Globe Life (NYSE:GL) Raised to “Outperform” at Evercore ISI

Globe Life (NYSE:GL) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $143.00 price target on the stock, up from their prior price target of $132.00. Evercore ISI’s price target points to a potential upside of 25.23% from the company’s current price.

Several other equities analysts also recently issued reports on GL. Keefe, Bruyette & Woods upped their price objective on shares of Globe Life from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Morgan Stanley upped their target price on Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price target on Globe Life from $107.00 to $114.00 and gave the stock a “hold” rating in a research report on Tuesday, December 10th. Raymond James increased their price objective on Globe Life from $160.00 to $188.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 15th. Finally, Piper Sandler lifted their target price on shares of Globe Life from $118.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.80.

Globe Life Price Performance

Shares of NYSE GL opened at $114.19 on Wednesday. The stock’s 50-day simple moving average is $108.89 and its 200-day simple moving average is $101.76. The firm has a market capitalization of $9.59 billion, a PE ratio of 9.66 and a beta of 0.80. Globe Life has a fifty-two week low of $38.95 and a fifty-two week high of $132.00. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.05 and a current ratio of 0.05.

Globe Life (NYSE:GL) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the company earned $2.71 earnings per share. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities research analysts forecast that Globe Life will post 12.31 EPS for the current fiscal year.

Insider Transactions at Globe Life

In related news, Director Mark A. Blinn sold 3,000 shares of Globe Life stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $113.23, for a total value of $339,690.00. Following the sale, the director now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Frank M. Svoboda sold 14,340 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $108.80, for a total value of $1,560,192.00. Following the completion of the transaction, the chief executive officer now owns 16,396 shares of the company’s stock, valued at $1,783,884.80. The trade was a 46.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,788 shares of company stock worth $4,429,779. Company insiders own 1.51% of the company’s stock.

Institutional Trading of Globe Life

A number of institutional investors have recently added to or reduced their stakes in the stock. D. E. Shaw & Co. Inc. increased its holdings in Globe Life by 398.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock valued at $88,420,000 after acquiring an additional 859,146 shares in the last quarter. Millennium Management LLC grew its position in shares of Globe Life by 177.0% in the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock valued at $105,303,000 after purchasing an additional 817,760 shares during the last quarter. Nuance Investments LLC increased its stake in shares of Globe Life by 155.6% during the 3rd quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock worth $120,629,000 after purchasing an additional 693,346 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Globe Life by 15,398.7% during the 3rd quarter. International Assets Investment Management LLC now owns 336,631 shares of the company’s stock worth $356,530,000 after purchasing an additional 334,459 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Globe Life by 22.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,675 shares of the company’s stock valued at $160,949,000 after buying an additional 277,108 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

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.