Morgan Stanley Raises Globe Life (NYSE:GL) Price Target to $120.00

Globe Life (NYSE:GL) had its price objective increased by equities research analysts at Morgan Stanley from $110.00 to $120.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 6.51% from the company’s previous close.

Several other equities research analysts have also recently commented on GL. Truist Financial boosted their price target on shares of Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, July 26th. TD Cowen began 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. Evercore ISI boosted their price objective on Globe Life from $83.00 to $86.00 and gave the stock an “in-line” rating in a report on Wednesday, June 26th. Jefferies Financial Group boosted their price objective on Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, June 28th. Finally, Raymond James boosted their price objective on Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 15th. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $121.10.

Globe Life Stock Performance

GL traded up $1.81 during trading on Thursday, reaching $112.67. 425,198 shares of the company were exchanged, compared to its average volume of 1,595,564. The stock has a market cap of $10.15 billion, a P/E ratio of 10.77 and a beta of 0.81. The firm has a 50 day moving average of $104.94 and a 200 day moving average of $90.77. Globe Life has a 52 week low of $38.95 and a 52 week high of $132.00. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.31.

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

Insider Buying and Selling at Globe Life

In other Globe Life news, Director Mary E. Thigpen bought 3,000 shares of the stock in a transaction 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 purchase, the director now directly owns 15,605 shares in the company, valued at $1,407,571. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.51% of the company’s stock.

Institutional Investors Weigh In On Globe Life

Several large investors have recently made changes to their positions in GL. Nordea Investment Management AB grew its stake in shares of Globe Life by 10,526.9% in the 1st quarter. Nordea Investment Management AB now owns 998,717 shares of the company’s stock valued at $116,061,000 after buying an additional 989,319 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in shares of Globe Life by 398.7% in the 2nd 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. Bank of New York Mellon Corp grew its stake in shares of Globe Life by 104.3% in 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 buying an additional 822,638 shares in the last quarter. Millennium Management LLC grew its stake 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 valued at $105,303,000 after buying an additional 817,760 shares in the last quarter. Finally, Pzena Investment Management LLC grew its stake in shares of Globe Life by 146.3% in the 2nd quarter. Pzena Investment Management LLC now owns 930,378 shares of the company’s stock valued at $76,552,000 after buying an additional 552,634 shares in the last quarter. Institutional investors 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.