Globe Life (NYSE:GL) Stock Price Expected to Rise, TD Cowen Analyst Says

Key Points

• TD Cowen raised Globe Life’s price target from $215 to $225 and kept a buy rating, implying about 22.25% upside from the prior close.
• Other analysts were also mostly constructive: the stock’s consensus rating is Moderate Buy, with an average target price of $187.60 after several recent target increases from firms including Morgan Stanley, Truist, and KBW.
• Globe Life recently reported EPS of $3.43, slightly below expectations, while revenue matched estimates at $1.56 billion; the company also saw notable insider selling and continues to have strong institutional ownership at 81.61%.

Globe Life (NYSE:GL - Get Free Report) had its price objective upped by investment analysts at TD Cowen from $215.00 to $225.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's target price points to a potential upside of 22.25% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings cut shares of Globe Life from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday. Morgan Stanley raised their price target on shares of Globe Life from $181.00 to $208.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Truist Financial boosted their price objective on shares of Globe Life from $180.00 to $185.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Keefe, Bruyette & Woods upped their price objective on shares of Globe Life from $180.00 to $192.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Finally, Jefferies Financial Group increased their target price on shares of Globe Life from $147.00 to $166.00 and gave the company a "hold" rating in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Globe Life presently has an average rating of "Moderate Buy" and an average target price of $187.60.

Globe Life Stock Performance

GL traded down $0.29 during midday trading on Wednesday, reaching $184.05. The company's stock had a trading volume of 317,819 shares, compared to its average volume of 546,151. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.38. The company has a fifty day simple moving average of $167.76 and a 200 day simple moving average of $152.23. The stock has a market cap of $14.29 billion, a P/E ratio of 12.74 and a beta of 0.47. Globe Life has a twelve month low of $122.48 and a twelve month high of $191.55.

Globe Life (NYSE:GL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $3.43 EPS for the quarter, missing analysts' consensus estimates of $3.46 by ($0.03). The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.56 billion. Globe Life had a return on equity of 20.94% and a net margin of 19.38%.The firm's quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm earned $3.07 earnings per share. Research analysts expect that Globe Life will post 15.64 earnings per share for the current year.

Insider Transactions at Globe Life

In other news, CEO James Matthew Darden sold 4,663 shares of the firm's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $153.88, for a total transaction of $717,542.44. Following the completion of the transaction, the chief executive officer directly owned 58,451 shares of the company's stock, valued at approximately $8,994,439.88. This trade represents a 7.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frank M. Svoboda sold 10,000 shares of Globe Life stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $166.68, for a total transaction of $1,666,800.00. Following the sale, the chief executive officer owned 54,020 shares in the company, valued at approximately $9,004,053.60. This trade represents a 15.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 124,187 shares of company stock worth $19,529,414. 2.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Globe Life by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 10,090,885 shares of the company's stock valued at $1,411,311,000 after purchasing an additional 86,349 shares during the period. Invesco Ltd. boosted its stake in Globe Life by 2.7% in the 4th quarter. Invesco Ltd. now owns 3,948,676 shares of the company's stock valued at $552,262,000 after buying an additional 102,445 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Globe Life by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,353,192 shares of the company's stock valued at $327,479,000 after acquiring an additional 217,331 shares during the period. Morgan Stanley raised its stake in Globe Life by 7.2% during the fourth quarter. Morgan Stanley now owns 1,860,257 shares of the company's stock worth $260,176,000 after acquiring an additional 125,567 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Globe Life by 32.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,435,247 shares of the company's stock worth $200,734,000 after acquiring an additional 355,399 shares in the last quarter. Institutional investors own 81.61% of the company's stock.

About Globe Life

Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company's product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.

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