. This is an increase from Globe Life’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Friday, March 31st. Globe Life’s dividend payout ratio is presently 11.11%.

Insider Activity at Globe Life

In other news, Director Melissa Jane Buchan sold 1,900 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $105.95, for a total transaction of $201,305.00. Following the completion of the sale, the director now owns 81,658 shares of the company’s stock, valued at approximately $8,651,665.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Steven John Dichiaro sold 5,000 shares of the stock in a transaction that occurred on Wednesday, February 8th. The shares were sold at an average price of $121.64, for a total transaction of $608,200.00. Following the sale, the insider now owns 8,372 shares in the company, valued at approximately $1,018,370.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Melissa Jane Buchan sold 1,900 shares of the stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $105.95, for a total transaction of $201,305.00. Following the sale, the director now owns 81,658 shares in the company, valued at approximately $8,651,665.10. The disclosure for this sale can be found here. Insiders sold a total of 105,900 shares of company stock valued at $12,593,525 over the last quarter. 4.62% of the stock is owned by corporate insiders.

Institutional Trading of Globe Life

A number of hedge funds have recently added to or reduced their stakes in GL. JPMorgan Chase & Co. increased its stake in shares of Globe Life by 7.2% in the first quarter. JPMorgan Chase & Co. now owns 93,908 shares of the company’s stock valued at $9,448,000 after buying an additional 6,299 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in Globe Life by 3.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,549 shares of the company’s stock worth $1,464,000 after acquiring an additional 538 shares during the last quarter. American Century Companies Inc. increased its position in Globe Life by 26.8% in the 1st quarter. American Century Companies Inc. now owns 13,456 shares of the company’s stock valued at $1,354,000 after acquiring an additional 2,848 shares during the period. Cetera Advisor Networks LLC raised its stake in shares of Globe Life by 3.0% during the first quarter. Cetera Advisor Networks LLC now owns 4,740 shares of the company’s stock valued at $477,000 after acquiring an additional 137 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in shares of Globe Life by 23.9% during the first quarter. MetLife Investment Management LLC now owns 25,421 shares of the company’s stock worth $2,557,000 after purchasing an additional 4,897 shares during the period. Institutional investors and hedge funds own 81.04% of the company’s stock.

About Globe Life

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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.