California Public Employees Retirement System Sells 6,390 Shares of Globe Life Inc. (NYSE:GL)

California Public Employees Retirement System decreased its stake in shares of Globe Life Inc. (NYSE:GL - Free Report) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 163,882 shares of the company's stock after selling 6,390 shares during the period. California Public Employees Retirement System owned 0.20% of Globe Life worth $18,276,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. State Street Corp raised its holdings in shares of Globe Life by 3.4% during the 3rd quarter. State Street Corp now owns 3,545,272 shares of the company's stock valued at $375,480,000 after buying an additional 115,432 shares during the period. Geode Capital Management LLC grew its holdings in Globe Life by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,618,764 shares of the company's stock valued at $276,994,000 after purchasing an additional 89,299 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Globe Life by 2.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,284,322 shares of the company's stock valued at $143,228,000 after purchasing an additional 36,051 shares in the last quarter. Nuance Investments LLC lifted its holdings in Globe Life by 8.3% in the 4th quarter. Nuance Investments LLC now owns 1,234,069 shares of the company's stock worth $137,623,000 after buying an additional 95,091 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Globe Life during the fourth quarter valued at about $112,454,000. Hedge funds and other institutional investors own 81.61% of the company's stock.

Remove Ads

Globe Life Price Performance

Shares of GL traded up $9.38 during trading hours on Wednesday, hitting $122.67. 1,146,085 shares of the company were exchanged, compared to its average volume of 1,412,045. 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 Inc. has a one year low of $38.95 and a one year high of $133.76. The company has a market capitalization of $10.21 billion, a PE ratio of 10.27 and a beta of 0.60. The firm has a fifty day simple moving average of $124.44 and a 200-day simple moving average of $115.07.

Globe Life (NYSE:GL - Get Free Report) last released 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 return on equity of 22.32% and a net margin of 18.53%. As a group, sell-side analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 3rd will be paid a $0.27 dividend. This is a boost from Globe Life's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.88%. Globe Life's payout ratio is presently 9.04%.

Insider Buying and Selling

In other Globe Life news, CEO Frank M. Svoboda sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the transaction, the chief executive officer now owns 18,948 shares in the company, valued at $2,317,529.88. This trade represents a 36.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James Matthew Darden sold 24,890 shares of Globe Life stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $121.52, for a total transaction of $3,024,632.80. Following the completion of the transaction, the chief executive officer now 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Globe Life from $125.00 to $126.00 and gave the stock an "equal weight" rating in a research note on Friday, February 28th. Jefferies Financial Group boosted their price objective on Globe Life from $107.00 to $114.00 and gave the company a "hold" rating in a report on Tuesday, December 10th. Piper Sandler raised their price objective on Globe Life from $140.00 to $152.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company raised their price target on shares of Globe Life from $126.00 to $141.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Finally, BMO Capital Markets initiated coverage on Globe Life in a report on Thursday, January 23rd. They issued a "market perform" rating and a $114.00 price target on the stock. Five research 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $138.45.

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.