Globe Life (NYSE:GL) Announces Earnings Results

Globe Life (NYSE:GL) posted its quarterly earnings results on Wednesday. The company reported $3.61 earnings per share for the quarter, missing analysts’ consensus estimates of $3.67 by ($0.06), Zacks reports. Globe Life had a return on equity of 20.94% and a net margin of 19.38%.

Globe Life Price Performance

Globe Life stock traded down $0.63 during trading hours on Wednesday, hitting $183.71. 899,269 shares of the stock were exchanged, compared to its average volume of 550,475. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.07 and a current ratio of 0.07. The stock has a market capitalization of $14.26 billion, a P/E ratio of 12.70 and a beta of 0.47. Globe Life has a 12 month low of $122.48 and a 12 month high of $191.55. The business’s 50-day moving average is $167.76 and its two-hundred day moving average is $152.23.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be given a $0.33 dividend. The ex-dividend date is Monday, July 6th. This represents a $1.32 dividend on an annualized basis and a yield of 0.7%. Globe Life’s payout ratio is 9.13%.

Analysts Set New Price Targets

A number of research firms have recently commented on GL. Truist Financial raised their price objective on shares of Globe Life from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Morgan Stanley upped their target price on shares of Globe Life from $181.00 to $208.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. JPMorgan Chase & Co. increased their price target on shares of Globe Life from $181.00 to $201.00 and gave the stock an “overweight” rating in a research report on Tuesday. Jefferies Financial Group raised their price target on shares of Globe Life from $147.00 to $166.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Finally, Piper Sandler lifted their price objective on Globe Life from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $187.60.

Insider Activity at Globe Life

In other news, CEO James Matthew Darden sold 4,663 shares of Globe Life stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $153.88, for a total value of $717,542.44. Following the completion of the transaction, the chief executive officer owned 58,451 shares in the company, valued at approximately $8,994,439.88. The trade was a 7.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas Peter Kalmbach sold 7,936 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $156.59, for a total value of $1,242,698.24. Following the completion of the transaction, the chief financial officer directly owned 50,496 shares in the company, valued at $7,907,168.64. The trade was a 13.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 124,187 shares of company stock valued at $19,529,414. Insiders own 2.11% of the company’s stock.

Institutional Investors Weigh In On Globe Life

Hedge funds have recently added to or reduced their stakes in the stock. Compound Planning Inc. raised its stake in shares of Globe Life by 4.3% in the fourth quarter. Compound Planning Inc. now owns 1,968 shares of the company’s stock worth $275,000 after acquiring an additional 82 shares during the last quarter. Invesco Ltd. grew its stake in shares of Globe Life by 2.7% during the fourth quarter. Invesco Ltd. now owns 3,948,676 shares of the company’s stock valued at $552,262,000 after purchasing an additional 102,445 shares during the last quarter. Strive Financial Group LLC bought a new stake in shares of Globe Life during the fourth quarter valued at approximately $1,974,000. Vident Advisory LLC increased its holdings in shares of Globe Life by 57.7% in the fourth quarter. Vident Advisory LLC now owns 19,650 shares of the company’s stock valued at $2,748,000 after purchasing an additional 7,189 shares in the last quarter. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Globe Life in the fourth quarter valued at approximately $470,000. Institutional investors own 81.61% of the company’s stock.

About Globe Life

Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company’s product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.