Globe Life Inc. (NYSE:GL) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Globe Life Inc. (NYSE:GL) has earned a consensus recommendation of “Moderate Buy” from the twelve research firms that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $183.91.

A number of equities analysts recently commented on the company. TD Cowen cut their price objective on Globe Life from $225.00 to $215.00 and set a “buy” rating on the stock in a research note on Friday, October 23rd. Piper Sandler downgraded shares of Globe Life from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $200.00 to $165.00 in a research note on Friday, October 23rd. UBS Group set a $165.00 target price on shares of Globe Life in a report on Friday, October 23rd. Keefe, Bruyette & Woods dropped their target price on shares of Globe Life from $192.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, July 24th. Finally, JPMorgan Chase & Co. upped their price target on shares of Globe Life from $193.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, October 15th.

Globe Life Trading Down 1.0%

NYSE GL opened at $160.13 on Friday. The business’s 50-day moving average price is $165.98 and its two-hundred day moving average price is $160.58. Globe Life has a 12 month low of $129.21 and a 12 month high of $191.55. The firm has a market capitalization of $12.08 billion, a PE ratio of 10.71 and a beta of 0.47. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.40.

Globe Life (NYSE:GL) last issued its quarterly earnings results on Wednesday, October 21st. The company reported $4.84 earnings per share for the quarter, missing the consensus estimate of $4.90 by ($0.06). Globe Life had a net margin of 18.89% and a return on equity of 19.51%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period in the previous year, the company posted $4.81 EPS. The company’s quarterly revenue was up 5.5% on a year-over-year basis. On average, analysts expect that Globe Life will post 15.48 EPS for the current year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Stockholders of record on Friday, January 8th will be paid a $0.33 dividend. The ex-dividend date is Friday, January 8th. This represents a $1.32 annualized dividend and a dividend yield of 0.8%. Globe Life’s payout ratio is currently 8.83%.

Globe Life declared that its Board of Directors has initiated a stock buyback program on Monday, August 10th that authorizes the company to buy back $2.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 17.7% of its shares through open market purchases. Share buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Globe Life news, EVP Robert Hensley sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $170.07, for a total value of $1,700,700.00. Following the completion of the sale, the executive vice president directly owned 12,384 shares in the company, valued at approximately $2,106,146.88. This trade represents a 44.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Majors sold 14,377 shares of Globe Life stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $154.48, for a total transaction of $2,220,958.96. Following the completion of the sale, the executive vice president directly owned 39,141 shares of the company’s stock, valued at approximately $6,046,501.68. This trade represents a 26.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.11% of the company’s stock.

Institutional Trading of Globe Life

Several large investors have recently made changes to their positions in GL. Fulcrum Asset Management LLP acquired a new position in Globe Life during the 3rd quarter worth approximately $33,000. Johnson Financial Group Inc. bought a new position in Globe Life in the second quarter worth approximately $39,000. Jacobi Capital Management LLC acquired a new stake in Globe Life in the third quarter valued at approximately $50,000. Fortitude Family Office LLC grew its stake in Globe Life by 94.6% in the third quarter. Fortitude Family Office LLC now owns 327 shares of the company’s stock valued at $54,000 after acquiring an additional 159 shares during the period. Finally, Assetmark Inc. grew its stake in Globe Life by 42.0% in the second quarter. Assetmark Inc. now owns 426 shares of the company’s stock valued at $76,000 after acquiring an additional 126 shares during the period. 81.61% of the stock is currently owned by institutional investors and hedge funds.

About Globe Life

Globe Life Inc. is a U.S.-based insurance holding company that provides life and supplemental health insurance through its subsidiaries. Its products include term and whole life insurance, Medicare Supplement insurance, and supplemental health coverage such as accident, cancer, and critical illness policies. The company distributes insurance through a mix of exclusive agents, independent agents, and direct marketing. Its operating companies include Globe Life and Accident Insurance Company, American Income Life, Liberty National, Family Heritage Life, and United American.