Globe Life (NYSE:GL) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Globe Life (NYSE:GL) from a buy rating to a hold rating in a research report report published on Wednesday, reports.

According to Zacks, “Globe Life Inc. is a financial services holding company. It operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. Globe Life Inc., formerly known as Torchmark Corporation, is based in McKinney, Texas. “

Separately, Piper Sandler cut their price objective on Globe Life from $105.00 to $100.00 and set a neutral rating for the company in a report on Thursday, July 8th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $109.60.

Shares of Globe Life stock opened at $94.00 on Wednesday. The stock has a market cap of $9.56 billion, a PE ratio of 12.86 and a beta of 1.15. The business has a fifty day simple moving average of $93.25 and a 200-day simple moving average of $97.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.23. Globe Life has a 12 month low of $77.71 and a 12 month high of $108.22.

Globe Life (NYSE:GL) last issued its earnings results on Tuesday, July 20th. The company reported $1.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.82 by $0.03. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Globe Life had a return on equity of 8.66% and a net margin of 15.55%. Globe Life’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Monday, October 4th will be issued a dividend of $0.1975 per share. The ex-dividend date is Friday, October 1st. This represents a $0.79 annualized dividend and a dividend yield of 0.84%.

In other Globe Life news, Director Robert W. Ingram sold 1,350 shares of the firm’s stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $97.38, for a total transaction of $131,463.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven John Dichiaro sold 617 shares of Globe Life stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $93.96, for a total value of $57,973.32. Following the completion of the transaction, the insider now owns 17,356 shares in the company, valued at $1,630,769.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,350 shares of company stock worth $785,545. Corporate insiders own 4.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC grew its position in Globe Life by 41.7% during the second quarter. Quadrant Capital Group LLC now owns 408 shares of the company’s stock worth $39,000 after buying an additional 120 shares in the last quarter. Deseret Mutual Benefit Administrators acquired a new stake in Globe Life during the second quarter worth about $60,000. Parallel Advisors LLC grew its position in Globe Life by 343.2% during the second quarter. Parallel Advisors LLC now owns 647 shares of the company’s stock worth $62,000 after buying an additional 501 shares in the last quarter. Evermay Wealth Management LLC acquired a new stake in Globe Life during the second quarter worth about $64,000. Finally, CSat Investment Advisory L.P. grew its position in Globe Life by 22.0% during the first quarter. CSat Investment Advisory L.P. now owns 844 shares of the company’s stock worth $82,000 after buying an additional 152 shares in the last quarter. Institutional investors and hedge funds own 73.93% of the company’s stock.

About Globe Life

Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.

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