Wells Fargo & Company Cuts Globe Life (NYSE:GL) Price Target to $132.00

Globe Life (NYSE:GL) had its price target reduced by Wells Fargo & Company from $146.00 to $132.00 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

GL has been the topic of several other reports. Truist Financial lifted their target price on Globe Life from $115.00 to $125.00 and gave the company a hold rating in a research note on Friday, February 9th. JPMorgan Chase & Co. lifted their target price on Globe Life from $133.00 to $136.00 and gave the company an overweight rating in a research note on Thursday, February 8th. StockNews.com downgraded Globe Life from a buy rating to a hold rating in a research note on Wednesday, March 27th. Piper Sandler lowered their target price on Globe Life from $143.00 to $130.00 and set an overweight rating on the stock in a research note on Friday, April 5th. Finally, Keefe, Bruyette & Woods decreased 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. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $126.44.

Globe Life Trading Up 20.2 %

GL opened at $59.09 on Thursday. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of 5.86 and a beta of 0.69. Globe Life has a 52 week low of $38.95 and a 52 week high of $132.00. The business’s 50 day moving average is $117.86 and its two-hundred day moving average is $118.24. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.36.

Globe Life (NYSE:GL) last released its quarterly earnings results on Wednesday, February 7th. The company reported $2.88 EPS for the quarter, topping the consensus estimate of $2.73 by $0.15. Globe Life had a return on equity of 24.25% and a net margin of 17.82%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company posted $2.24 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. On average, research analysts predict that Globe Life will post 11.6 EPS for the current 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 of this dividend 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 1.62%. Globe Life’s payout ratio is currently 9.52%.

Hedge Funds Weigh In On Globe Life

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Welch Group LLC raised its holdings in shares of Globe Life by 10.0% in the first quarter. Welch Group LLC now owns 51,157 shares of the company’s stock worth $5,953,000 after acquiring an additional 4,643 shares during the last quarter. Alaska Permanent Fund Corp raised its holdings in shares of Globe Life by 8.9% in the first quarter. Alaska Permanent Fund Corp now owns 23,487 shares of the company’s stock worth $2,733,000 after acquiring an additional 1,925 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Globe Life by 29.4% in the first quarter. Los Angeles Capital Management LLC now owns 456,743 shares of the company’s stock worth $53,151,000 after acquiring an additional 103,900 shares during the last quarter. NBC Securities Inc. raised its holdings in shares of Globe Life by 2.7% in the first quarter. NBC Securities Inc. now owns 5,803 shares of the company’s stock worth $675,000 after acquiring an additional 153 shares during the last quarter. Finally, Nomura Holdings Inc. acquired a new position in shares of Globe Life in the fourth quarter worth $211,000. 81.61% of the stock is owned by institutional investors and hedge funds.

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.