Norges Bank Invests $112.45 Million in Globe Life Inc. (NYSE:GL)

Norges Bank purchased a new position in Globe Life Inc. (NYSE:GL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,008,374 shares of the company's stock, valued at approximately $112,454,000. Norges Bank owned approximately 1.20% of Globe Life as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Globe Life by 3.4% in the 3rd quarter. State Street Corp now owns 3,545,272 shares of the company's stock worth $375,480,000 after buying an additional 115,432 shares in the last quarter. 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 worth $276,994,000 after acquiring an additional 89,299 shares in the last quarter. Nuance Investments LLC increased its holdings in Globe Life by 8.3% during the fourth quarter. Nuance Investments LLC now owns 1,234,069 shares of the company's stock valued at $137,623,000 after buying an additional 95,091 shares during the period. Jacobs Levy Equity Management Inc. raised its position in shares of Globe Life by 0.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 660,198 shares of the company's stock worth $69,922,000 after acquiring an additional 4,230 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Globe Life in the 4th quarter valued at about $61,238,000. 81.61% of the stock is owned by hedge funds and other institutional investors.

Globe Life Price Performance

NYSE GL traded down $5.76 during mid-day trading on Thursday, hitting $127.33. The stock had a trading volume of 796,920 shares, compared to its average volume of 1,416,636. The firm's 50 day moving average is $124.93 and its 200 day moving average is $114.63. 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 stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of 10.66 and a beta of 0.77. Globe Life Inc. has a twelve month low of $38.95 and a twelve month high of $135.00.

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Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The company reported $3.14 EPS for the quarter, beating analysts' consensus estimates 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 forecast that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.27 per share. This is a boost from Globe Life's previous quarterly dividend of $0.24. The ex-dividend date is Thursday, April 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.85%. Globe Life's payout ratio is presently 9.04%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GL. Morgan Stanley upped their price target on Globe Life from $125.00 to $126.00 and gave the stock an "equal weight" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. raised their price target on shares of Globe Life from $136.00 to $145.00 and gave the stock an "overweight" rating in a report on Wednesday. Wells Fargo & Company boosted their price objective on shares of Globe Life from $126.00 to $141.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Piper Sandler lifted their price target on Globe Life from $140.00 to $152.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, BMO Capital Markets assumed coverage on shares of Globe Life in a research note on Thursday, January 23rd. They issued a "market perform" rating and a $114.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Globe Life has an average rating of "Moderate Buy" and an average price target of $138.45.

Insider Activity

In other news, CEO Frank M. Svoboda sold 13,448 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $112.56, for a total transaction of $1,513,706.88. Following the completion of the transaction, the chief executive officer now directly owns 18,948 shares of the company's stock, valued at approximately $2,132,786.88. The trade was a 41.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mark A. Blinn sold 3,000 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $113.23, for a total transaction of $339,690.00. Following the transaction, the director now owns 5,122 shares of the company's stock, valued at $579,964.06. This trade represents a 36.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,338 shares of company stock valued at $7,239,630. 1.51% of the stock is currently owned by company insiders.

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.