Globe Life (NYSE:GL) Price Target Lowered to $108.00 at Wells Fargo & Company

Globe Life (NYSE:GL) had its target price cut by Wells Fargo & Company from $132.00 to $108.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts also recently issued reports on GL. StockNews.com downgraded shares of Globe Life from a buy rating to a hold rating in a report on Saturday, April 20th. Evercore ISI dropped their price objective on shares of Globe Life from $125.00 to $75.00 and set an in-line rating on the stock in a report on Friday, April 12th. Piper Sandler dropped their price objective on shares of Globe Life from $143.00 to $130.00 and set an overweight rating on the stock in a report on Friday, April 5th. Keefe, Bruyette & Woods upgraded shares of Globe Life from a market perform rating to an outperform rating and dropped their price objective for the stock from $130.00 to $110.00 in a report on Wednesday. Finally, Truist Financial dropped their price objective on shares of Globe Life from $125.00 to $80.00 and set a hold rating on the stock in a report on Wednesday. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $114.33.

Globe Life Stock Up 3.7 %

GL opened at $78.60 on Wednesday. The business has a 50 day moving average of $108.65 and a 200-day moving average of $115.82. The stock has a market capitalization of $7.39 billion, a price-to-earnings ratio of 7.51 and a beta of 0.69. 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 has a 1-year low of $38.95 and a 1-year high of $132.00.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the business posted $2.53 EPS. The company’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Globe Life will post 11.6 earnings per share for the current year.

Globe Life Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be paid a $0.24 dividend. The ex-dividend date is Thursday, April 4th. This represents a $0.96 dividend on an annualized basis and a yield of 1.22%. This is a boost from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s payout ratio is presently 9.17%.

Hedge Funds Weigh In On Globe Life

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Canvas Wealth Advisors LLC acquired a new position in Globe Life in the first quarter valued at about $419,000. Revisor Wealth Management LLC acquired a new position in Globe Life in the first quarter valued at about $314,000. Accurate Wealth Management LLC boosted its position in Globe Life by 26.5% in the first quarter. Accurate Wealth Management LLC now owns 22,565 shares of the company’s stock valued at $2,626,000 after buying an additional 4,727 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Globe Life by 128.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 169,527 shares of the company’s stock valued at $19,728,000 after buying an additional 95,273 shares in the last quarter. Finally, Nicholas Hoffman & Company LLC. boosted its position in Globe Life by 11.7% in the first quarter. Nicholas Hoffman & Company LLC. now owns 8,764 shares of the company’s stock valued at $1,020,000 after buying an additional 921 shares in the last quarter. 81.61% of the stock is currently 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.