Globe Life (NYSE:GL) Reaches New 1-Year High on Analyst Upgrade

Key Points

• Globe Life's stock price reached a new 52-week high of $135.16 following an upgrade from Morgan Stanley, which raised its price target from $127.00 to $135.00.
• The company has received multiple ratings from analysts, with the average rating being a "Moderate Buy" and a consensus target price of $144.55.
• CEO Frank M. Svoboda sold over 6,000 shares at an average price of $122.51, reducing his ownership stake in the company by 16.13%.
• Globe Life reported earnings per share (EPS) of $3.27, beating estimates, while revenue for the quarter was $1.48 billion, slightly below expectations.

Globe Life Inc. (NYSE:GL - Get Free Report)'s stock price hit a new 52-week high on Friday after Morgan Stanley raised their price target on the stock from $127.00 to $135.00. Morgan Stanley currently has an equal weight rating on the stock. Globe Life traded as high as $135.16 and last traded at $135.14, with a volume of 108113 shares changing hands. The stock had previously closed at $131.52.

GL has been the subject of several other reports. Piper Sandler reduced their price objective on Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Wells Fargo & Company raised their target price on Globe Life from $139.00 to $144.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. raised their target price on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Truist Financial initiated coverage on Globe Life in a research report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 target price on the stock. Finally, Wall Street Zen raised Globe Life from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Globe Life presently has an average rating of "Moderate Buy" and a consensus target price of $144.55.

Insider Transactions at Globe Life

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of Globe Life stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $122.51, for a total value of $737,387.69. Following the sale, the chief executive officer owned 31,298 shares of the company's stock, valued at $3,834,317.98. The trade was a 16.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.51% of the stock is currently owned by insiders.

Institutional Trading of Globe Life

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Assets Advisory LLC purchased a new stake in Globe Life during the 2nd quarter valued at $25,000. AdvisorNet Financial Inc raised its holdings in Globe Life by 60.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company's stock valued at $28,000 after buying an additional 84 shares during the period. TD Private Client Wealth LLC purchased a new position in Globe Life during the 2nd quarter valued at $39,000. SouthState Corp purchased a new position in Globe Life during the 1st quarter valued at $43,000. Finally, Ransom Advisory Ltd purchased a new position in Globe Life during the 1st quarter valued at $50,000. Hedge funds and other institutional investors own 81.61% of the company's stock.

Globe Life Trading Up 3.2%

The stock has a fifty day moving average of $121.24 and a 200-day moving average of $121.87. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. The company has a market cap of $11.20 billion, a PE ratio of 10.81 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.25 by $0.02. Globe Life had a return on equity of 21.55% and a net margin of 18.11%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the previous year, the business earned $2.97 EPS. Globe Life's revenue was up 2.9% compared to the same quarter last year. Sell-side analysts anticipate that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

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.

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