Globe Life Inc. (NYSE:GL – Get Free Report)’s stock price reached a new 52-week low on Thursday after Wells Fargo & Company lowered their price target on the stock from $146.00 to $132.00. Wells Fargo & Company currently has an overweight rating on the stock. Globe Life traded as low as $84.23 and last traded at $86.27, with a volume of 2255749 shares changing hands. The stock had previously closed at $104.93.
Several other research firms have also weighed in on GL. Truist Financial lifted their price target on Globe Life from $115.00 to $125.00 and gave the company a “hold” rating in a research report on Friday, February 9th. JPMorgan Chase & Co. raised their target price on shares of Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Evercore ISI lowered their target price on shares of Globe Life from $138.00 to $125.00 and set an “in-line” rating for the company in a report on Thursday, March 14th. Keefe, Bruyette & Woods cut their price target on Globe Life from $135.00 to $130.00 and set a “market perform” rating on the stock in a research note on Wednesday. Finally, Piper Sandler lowered their price objective on Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, April 5th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.00.
Hedge Funds Weigh In On Globe Life
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GL. Private Wealth Management Group LLC bought a new position in Globe Life during the 4th quarter valued at about $27,000. Private Trust Co. NA raised its holdings in shares of Globe Life by 270.0% during the fourth quarter. Private Trust Co. NA now owns 222 shares of the company’s stock valued at $27,000 after purchasing an additional 162 shares during the last quarter. BKM Wealth Management LLC purchased a new position in shares of Globe Life during the fourth quarter valued at approximately $28,000. Lindbrook Capital LLC lifted its position in Globe Life by 62.2% during the fourth quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock valued at $29,000 after purchasing an additional 92 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in Globe Life in the first quarter worth approximately $29,000. 81.61% of the stock is owned by institutional investors.
Globe Life Stock Performance
The firm has a market cap of $4.62 billion, a P/E ratio of 9.00 and a beta of 0.69. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.05 and a current ratio of 0.05. The business’s 50-day simple moving average is $120.52 and its 200 day simple moving average is $119.03.
Globe Life (NYSE:GL – Get Free Report) last released its quarterly earnings results on Wednesday, February 7th. The company reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.73 by $0.15. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the business posted $2.24 EPS. As a group, equities analysts predict that Globe Life Inc. will post 11.6 earnings per share for the current year.
Globe Life Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be paid a dividend of $0.24 per share. This is an increase from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, April 4th. Globe Life’s payout ratio is currently 9.52%.
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.