Globe Life (NYSE:GL) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a note issued to investors on Monday, Zacks.com reports.
According to Zacks, "Globe Life Inc. is a financial services holding company. It operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. Globe Life Inc., formerly known as Torchmark Corporation, is based in McKinney, Texas. "
A number of other brokerages have also recently issued reports on GL. Piper Sandler dropped their target price on Globe Life from $105.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, July 8th. They noted that the move was a valuation call. Credit Suisse Group increased their price target on Globe Life from $122.00 to $135.00 and gave the stock an "outperform" rating in a research report on Monday, June 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Globe Life has a consensus rating of "Hold" and a consensus target price of $109.20.
Shares of NYSE GL traded down $1.83 during trading hours on Monday, hitting $87.84. 489,988 shares of the company's stock were exchanged, compared to its average volume of 405,940. Globe Life has a 1-year low of $75.39 and a 1-year high of $108.22. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.08 and a quick ratio of 0.08. The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of 12.02 and a beta of 1.15. The company's 50-day moving average price is $94.02 and its 200-day moving average price is $98.52.
Globe Life (NYSE:GL) last posted its quarterly earnings data on Tuesday, July 20th. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. The business had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.25 billion. Globe Life had a return on equity of 8.66% and a net margin of 15.55%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 EPS.
In related news, Director Robert W. Ingram sold 1,350 shares of the firm's stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $97.38, for a total transaction of $131,463.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Steven John Dichiaro sold 617 shares of the firm's stock in a transaction on Friday, July 30th. The stock was sold at an average price of $93.96, for a total value of $57,973.32. Following the sale, the insider now directly owns 17,356 shares in the company, valued at approximately $1,630,769.76. The disclosure for this sale can be found here. Insiders sold a total of 8,350 shares of company stock worth $785,545 over the last 90 days. 4.30% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC grew its holdings in shares of Globe Life by 41.7% in the 2nd quarter. Quadrant Capital Group LLC now owns 408 shares of the company's stock valued at $39,000 after acquiring an additional 120 shares in the last quarter. Deseret Mutual Benefit Administrators bought a new position in shares of Globe Life in the 2nd quarter valued at about $60,000. Parallel Advisors LLC grew its holdings in shares of Globe Life by 343.2% in the 2nd quarter. Parallel Advisors LLC now owns 647 shares of the company's stock valued at $62,000 after acquiring an additional 501 shares in the last quarter. Evermay Wealth Management LLC bought a new position in shares of Globe Life in the 2nd quarter valued at about $64,000. Finally, CSat Investment Advisory L.P. grew its holdings in shares of Globe Life by 22.0% in the 1st quarter. CSat Investment Advisory L.P. now owns 844 shares of the company's stock valued at $82,000 after acquiring an additional 152 shares in the last quarter. 73.93% of the stock is currently owned by hedge funds and other institutional investors.
Globe Life Company Profile
Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.
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