Globe Life (NYSE:GL) Shares Gap Down to $78.09

Shares of Globe Life Inc. (NYSE:GL - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $78.09, but opened at $72.38. Globe Life shares last traded at $77.07, with a volume of 1,677,987 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Evercore ISI dropped their target price on shares of Globe Life from $125.00 to $75.00 and set an "in-line" rating for the company in a report on Friday, April 12th. StockNews.com cut Globe Life from a "buy" rating to a "hold" rating in a report on Saturday, April 20th. JPMorgan Chase & Co. boosted their price objective on Globe Life from $133.00 to $136.00 and gave the stock an "overweight" rating in a research note on Thursday, February 8th. Piper Sandler reduced their price target on shares of Globe Life from $130.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods upgraded Globe Life from a "market perform" rating to an "outperform" rating and lowered their price objective for the stock from $130.00 to $110.00 in a research report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $114.33.

Globe Life Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05. The stock's 50-day moving average is $105.71 and its 200 day moving average is $115.07. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of 7.28 and a beta of 0.69.

Globe Life (NYSE:GL - Get Free Report) last posted its quarterly earnings results on Monday, April 22nd. The company reported $2.78 earnings per share for the quarter, missing analysts' consensus estimates of $2.79 by ($0.01). Globe Life had a net margin of 18.07% and a return on equity of 23.91%. The business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter last year, the firm earned $2.53 earnings per share. The firm's quarterly revenue was up 7.2% compared to the same quarter last year. As a group, analysts predict that Globe Life Inc. will post 11.73 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, April 4th. This is a boost from Globe Life's previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.26%. Globe Life's payout ratio is currently 9.17%.

Insiders Place Their Bets

In other Globe Life news, Director David A. Rodriguez acquired 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, April 24th. The shares were acquired at an average cost of $79.72 per share, for a total transaction of $119,580.00. Following the transaction, the director now directly owns 4,192 shares of the company's stock, valued at $334,186.24. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Globe Life news, EVP Rebecca E. Zorn sold 2,320 shares of the firm's stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $77.30, for a total transaction of $179,336.00. Following the completion of the transaction, the executive vice president now owns 10,220 shares of the company's stock, valued at $790,006. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Rodriguez purchased 1,500 shares of the business's stock in a transaction dated Wednesday, April 24th. The stock was bought at an average cost of $79.72 per share, with a total value of $119,580.00. Following the completion of the acquisition, the director now owns 4,192 shares of the company's stock, valued at $334,186.24. The disclosure for this purchase can be found here. 1.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globe Life

Institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. increased its stake in Globe Life by 488.6% in the fourth quarter. Pacer Advisors Inc. now owns 33,620 shares of the company's stock valued at $4,092,000 after purchasing an additional 27,908 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Globe Life by 5.2% during the 4th quarter. Arizona State Retirement System now owns 26,061 shares of the company's stock worth $3,172,000 after acquiring an additional 1,295 shares during the period. AIA Group Ltd acquired a new stake in shares of Globe Life in the fourth quarter worth approximately $1,788,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Globe Life by 6.2% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 261,580 shares of the company's stock valued at $31,840,000 after buying an additional 15,329 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in shares of Globe Life by 72.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,637 shares of the company's stock worth $443,000 after buying an additional 1,526 shares in the last quarter. Institutional investors and hedge funds own 81.61% of the company's stock.

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.