Wells Fargo & Company Raises Globe Life (NYSE:GL) Price Target to $117.00

Globe Life (NYSE:GL) had its price target boosted by Wells Fargo & Company from $108.00 to $117.00 in a report issued on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities analysts also recently commented on the stock. Morgan Stanley upped their price target on shares of Globe Life from $66.00 to $83.00 and gave the company an equal weight rating in a report on Monday, August 19th. Jefferies Financial Group upped their target price on Globe Life from $85.00 to $88.00 and gave the company a hold rating in a research note on Friday, June 28th. Piper Sandler increased their price target on Globe Life from $106.00 to $118.00 and gave the stock an overweight rating in a report on Wednesday, October 2nd. Evercore ISI boosted their price objective on Globe Life from $83.00 to $86.00 and gave the company an in-line rating in a report on Wednesday, June 26th. Finally, Keefe, Bruyette & Woods reiterated an outperform rating and issued a $118.00 target price (up previously from $110.00) on shares of Globe Life in a research note on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $114.60.

Globe Life Trading Up 3.0 %

Shares of NYSE:GL traded up $3.21 during trading on Thursday, hitting $109.64. The company had a trading volume of 88,739 shares, compared to its average volume of 1,641,816. The stock has a market cap of $9.85 billion, a price-to-earnings ratio of 9.62 and a beta of 0.81. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.05 and a quick ratio of 0.05. The company has a fifty day simple moving average of $101.54 and a two-hundred day simple moving average of $91.17. Globe Life has a one year low of $38.95 and a one year high of $132.00.

Globe Life (NYSE:GL) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $0.07. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period last year, the company earned $2.61 earnings per share. Globe Life’s revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that Globe Life will post 11.93 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be issued a $0.24 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.88%. Globe Life’s dividend payout ratio is presently 8.68%.

Insider Transactions at Globe Life

In related news, Director Mary E. Thigpen acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average price of $90.20 per share, with a total value of $270,600.00. Following the completion of the transaction, the director now directly owns 15,605 shares in the company, valued at $1,407,571. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.51% of the company’s stock.

Institutional Trading of Globe Life

A number of institutional investors have recently modified their holdings of GL. Nordea Investment Management AB lifted its position in Globe Life by 10,526.9% during the first quarter. Nordea Investment Management AB now owns 998,717 shares of the company’s stock valued at $116,061,000 after acquiring an additional 989,319 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Globe Life by 398.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock worth $88,420,000 after purchasing an additional 859,146 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Globe Life by 104.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock valued at $132,577,000 after purchasing an additional 822,638 shares during the last quarter. Millennium Management LLC boosted its position in shares of Globe Life by 177.0% in the 2nd quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock worth $105,303,000 after purchasing an additional 817,760 shares in the last quarter. Finally, Pzena Investment Management LLC grew its stake in Globe Life by 146.3% during the 2nd quarter. Pzena Investment Management LLC now owns 930,378 shares of the company’s stock worth $76,552,000 after buying an additional 552,634 shares during the last quarter. 81.61% of the stock is currently owned by institutional investors.

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.