Globe Life (NYSE:GL) Trading Down 7.3% – Here’s Why

Globe Life Inc. (NYSE:GL)’s stock price was down 7.3% during trading on Wednesday . The stock traded as low as $100.27 and last traded at $101.48. Approximately 630,141 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 1,474,596 shares. The stock had previously closed at $109.49.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Piper Sandler upped their price objective on shares of Globe Life from $118.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Truist Financial increased their price target on Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods increased their target price on Globe Life from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. TD Cowen assumed coverage on shares of Globe Life in a research note on Wednesday, October 9th. They issued a “buy” rating and a $150.00 price target on the stock. Finally, Raymond James increased their price objective on shares of Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 15th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Globe Life has a consensus rating of “Moderate Buy” and a consensus target price of $124.50.

Globe Life Trading Down 2.7 %

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 business has a 50 day moving average price of $108.23 and a 200-day moving average price of $96.97. The company has a market cap of $8.94 billion, a P/E ratio of 8.67 and a beta of 0.81.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.06 by $0.43. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.46 billion. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The company’s revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.71 earnings per share. Analysts forecast that Globe Life Inc. will post 12.31 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 8th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.96 annualized dividend and a yield of 0.90%. Globe Life’s payout ratio is currently 8.12%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. World Investment Advisors LLC increased its stake in shares of Globe Life by 34.7% in the 3rd quarter. World Investment Advisors LLC now owns 5,704 shares of the company’s stock valued at $604,000 after purchasing an additional 1,469 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Globe Life during the 3rd quarter worth approximately $830,000. Coldstream Capital Management Inc. bought a new stake in Globe Life during the 3rd quarter worth approximately $351,000. Geode Capital Management LLC increased its position in Globe Life by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,618,764 shares of the company’s stock valued at $276,994,000 after acquiring an additional 89,299 shares during the period. Finally, Vestcor Inc raised its position in Globe Life by 145.1% during the 3rd quarter. Vestcor Inc now owns 12,706 shares of the company’s stock worth $1,346,000 after purchasing an additional 7,521 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

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.