Globe Life Inc. (NYSE:GL - Get Free Report)'s stock price traded up 5.9% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $132.19 and last traded at $132.19. 679,863 shares traded hands during mid-day trading, an increase of 7% from the average session volume of 635,064 shares. The stock had previously closed at $124.81.
The company reported $3.27 EPS for the quarter, topping the consensus estimate of $3.25 by $0.02. Globe Life had a return on equity of 21.55% and a net margin of 18.11%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the business earned $2.97 earnings per share. The firm's revenue for the quarter was up 2.9% on a year-over-year basis.
Wall Street Analysts Forecast Growth
GL has been the subject of several analyst reports. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. increased their price objective on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Piper Sandler lowered their price objective on Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Keefe, Bruyette & Woods increased their price objective on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, Wells Fargo & Company increased their price objective on Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $146.00.
Read Our Latest Stock Analysis on GL
Insider Buying and Selling at Globe Life
In other news, CEO Frank M. Svoboda sold 6,019 shares of the stock in a transaction 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 directly owned 31,298 shares in the company, valued at approximately $3,834,317.98. This trade represents a 16.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Matthew Darden sold 33,270 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $135.59, for a total value of $4,511,079.30. Following the completion of the sale, the chief executive officer owned 49,842 shares in the company, 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. 1.97% of the stock is currently owned by company insiders.
Institutional Trading of Globe Life
Hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. grew its holdings in shares of Globe Life by 33.2% during the fourth quarter. American Century Companies Inc. now owns 144,815 shares of the company's stock worth $16,150,000 after buying an additional 36,113 shares during the last quarter. Sei Investments Co. boosted its holdings in Globe Life by 1.0% in the 4th quarter. Sei Investments Co. now owns 21,248 shares of the company's stock valued at $2,370,000 after purchasing an additional 206 shares in the last quarter. LPL Financial LLC boosted its stake in shares of Globe Life by 6.9% during the 4th quarter. LPL Financial LLC now owns 291,234 shares of the company's stock worth $32,478,000 after acquiring an additional 18,799 shares in the last quarter. Congress Wealth Management LLC DE purchased a new stake in shares of Globe Life during the 4th quarter worth approximately $392,000. Finally, Prudential Financial Inc. boosted its stake in shares of Globe Life by 50.0% during the 4th quarter. Prudential Financial Inc. now owns 82,749 shares of the company's stock worth $9,069,000 after acquiring an additional 27,590 shares in the last quarter. Institutional investors and hedge funds own 81.61% of the company's stock.
Globe Life Price Performance
The company has a 50 day moving average price of $121.51 and a 200 day moving average price of $122.15. The firm has a market cap of $11.06 billion, a PE ratio of 10.71 and a beta of 0.56. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.43.
About Globe Life
(
Get Free Report)
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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