Globe Life (NYSE:GL) Sets New 12-Month High on Analyst Upgrade

Globe Life Inc. (NYSE:GL) shares reached a new 52-week high during trading on Monday after Morgan Stanley raised their price target on the stock from $125.00 to $126.00. Morgan Stanley currently has an equal weight rating on the stock. Globe Life traded as high as $131.34 and last traded at $130.30, with a volume of 29665 shares changing hands. The stock had previously closed at $127.43.

Other analysts have also recently issued reports about the company. BMO Capital Markets initiated coverage on Globe Life in a report on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price objective for the company. Jefferies Financial Group boosted their price target on shares of Globe Life from $107.00 to $114.00 and gave the stock a “hold” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods lifted their target price on shares of Globe Life from $137.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Evercore ISI raised Globe Life from an “in-line” rating to an “outperform” rating and increased their price target for the company from $132.00 to $143.00 in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company raised their price target on Globe Life from $126.00 to $141.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.60.

Insiders Place Their Bets

In related news, CEO James Matthew Darden sold 24,890 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $121.52, for a total value of $3,024,632.80. Following the sale, the chief executive officer now directly owns 38,973 shares of the company’s stock, valued at approximately $4,735,998.96. The trade was a 38.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Frank M. Svoboda sold 11,000 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the completion of the transaction, the chief executive officer now directly owns 18,948 shares of the company’s stock, valued at approximately $2,317,529.88. The trade was a 36.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,678 shares of company stock worth $8,799,822. Corporate insiders own 1.51% of the company’s stock.

Institutional Trading of Globe Life

Institutional investors have recently modified their holdings of the company. State Street Corp raised its position in Globe Life by 3.4% in the 3rd quarter. State Street Corp now owns 3,545,272 shares of the company’s stock valued at $375,480,000 after buying an additional 115,432 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Globe Life by 9.0% in the third quarter. Principal Financial Group Inc. now owns 105,315 shares of the company’s stock valued at $11,154,000 after purchasing an additional 8,663 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Globe Life in the fourth quarter valued at approximately $487,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Globe Life by 85.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,779 shares of the company’s stock worth $2,095,000 after purchasing an additional 9,141 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Globe Life by 56.0% during the fourth quarter. Pacer Advisors Inc. now owns 10,199 shares of the company’s stock worth $1,137,000 after purchasing an additional 3,662 shares during the last quarter. 81.61% of the stock is currently owned by institutional investors.

Globe Life Trading Up 2.4 %

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 business’s 50-day moving average is $118.29 and its two-hundred day moving average is $110.47. The firm has a market cap of $10.94 billion, a P/E ratio of 10.91 and a beta of 0.81.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $3.14 earnings per share for the quarter, beating the consensus estimate of $3.12 by $0.02. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. As a group, analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.27 per share. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. This represents a $1.08 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend is Thursday, April 3rd. Globe Life’s dividend payout ratio is 9.04%.

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.