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

Globe Life (NYSE:GL) had its price target lifted by Wells Fargo & Company from $105.00 to $108.00 in a research note published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

GL has been the topic of a number of other reports. Evercore ISI increased their target price on Globe Life from $83.00 to $86.00 and gave the stock an in-line rating in a report on Wednesday, June 26th. Truist Financial cut their target price on Globe Life from $125.00 to $80.00 and set a hold rating on the stock in a report on Wednesday, April 24th. Morgan Stanley raised their price objective on Globe Life from $62.00 to $65.00 and gave the company an equal weight rating in a research note on Wednesday, July 10th. Raymond James restated a strong-buy rating on shares of Globe Life in a research note on Tuesday, May 21st. Finally, Piper Sandler dropped their price objective on Globe Life from $110.00 to $105.00 and set an overweight rating on the stock in a research note on Friday, June 28th. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $105.44.

Globe Life Price Performance

Shares of GL opened at $92.03 on Friday. Globe Life has a 12-month low of $38.95 and a 12-month high of $132.00. The business’s fifty day moving average is $83.71 and its 200 day moving average is $98.92. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.32. The stock has a market cap of $8.29 billion, a P/E ratio of 8.79 and a beta of 0.81.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $0.07. Globe Life had a return on equity of 22.53% and a net margin of 18.47%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period last year, the business earned $2.61 EPS. Globe Life’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts anticipate that Globe Life will post 11.92 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Friday, July 5th. Globe Life’s payout ratio is 9.17%.

Insider Transactions at Globe Life

In other Globe Life news, Director Mary E. Thigpen bought 3,000 shares of the stock in a transaction dated Friday, July 26th. The shares were bought at an average cost of $90.20 per share, for a total transaction of $270,600.00. Following the purchase, the director now directly owns 15,605 shares of the company’s stock, valued at approximately $1,407,571. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Mary E. Thigpen acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was bought at an average price of $90.20 per share, with a total value of $270,600.00. Following the acquisition, the director now owns 15,605 shares in the company, valued at approximately $1,407,571. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Edward Hensley acquired 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average cost of $82.17 per share, with a total value of $205,425.00. Following the acquisition, the executive vice president now owns 7,290 shares in the company, valued at approximately $599,019.30. The disclosure for this purchase can be found here. Insiders have acquired 8,000 shares of company stock worth $687,880 in the last ninety days. Company insiders own 1.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GL. HB Wealth Management LLC purchased a new position in Globe Life during the 4th quarter valued at about $217,000. Raymond James & Associates grew its holdings in Globe Life by 33.6% during the 4th quarter. Raymond James & Associates now owns 233,917 shares of the company’s stock valued at $28,472,000 after buying an additional 58,806 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Globe Life by 43.5% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 74,254 shares of the company’s stock valued at $9,038,000 after buying an additional 22,509 shares in the last quarter. Pacer Advisors Inc. grew its holdings in Globe Life by 488.6% during the 4th quarter. Pacer Advisors Inc. now owns 33,620 shares of the company’s stock valued at $4,092,000 after buying an additional 27,908 shares in the last quarter. Finally, Welch Group LLC grew its holdings in Globe Life by 1.9% during the 4th quarter. Welch Group LLC now owns 46,514 shares of the company’s stock valued at $5,662,000 after buying an additional 849 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

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.