Wells Fargo & Company Lowers Globe Life (NYSE:GL) Price Target to $108.00

Globe Life (NYSE:GL) had its price target dropped by investment analysts at Wells Fargo & Company from $132.00 to $108.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 35.41% from the stock’s previous close.

GL has been the topic of a number of other reports. Truist Financial reduced their target price on shares of Globe Life from $125.00 to $80.00 and set a “hold” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods raised shares of Globe Life from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $130.00 to $110.00 in a research report on Wednesday. Piper Sandler dropped their price objective on Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, April 5th. Evercore ISI decreased their target price on Globe Life from $125.00 to $75.00 and set an “in-line” rating for the company in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. raised their price target on Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Globe Life presently has an average rating of “Moderate Buy” and an average price target of $114.33.

Globe Life Price Performance

NYSE:GL traded up $4.00 during trading hours on Wednesday, reaching $79.76. 2,692,744 shares of the company were exchanged, compared to its average volume of 2,007,768. The business has a 50 day moving average of $109.59 and a 200 day moving average of $116.08. The company has a market capitalization of $7.50 billion, a P/E ratio of 7.53 and a beta of 0.69. Globe Life has a 1-year low of $38.95 and a 1-year high of $132.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life (NYSE:GL) last announced its earnings results on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.42 billion. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.53 earnings per share. Research analysts forecast that Globe Life will post 11.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Globe Life in the fourth quarter valued at $123,682,000. Corient Private Wealth LLC raised its holdings in shares of Globe Life by 1,367.8% during the fourth quarter. Corient Private Wealth LLC now owns 362,535 shares of the company’s stock valued at $44,128,000 after acquiring an additional 337,836 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Globe Life by 169.4% in the 4th quarter. California Public Employees Retirement System now owns 484,982 shares of the company’s stock worth $59,032,000 after buying an additional 304,942 shares during the last quarter. Qube Research & Technologies Ltd grew its position in shares of Globe Life by 141.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 466,896 shares of the company’s stock valued at $50,766,000 after acquiring an additional 273,515 shares during the period. Finally, Nuance Investments LLC purchased a new stake in Globe Life in the 4th quarter worth approximately $30,560,000. 81.61% of the stock is owned by institutional investors.

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.