Piper Sandler Trims Globe Life (NYSE:GL) Target Price to $110.00

Globe Life (NYSE:GL) had its target price lowered by Piper Sandler from $130.00 to $110.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on GL. Keefe, Bruyette & Woods upgraded Globe Life from a market perform rating to an outperform rating and decreased their price objective for the stock from $130.00 to $110.00 in a report on Wednesday. Truist Financial decreased their price objective on Globe Life from $125.00 to $80.00 and set a hold rating on the stock in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on Globe Life from $133.00 to $136.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Evercore ISI decreased their price objective on Globe Life from $125.00 to $75.00 and set an in-line rating on the stock in a report on Friday, April 12th. Finally, Wells Fargo & Company decreased their price objective on Globe Life from $132.00 to $108.00 and set an overweight rating on the stock in a report on Wednesday. Five 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. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $114.33.

Globe Life Price Performance

Shares of NYSE:GL opened at $78.60 on Wednesday. The business’s fifty day moving average price is $108.65 and its two-hundred day moving average price is $115.82. The stock has a market cap of $7.39 billion, a PE ratio of 7.51 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. Globe Life has a one year low of $38.95 and a one year high of $132.00.

Globe Life (NYSE:GL) last announced its earnings results on Monday, April 22nd. The company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Globe Life had a net margin of 18.07% and a return on equity of 23.91%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the company posted $2.53 EPS. Globe Life’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, analysts forecast that Globe Life will post 11.6 EPS for the current fiscal 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 given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Thursday, April 4th. This is an increase from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s payout ratio is 9.17%.

Institutional Investors Weigh In On Globe Life

Institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in shares of Globe Life by 488.6% during the fourth quarter. Pacer Advisors Inc. now owns 33,620 shares of the company’s stock worth $4,092,000 after purchasing an additional 27,908 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Globe Life by 5.2% during the fourth quarter. Arizona State Retirement System now owns 26,061 shares of the company’s stock worth $3,172,000 after purchasing an additional 1,295 shares in the last quarter. AIA Group Ltd acquired a new position in shares of Globe Life during the fourth quarter worth about $1,788,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Globe Life by 6.2% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 261,580 shares of the company’s stock worth $31,840,000 after purchasing an additional 15,329 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of Globe Life by 72.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,637 shares of the company’s stock worth $443,000 after purchasing an additional 1,526 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

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.