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

Globe Life Inc. (NYSE:GL) reached a new 52-week high during mid-day 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. The stock had previously closed at $127.43.

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

Insider Transactions at Globe Life

In other Globe Life news, CEO Frank M. Svoboda sold 13,448 shares of Globe Life stock in a transaction on Monday, January 6th. The shares were sold at an average price of $112.56, for a total value of $1,513,706.88. Following the completion of the transaction, the chief executive officer now owns 18,948 shares of the company’s stock, valued at $2,132,786.88. The trade was a 41.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Mark A. Blinn sold 3,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.23, for a total value of $339,690.00. Following the completion of the sale, the director now owns 5,122 shares in the company, valued at $579,964.06. The trade was a 36.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 61,338 shares of company stock worth $7,239,630 in the last three months. Company insiders own 1.51% of the company’s stock.

Hedge Funds Weigh In On Globe Life

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in Globe Life in the 4th quarter worth approximately $112,454,000. Nuance Investments LLC raised its stake in Globe Life by 155.6% during the third quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock worth $120,629,000 after acquiring an additional 693,346 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Globe Life during the fourth quarter worth $61,238,000. Swedbank AB acquired a new position in Globe Life during the fourth quarter worth $52,414,000. Finally, Freestone Grove Partners LP acquired a new position in Globe Life during the fourth quarter worth $52,178,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Stock Performance

The company has a market capitalization of $10.75 billion, a price-to-earnings ratio of 10.73 and a beta of 0.81. 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 stock has a 50 day moving average price of $118.66 and a two-hundred day moving average price of $110.69.

Globe Life (NYSE:GL) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $3.14 earnings per share (EPS) 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%. On average, analysts predict that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.27 per share. The ex-dividend date is Thursday, April 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.84%. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. Globe Life’s dividend payout ratio (DPR) is currently 9.04%.

About Globe Life

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.