Globe Life Inc. (NYSE:GL) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in shares of Globe Life Inc. (NYSE:GL) by 9.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 105,315 shares of the company’s stock after acquiring an additional 8,663 shares during the period. Principal Financial Group Inc.’s holdings in Globe Life were worth $11,154,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in GL. DGS Capital Management LLC purchased a new stake in Globe Life during the 3rd quarter valued at about $212,000. Retirement Systems of Alabama lifted its position in Globe Life by 6.4% during the third quarter. Retirement Systems of Alabama now owns 19,702 shares of the company’s stock worth $2,087,000 after buying an additional 1,179 shares in the last quarter. World Investment Advisors LLC boosted its stake in Globe Life by 34.7% during the third quarter. World Investment Advisors LLC now owns 5,704 shares of the company’s stock worth $604,000 after buying an additional 1,469 shares during the last quarter. Neo Ivy Capital Management acquired a new position in Globe Life in the 3rd quarter valued at about $830,000. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of Globe Life during the 3rd quarter worth approximately $351,000. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Globe Life from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Piper Sandler increased their price target on shares of Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Wells Fargo & Company upped their target price on shares of Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Raymond James upped their price objective on Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, TD Cowen assumed coverage on Globe Life in a research note on Wednesday, October 9th. They set a “buy” rating and a $150.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $127.10.

Insider Buying and Selling

In related news, CEO Frank M. Svoboda sold 14,340 shares of the firm’s stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.51% of the company’s stock.

Globe Life Price Performance

Globe Life stock opened at $109.50 on Monday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $9.19 billion, a P/E ratio of 9.26 and a beta of 0.81. The firm has a fifty day moving average of $108.16 and a 200-day moving average of $99.94. Globe Life Inc. has a 52-week low of $38.95 and a 52-week high of $132.00.

Globe Life (NYSE:GL) last released its earnings results on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.06 by $0.43. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $2.71 EPS. As a group, analysts predict that Globe Life Inc. will post 12.31 EPS for the current year.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, January 6th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, January 6th. This represents a $0.96 annualized dividend and a dividend yield of 0.88%. Globe Life’s dividend payout ratio is currently 8.12%.

Globe Life Profile

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.