Globe Life (NYSE:GL) Sets New 52-Week Low After Analyst Downgrade

Globe Life Inc. (NYSE:GL)’s stock price hit a new 52-week low on Thursday after Evercore ISI lowered their price target on the stock from $125.00 to $75.00. Evercore ISI currently has an in-line rating on the stock. Globe Life traded as low as $84.23 and last traded at $86.27, with a volume of 2255749 shares traded. The stock had previously closed at $104.93.

A number of other equities research analysts have also recently commented on GL. Wells Fargo & Company lowered their target price on Globe Life from $146.00 to $132.00 and set an “overweight” rating on the stock in a research note on Thursday. Keefe, Bruyette & Woods decreased their price objective on Globe Life from $135.00 to $130.00 and set a “market perform” rating for the company in a report on Wednesday. StockNews.com lowered Globe Life from a “buy” rating to a “hold” rating in a report on Wednesday, March 27th. Piper Sandler reduced their target price on Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a report on Friday, April 5th. Finally, JPMorgan Chase & Co. lifted their price target on Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $126.44.

Institutional Investors Weigh In On Globe Life

A number of institutional investors have recently modified their holdings of GL. Lindbrook Capital LLC increased its position in Globe Life by 62.2% in the fourth quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock worth $29,000 after buying an additional 92 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Globe Life by 4.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,111 shares of the company’s stock valued at $230,000 after buying an additional 99 shares in the last quarter. Waverly Advisors LLC grew its holdings in Globe Life by 1.9% during the 4th quarter. Waverly Advisors LLC now owns 5,458 shares of the company’s stock valued at $664,000 after buying an additional 100 shares in the last quarter. Ascent Group LLC lifted its stake in shares of Globe Life by 3.2% in the 4th quarter. Ascent Group LLC now owns 3,426 shares of the company’s stock valued at $413,000 after purchasing an additional 105 shares during the last quarter. Finally, Raymond James Trust N.A. lifted its stake in shares of Globe Life by 4.0% in the 2nd quarter. Raymond James Trust N.A. now owns 2,725 shares of the company’s stock valued at $299,000 after purchasing an additional 106 shares during the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.

Globe Life Price Performance

The firm has a market capitalization of $5.56 billion, a P/E ratio of 5.86 and a beta of 0.69. The firm has a 50 day moving average price of $117.86 and a 200-day moving average price of $118.18. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.36.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, February 7th. The company reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.73 by $0.15. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. Globe Life’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.24 EPS. On average, analysts expect that Globe Life Inc. will post 11.6 earnings per share for the current year.

Globe Life Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be issued a $0.24 dividend. The ex-dividend date is Thursday, April 4th. 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 1.62%. Globe Life’s dividend payout ratio (DPR) 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.