Globe Life (NYSE:GL) Hits New 52-Week High on Analyst Upgrade

Key Points

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Shares of Globe Life Inc. (NYSE:GL - Get Free Report) reached a new 52-week high during trading on Thursday after Cfra Research upgraded the stock to a moderate buy rating. The stock traded as high as $144.00 and last traded at $142.50, with a volume of 53895 shares traded. The stock had previously closed at $141.05.

GL has been the subject of a number of other research reports. Wells Fargo & Company increased their price target on shares of Globe Life from $144.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Truist Financial started coverage on shares of Globe Life in a report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price target on the stock. Wall Street Zen raised shares of Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Keefe, Bruyette & Woods upped their price target on shares of Globe Life from $145.00 to $155.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, Piper Sandler reduced their price target on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $149.18.

Insider Activity at Globe Life

In related news, CEO Frank M. Svoboda sold 12,500 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $141.38, for a total value of $1,767,250.00. Following the completion of the sale, the chief executive officer directly owned 32,747 shares in the company, valued at approximately $4,629,770.86. The trade was a 27.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Matthew Darden sold 33,270 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the completion of the sale, the chief executive officer owned 49,842 shares of the company's stock, valued at approximately $6,758,076.78. The trade was a 40.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 80,741 shares of company stock worth $11,097,080. 1.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its position in Globe Life by 4.1% during the first quarter. Principal Financial Group Inc. now owns 101,679 shares of the company's stock valued at $13,393,000 after buying an additional 3,960 shares in the last quarter. DAVENPORT & Co LLC acquired a new position in Globe Life during the first quarter valued at approximately $493,000. Sequoia Financial Advisors LLC lifted its position in Globe Life by 693.4% during the first quarter. Sequoia Financial Advisors LLC now owns 24,184 shares of the company's stock valued at $3,185,000 after buying an additional 21,136 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Globe Life by 8.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,711 shares of the company's stock valued at $1,260,000 after buying an additional 723 shares in the last quarter. Finally, Lighthouse Investment Partners LLC lifted its position in shares of Globe Life by 914.9% during the fourth quarter. Lighthouse Investment Partners LLC now owns 128,266 shares of the company's stock worth $14,304,000 after purchasing an additional 115,628 shares in the last quarter. 81.61% of the stock is owned by institutional investors and hedge funds.

Globe Life Trading Down 2.3%

The company has a debt-to-equity ratio of 0.43, a current ratio of 0.07 and a quick ratio of 0.07. The business's 50-day moving average price is $123.36 and its 200 day moving average price is $122.92. The firm has a market capitalization of $11.32 billion, a price-to-earnings ratio of 10.97 and a beta of 0.56.

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

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.