Globe Life (NYSE:GL) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of Globe Life (NYSE:GL) from an in-line rating to an outperform rating in a research report released on Wednesday morning, MarketBeat.com reports. The firm currently has $143.00 price objective on the stock, up from their previous price objective of $132.00.

A number of other research firms have also weighed in on GL. Jefferies Financial Group increased their price target on Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research report on Tuesday, December 10th. Truist Financial lifted their target price on shares of Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. TD Cowen started coverage on shares of Globe Life in a research report on Wednesday, October 9th. They issued a “buy” rating and a $150.00 price target for the company. Raymond James raised 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. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Globe Life from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Globe Life presently has a consensus rating of “Moderate Buy” and an average price target of $132.80.

Globe Life Price Performance

NYSE:GL opened at $114.19 on Wednesday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. The business’s 50-day moving average price is $108.72 and its 200 day moving average price is $101.68. Globe Life has a 52-week low of $38.95 and a 52-week high of $132.00. The firm has a market cap of $9.59 billion, a P/E ratio of 9.66 and a beta of 0.80.

Globe Life (NYSE:GL) last released its earnings results on Wednesday, October 23rd. The company reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.71 EPS. As a group, sell-side analysts predict that Globe Life will post 12.31 earnings per share for the current fiscal year.

Globe Life Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, January 6th will be paid a $0.24 dividend. The ex-dividend date is Monday, January 6th. This represents a $0.96 dividend on an annualized basis and a yield of 0.84%. Globe Life’s payout ratio is presently 8.12%.

Insider Buying and Selling at Globe Life

In related news, CEO Frank M. Svoboda sold 13,448 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $112.56, for a total value of $1,513,706.88. Following the sale, the chief executive officer now owns 18,948 shares of the company’s stock, valued at $2,132,786.88. The trade was a 41.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark A. Blinn sold 3,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $113.23, for a total transaction of $339,690.00. Following the completion of the transaction, the director now directly owns 5,122 shares of the company’s stock, valued at $579,964.06. This trade represents a 36.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,788 shares of company stock worth $4,429,779 over the last ninety days. Company insiders own 1.51% of the company’s stock.

Institutional Investors Weigh In On Globe Life

Institutional investors and hedge funds have recently made changes to their positions in the company. D. E. Shaw & Co. Inc. increased its stake in shares of Globe Life by 398.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock valued at $88,420,000 after buying an additional 859,146 shares in the last quarter. Millennium Management LLC increased its position in Globe Life by 177.0% in the 2nd quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock valued at $105,303,000 after acquiring an additional 817,760 shares in the last quarter. Nuance Investments LLC raised its stake in shares of Globe Life by 155.6% in the third quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock worth $120,629,000 after acquiring an additional 693,346 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Globe Life by 15,398.7% in the third quarter. International Assets Investment Management LLC now owns 336,631 shares of the company’s stock worth $356,530,000 after acquiring an additional 334,459 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Globe Life by 22.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,675 shares of the company’s stock worth $160,949,000 after purchasing an additional 277,108 shares in the last quarter. Institutional investors and hedge funds own 81.61% of the company’s stock.

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.