Wells Fargo & Company Boosts Globe Life (NYSE:GL) Price Target to $144.00

Globe Life (NYSE:GL - Free Report) had its target price upped by Wells Fargo & Company from $139.00 to $144.00 in a report issued on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research firms have also weighed in on GL. Morgan Stanley raised their target price on shares of Globe Life from $117.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Wall Street Zen raised shares of Globe Life from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Piper Sandler dropped their target price 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. Finally, JPMorgan Chase & Co. upped 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. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $139.55.

Globe Life Price Performance

GL traded up $1.56 during midday trading on Thursday, hitting $119.16. 789,911 shares of the company traded hands, compared to its average volume of 710,628. The business has a 50 day simple moving average of $121.02 and a two-hundred day simple moving average of $121.11. Globe Life has a 52-week low of $83.38 and a 52-week high of $133.76. The company has a market capitalization of $9.84 billion, a price-to-earnings ratio of 9.70 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.

Globe Life (NYSE:GL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.17). Globe Life had a net margin of 18.33% and a return on equity of 21.44%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the business posted $2.78 earnings per share. The company's quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that Globe Life will post 13.87 earnings per share for the current fiscal year.

Globe Life Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend is Thursday, July 3rd. Globe Life's payout ratio is currently 8.79%.

Insider Buying and Selling at Globe Life

In related news, CEO Frank M. Svoboda sold 6,019 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total value of $737,387.69. Following the completion of the sale, the chief executive officer owned 31,298 shares in the company, valued at $3,834,317.98. This represents a 16.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.51% of the company's stock.

Institutional Investors Weigh In On Globe Life

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP raised its stake in Globe Life by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 5,117,122 shares of the company's stock valued at $570,661,000 after acquiring an additional 326,307 shares during the last quarter. Invesco Ltd. boosted its position in shares of Globe Life by 6.0% during the 4th quarter. Invesco Ltd. now owns 3,932,637 shares of the company's stock worth $438,568,000 after purchasing an additional 223,282 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Globe Life by 9.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,741,131 shares of the company's stock worth $229,323,000 after buying an additional 148,397 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Globe Life by 2.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,284,322 shares of the company's stock worth $143,228,000 after acquiring an additional 36,051 shares during the period. Finally, Nuance Investments LLC increased its stake in Globe Life by 8.3% in the 4th quarter. Nuance Investments LLC now owns 1,234,069 shares of the company's stock valued at $137,623,000 after purchasing an additional 95,091 shares in the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.

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.