Public Sector Pension Investment Board Boosts Stock Position in Globe Life Inc. (NYSE:GL)

Public Sector Pension Investment Board increased its position in Globe Life Inc. (NYSE:GL) by 9.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,675 shares of the company’s stock after acquiring an additional 1,400 shares during the quarter. Public Sector Pension Investment Board’s holdings in Globe Life were worth $1,660,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. D. E. Shaw & Co. Inc. raised its position in shares of Globe Life by 398.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock valued at $88,420,000 after purchasing an additional 859,146 shares during the period. Bank of New York Mellon Corp raised its holdings in Globe Life by 104.3% during the second quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock valued at $132,577,000 after acquiring an additional 822,638 shares during the period. Millennium Management LLC lifted its position in shares of Globe Life by 177.0% in the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock valued at $105,303,000 after acquiring an additional 817,760 shares in the last quarter. Nuance Investments LLC boosted its stake in shares of Globe Life by 155.6% in the third quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock worth $120,629,000 after acquiring an additional 693,346 shares during the period. Finally, Pzena Investment Management LLC grew its position in shares of Globe Life by 146.3% during the second quarter. Pzena Investment Management LLC now owns 930,378 shares of the company’s stock worth $76,552,000 after purchasing an additional 552,634 shares in the last quarter. Institutional investors own 81.61% of the company’s stock.

Globe Life Stock Performance

NYSE GL opened at $106.65 on Friday. The business’s 50 day moving average price is $108.18 and its 200-day moving average price is $97.04. Globe Life Inc. has a fifty-two week low of $38.95 and a fifty-two week high of $132.00. The company has a market cap of $8.95 billion, a P/E ratio of 9.02 and a beta of 0.81. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.05 and a current ratio of 0.05.

Globe Life (NYSE:GL) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the business posted $2.71 earnings per share. The business’s revenue was up 5.1% compared to the same quarter last year. Sell-side analysts predict that Globe Life Inc. will post 12.31 earnings per share for the current year.

Globe Life Announces Dividend

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

Insiders Place Their Bets

In related news, CEO Frank M. Svoboda sold 14,340 shares of Globe Life stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $108.80, for a total transaction of $1,560,192.00. Following the completion of the sale, the chief executive officer now owns 16,396 shares in the company, valued at $1,783,884.80. This trade represents a 46.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.51% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on GL shares. Keefe, Bruyette & Woods boosted their price target on Globe Life from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Piper Sandler boosted their target price on shares of Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Morgan Stanley raised their target price on shares of Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Truist Financial boosted their price target on shares of Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Finally, TD Cowen initiated coverage on Globe Life in a research report on Wednesday, October 9th. They set a “buy” rating and a $150.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $124.50.

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.