Globe Life Inc. (NYSE:GL) Stake Reduced by New York State Common Retirement Fund

New York State Common Retirement Fund cut its stake in Globe Life Inc. (NYSE:GL - Free Report) by 41.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 138,475 shares of the company's stock after selling 97,349 shares during the period. New York State Common Retirement Fund owned approximately 0.15% of Globe Life worth $14,666,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Globe Life during the 3rd quarter valued at $32,000. Benjamin F. Edwards & Company Inc. grew its position in Globe Life by 88.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 599 shares of the company's stock valued at $50,000 after acquiring an additional 281 shares during the period. LRI Investments LLC acquired a new stake in Globe Life during the first quarter worth about $72,000. Family Firm Inc. purchased a new position in shares of Globe Life in the 2nd quarter worth about $54,000. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Globe Life in the 1st quarter valued at about $82,000. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Globe Life Stock Up 6.3 %

Shares of GL stock traded up $6.62 during mid-day trading on Wednesday, reaching $111.00. 815,099 shares of the company were exchanged, compared to its average volume of 599,576. The company has a market capitalization of $9.97 billion, a P/E ratio of 9.39 and a beta of 0.81. The business's 50 day simple moving average is $106.17 and its 200 day simple moving average is $92.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.05 and a current ratio of 0.05. Globe Life Inc. has a fifty-two week low of $38.95 and a fifty-two week high of $132.00.

Globe Life (NYSE:GL - Get Free Report) 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 22.58%. 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. Research analysts predict that Globe Life Inc. will post 12.32 earnings per share for the current year.

Globe Life Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 4th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, October 4th. Globe Life's dividend payout ratio is currently 8.12%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GL shares. Piper Sandler increased their target price 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. Keefe, Bruyette & Woods lifted their target price on shares of Globe Life from $120.00 to $125.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. TD Cowen began coverage on Globe Life in a report on Wednesday, October 9th. They issued a "buy" rating and a $150.00 price target for the company. Raymond James boosted their price objective on Globe Life from $160.00 to $188.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, October 15th. Finally, Morgan Stanley increased their target price on Globe Life from $110.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $124.50.

Globe Life Company 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.