Geode Capital Management LLC Has $291.29 Million Position in Globe Life Inc. (NYSE:GL)

Geode Capital Management LLC trimmed its position in shares of Globe Life Inc. (NYSE:GL - Free Report) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,614,333 shares of the company's stock after selling 4,431 shares during the period. Geode Capital Management LLC owned 3.11% of Globe Life worth $291,292,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GL. Diametric Capital LP bought a new stake in Globe Life in the fourth quarter valued at approximately $373,000. National Bank of Canada FI raised its stake in Globe Life by 78.3% in the 4th quarter. National Bank of Canada FI now owns 52,091 shares of the company's stock valued at $5,809,000 after acquiring an additional 22,872 shares during the period. HighPoint Advisor Group LLC lifted its holdings in Globe Life by 4.0% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,271 shares of the company's stock valued at $276,000 after purchasing an additional 87 shares during the last quarter. Franklin Resources Inc. boosted its position in Globe Life by 35.7% during the fourth quarter. Franklin Resources Inc. now owns 152,157 shares of the company's stock worth $16,969,000 after purchasing an additional 40,037 shares during the period. Finally, Summit Financial LLC increased its holdings in shares of Globe Life by 26.0% in the fourth quarter. Summit Financial LLC now owns 3,154 shares of the company's stock valued at $352,000 after purchasing an additional 650 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

Remove Ads

Wall Street Analyst Weigh In

GL has been the subject of a number of research reports. BMO Capital Markets started coverage on shares of Globe Life in a research note on Thursday, January 23rd. They set a "market perform" rating and a $114.00 target price for the company. Evercore ISI upgraded shares of Globe Life from an "in-line" rating to an "outperform" rating and raised their price objective for the stock from $132.00 to $143.00 in a research report on Wednesday, January 8th. Morgan Stanley upped their target price on Globe Life from $125.00 to $126.00 and gave the company an "equal weight" rating in a research report on Friday, February 28th. Piper Sandler lifted their price target on Globe Life from $140.00 to $152.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. upped their price objective on Globe Life from $136.00 to $145.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $138.45.

Insider Activity

In other Globe Life news, CEO Frank M. Svoboda sold 11,000 shares of the business's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the sale, the chief executive officer now owns 18,948 shares of the company's stock, 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 filing with the SEC, which can be accessed through the SEC website. Also, CEO James Matthew Darden sold 24,890 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 38,973 shares of the company's stock, valued at $4,735,998.96. The trade was a 38.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.51% of the company's stock.

Globe Life Price Performance

GL stock traded down $3.92 during midday trading on Thursday, reaching $118.71. The company had a trading volume of 160,723 shares, compared to its average volume of 1,407,121. Globe Life Inc. has a 1-year low of $38.95 and a 1-year high of $133.76. The stock has a 50 day moving average price of $124.44 and a 200-day moving average price of $115.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05. The company has a market capitalization of $9.88 billion, a price-to-earnings ratio of 9.95 and a beta of 0.60.

Globe Life (NYSE:GL - Get Free Report) last issued its earnings results on Wednesday, February 5th. The company reported $3.14 EPS for the quarter, beating the consensus estimate of $3.12 by $0.02. Globe Life had a net margin of 18.53% and a return on equity of 22.32%. Equities research analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 3rd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Thursday, April 3rd. This is an increase from Globe Life's previous quarterly dividend of $0.24. Globe Life's dividend payout ratio (DPR) is currently 9.04%.

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.