Globe Life (NYSE:GL) Sets New 12-Month High – Here’s Why

Shares of Globe Life Inc. (NYSE:GL) reached a new 52-week high on Tuesday . The company traded as high as $132.50 and last traded at $131.83, with a volume of 607245 shares traded. The stock had previously closed at $129.77.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GL shares. BMO Capital Markets assumed coverage on shares of Globe Life in a report on Thursday, January 23rd. They issued a “market perform” rating and a $114.00 price target on the stock. Evercore ISI upgraded shares of Globe Life from an “in-line” rating to an “outperform” rating and upped their target price for the company from $132.00 to $143.00 in a research note on Wednesday, January 8th. Wells Fargo & Company lifted their price target on Globe Life from $126.00 to $141.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Morgan Stanley upped their price objective on Globe Life from $125.00 to $126.00 and gave the company an “equal weight” rating in a research note on Friday, February 28th. Finally, Keefe, Bruyette & Woods boosted their price target on Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $138.45.

Globe Life Stock Up 0.9 %

The company has a market cap of $11.10 billion, a price-to-earnings ratio of 11.15 and a beta of 0.77. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. The stock has a 50-day simple moving average of $124.75 and a 200-day simple moving average of $114.54.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, February 5th. The company reported $3.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.12 by $0.02. Globe Life had a net margin of 18.53% and a return on equity of 22.32%. As a group, analysts predict that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 3rd will be issued a dividend of $0.27 per share. This is a boost from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.08 annualized dividend and a yield of 0.81%. Globe Life’s payout ratio is presently 9.04%.

Insider Buying and Selling at Globe Life

In other news, CMO Jennifer Allison Haworth sold 9,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $112.91, for a total transaction of $1,016,190.00. Following the completion of the transaction, the chief marketing officer now owns 13,485 shares in the company, valued at approximately $1,522,591.35. This trade represents a 40.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Frank M. Svoboda sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the completion of the sale, the chief executive officer now owns 18,948 shares in the company, valued at $2,317,529.88. The trade was a 36.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,338 shares of company stock valued at $7,239,630. 1.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globe Life

A number of hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP lifted its holdings in shares of Globe Life by 6.8% during the fourth quarter. Wellington Management Group LLP now owns 5,117,122 shares of the company’s stock valued at $570,661,000 after purchasing an additional 326,307 shares during the last quarter. Invesco Ltd. lifted its stake in Globe Life by 6.0% during the fourth quarter. Invesco Ltd. now owns 3,932,637 shares of the company’s stock valued at $438,568,000 after buying an additional 223,282 shares in the last quarter. State Street Corp boosted its holdings in shares of Globe Life by 3.4% in the third quarter. State Street Corp now owns 3,545,272 shares of the company’s stock worth $375,480,000 after buying an additional 115,432 shares during the period. Geode Capital Management LLC increased its position in shares of Globe Life by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,618,764 shares of the company’s stock worth $276,994,000 after acquiring an additional 89,299 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Globe Life by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,592,734 shares of the company’s stock valued at $177,615,000 after acquiring an additional 118,054 shares during the period. 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.