Globe Life (NYSE:GL) Raised to Overweight at Piper Sandler

Piper Sandler upgraded shares of Globe Life (NYSE:GL) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday morning, Price Targets.com reports. They currently have $117.00 price objective on the stock, up from their previous price objective of $105.00.

A number of other research firms have also weighed in on GL. Credit Suisse Group cut their price objective on shares of Globe Life from $135.00 to $130.00 and set an outperform rating for the company in a research report on Tuesday, October 19th. Morgan Stanley boosted their target price on shares of Globe Life from $103.00 to $105.00 and gave the company an underweight rating in a report on Friday, January 7th. Finally, Zacks Investment Research downgraded shares of Globe Life from a hold rating to a sell rating in a research note on Friday, January 7th. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Globe Life currently has an average rating of Hold and a consensus target price of $112.00.

GL stock opened at $105.97 on Wednesday. The company has a market cap of $10.70 billion, a P/E ratio of 14.34 and a beta of 1.12. Globe Life has a 52 week low of $85.25 and a 52 week high of $108.22. The company’s 50-day moving average price is $93.70 and its 200 day moving average price is $93.56. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.18.

Globe Life (NYSE:GL) last released its quarterly earnings data on Tuesday, October 19th. The company reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.11). The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Globe Life had a return on equity of 8.50% and a net margin of 15.29%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.75 EPS.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 1st. Investors of record on Friday, January 7th will be issued a $0.198 dividend. The ex-dividend date is Thursday, January 6th. This is a boost from Globe Life’s previous quarterly dividend of $0.20. This represents a $0.79 annualized dividend and a yield of 0.75%. Globe Life’s dividend payout ratio is currently 10.69%.

In other Globe Life news, CMO Jennifer Allison Haworth sold 7,300 shares of the stock in a transaction on Monday, December 20th. The shares were sold at an average price of $85.68, for a total transaction of $625,464.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Melissa Jane Buchan sold 1,700 shares of the stock in a transaction on Tuesday, November 2nd. The stock was sold at an average price of $92.08, for a total transaction of $156,536.00. The disclosure for this sale can be found here. Insiders have sold 11,492 shares of company stock worth $1,011,977 over the last three months. 4.30% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC grew its position in Globe Life by 135.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 616,610 shares of the company’s stock valued at $54,840,000 after buying an additional 354,456 shares in the last quarter. Cooke & Bieler LP grew its position in Globe Life by 31.4% in the 2nd quarter. Cooke & Bieler LP now owns 1,137,770 shares of the company’s stock valued at $108,373,000 after buying an additional 271,964 shares in the last quarter. Westpac Banking Corp bought a new position in Globe Life in the 2nd quarter valued at about $22,598,000. Goldman Sachs Group Inc. grew its position in Globe Life by 18.0% in the 3rd quarter. Goldman Sachs Group Inc. now owns 1,457,743 shares of the company’s stock valued at $129,783,000 after buying an additional 222,729 shares in the last quarter. Finally, Invesco Ltd. grew its position in Globe Life by 17.6% in the 2nd quarter. Invesco Ltd. now owns 1,078,106 shares of the company’s stock valued at $102,690,000 after buying an additional 161,492 shares in the last quarter. 74.10% of the stock is currently owned by institutional investors and hedge funds.

About Globe Life

Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.

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