Morgan Stanley Boosts Globe Life (NYSE:GL) Price Target to $125.00

by · The Cerbat Gem

Globe Life (NYSE:GL – Free Report) had its target price raised by Morgan Stanley from $117.00 to $125.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Globe Life from $136.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company dropped their target price on Globe Life from $140.00 to $139.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Keefe, Bruyette & Woods increased their target price on Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. BMO Capital Markets began coverage on Globe Life in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $114.00 target price for the company. Finally, Piper Sandler dropped their target price on Globe Life from $152.00 to $147.00 and set an “overweight” rating for the company in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $137.73.

Check Out Our Latest Stock Analysis on GL

Globe Life Stock Performance

Shares of NYSE GL opened at $120.28 on Monday. The firm has a market cap of $9.93 billion, a price-to-earnings ratio of 10.07 and a beta of 0.56. Globe Life has a one year low of $76.55 and a one year high of $133.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05. The stock’s fifty day moving average price is $123.09 and its two-hundred day moving average price is $117.91.

Globe Life (NYSE:GL – Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.17). The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the company posted $2.78 earnings per share. On average, equities analysts forecast that Globe Life will post 13.87 EPS for the current year.

Globe Life Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.90%. The ex-dividend date is Thursday, July 3rd. Globe Life’s payout ratio is 8.79%.

Insider Buying and Selling

In other news, CEO Frank M. Svoboda sold 6,019 shares of the company’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $122.51, for a total value of $737,387.69. Following the completion of the transaction, the chief executive officer now directly owns 31,298 shares in the company, valued at approximately $3,834,317.98. This represents a 16.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globe Life

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in Globe Life by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 5,117,122 shares of the company’s stock valued at $570,661,000 after purchasing an additional 326,307 shares during the last quarter. Invesco Ltd. raised its position in Globe Life by 6.0% during the 4th quarter. Invesco Ltd. now owns 3,932,637 shares of the company’s stock valued at $438,568,000 after purchasing an additional 223,282 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Globe Life by 9.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,741,131 shares of the company’s stock valued at $229,323,000 after purchasing an additional 148,397 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Globe Life by 2.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,284,322 shares of the company’s stock valued at $143,228,000 after purchasing an additional 36,051 shares during the last quarter. Finally, Nuance Investments LLC raised its position in Globe Life by 8.3% during the 4th quarter. Nuance Investments LLC now owns 1,234,069 shares of the company’s stock valued at $137,623,000 after purchasing an additional 95,091 shares during the last quarter. Institutional investors own 81.61% of the company’s stock.

Globe Life Company Profile

(Get Free Report)

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.

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