Morgan Stanley Issues Pessimistic Forecast for Globe Life (NYSE:GL) Stock Price

Globe Life (NYSE:GL) had its price target reduced by analysts at Morgan Stanley from $126.00 to $117.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential downside of 0.03% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Evercore ISI upgraded Globe Life from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $132.00 to $143.00 in a report on Wednesday, January 8th. Piper Sandler upped their price target on shares of Globe Life from $140.00 to $152.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their target price on Globe Life from $136.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Finally, BMO Capital Markets began coverage on Globe Life in a research report on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price target on the stock. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and a consensus target price of $137.64.

Globe Life Stock Performance

Shares of GL stock traded down $5.59 during trading hours on Thursday, reaching $117.04. The stock had a trading volume of 213,847 shares, compared to its average volume of 1,407,336. The firm has a market capitalization of $9.74 billion, a PE ratio of 9.79 and a beta of 0.60. The firm has a 50-day simple moving average of $124.44 and a 200-day simple moving average of $115.07. Globe Life has a twelve month low of $38.95 and a twelve month high of $133.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05.

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, equities analysts forecast that Globe Life will post 13.87 earnings per share for the current year.

Insider Activity at Globe Life

In other news, CEO Frank M. Svoboda sold 11,000 shares of Globe Life stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $122.31, for a total value of $1,345,410.00. Following the transaction, the chief executive officer now directly owns 18,948 shares in the company, valued at approximately $2,317,529.88. The trade was a 36.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James Matthew Darden sold 24,890 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $121.52, for a total value of $3,024,632.80. Following the completion of the sale, the chief executive officer now directly owns 38,973 shares in the company, valued at $4,735,998.96. This trade represents a 38.97 % decrease in their position. The disclosure for this sale can be found here. 1.51% of the stock is owned by company insiders.

Institutional Trading of Globe Life

Several hedge funds and other institutional investors have recently bought and sold shares of GL. Private Trust Co. NA lifted its stake in shares of Globe Life by 12.5% in the fourth quarter. Private Trust Co. NA now owns 754 shares of the company’s stock valued at $84,000 after buying an additional 84 shares during the period. HighPoint Advisor Group LLC grew its holdings in shares of Globe Life by 4.0% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,271 shares of the company’s stock worth $276,000 after purchasing an additional 87 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its position in shares of Globe Life by 4.0% during the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 2,293 shares of the company’s stock valued at $256,000 after purchasing an additional 88 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Globe Life by 32.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock valued at $41,000 after purchasing an additional 90 shares in the last quarter. Finally, New Mexico Educational Retirement Board boosted its stake in Globe Life by 2.4% during the fourth quarter. New Mexico Educational Retirement Board now owns 4,233 shares of the company’s stock worth $472,000 after buying an additional 100 shares in the last quarter. 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.