Globe Life (NYSE:GL) Given New $120.00 Price Target at Morgan Stanley

Globe Life (NYSE:GL) had its target price hoisted by Morgan Stanley from $110.00 to $120.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group lifted their price objective on shares of Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a research report on Friday, June 28th. Truist Financial raised their target price on shares of Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Raymond James increased their price objective on shares of Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 15th. Evercore ISI boosted their target price on Globe Life from $83.00 to $86.00 and gave the stock an “in-line” rating in a research note on Wednesday, June 26th. Finally, TD Cowen started coverage on Globe Life in a report on Wednesday, October 9th. They set a “buy” rating and a $150.00 price objective on the stock. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Globe Life currently has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Globe Life Stock Down 2.7 %

Globe Life stock traded down $2.98 during midday trading on Thursday, reaching $106.41. The stock had a trading volume of 137,781 shares, compared to its average volume of 1,592,470. Globe Life has a 1-year low of $38.95 and a 1-year high of $132.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.05 and a current ratio of 0.05. The firm’s fifty day simple moving average is $105.21 and its 200-day simple moving average is $90.90. The stock has a market capitalization of $9.58 billion, a P/E ratio of 10.24 and a beta of 0.81.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.06 by $0.43. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. Globe Life’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.71 EPS. As a group, analysts expect that Globe Life will post 11.93 EPS for the current fiscal year.

Globe Life Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.96 annualized dividend and a yield of 0.90%. Globe Life’s payout ratio is 9.17%.

Institutional Investors Weigh In On Globe Life

Several institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Globe Life by 10.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,432 shares of the company’s stock valued at $1,098,000 after acquiring an additional 875 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Globe Life by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 103,353 shares of the company’s stock worth $12,027,000 after buying an additional 1,823 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Globe Life by 0.5% in the first quarter. Commonwealth Equity Services LLC now owns 35,081 shares of the company’s stock worth $4,082,000 after acquiring an additional 167 shares during the period. Perigon Wealth Management LLC increased its position in Globe Life by 7.6% during the 1st quarter. Perigon Wealth Management LLC now owns 2,619 shares of the company’s stock valued at $305,000 after purchasing an additional 184 shares during the period. Finally, Centric Wealth Management bought a new position in Globe Life in the 1st quarter worth $5,012,000. Hedge funds and other 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.