Friedenthal Financial Takes $742,000 Position in Globe Life Inc. (NYSE:GL)

Friedenthal Financial acquired a new position in shares of Globe Life Inc. (NYSE:GL - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,006 shares of the company's stock, valued at approximately $742,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Globe Life by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 11,255,091 shares of the company's stock worth $1,309,755,000 after purchasing an additional 425,993 shares in the last quarter. Boston Partners grew its holdings in Globe Life by 6.4% in the 1st quarter. Boston Partners now owns 2,092,526 shares of the company's stock valued at $243,200,000 after buying an additional 125,457 shares during the period. Bank of New York Mellon Corp grew its holdings in Globe Life by 104.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company's stock valued at $132,577,000 after buying an additional 822,638 shares during the period. Millennium Management LLC grew its holdings in Globe Life by 177.0% in the 2nd quarter. Millennium Management LLC now owns 1,279,818 shares of the company's stock valued at $105,303,000 after buying an additional 817,760 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its holdings in Globe Life by 398.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company's stock valued at $88,420,000 after buying an additional 859,146 shares during the period. Hedge funds and other institutional investors own 81.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GL. Jefferies Financial Group lifted their price objective on Globe Life from $85.00 to $88.00 and gave the company a "hold" rating in a research note on Friday, June 28th. TD Cowen initiated coverage on Globe Life in a research report on Wednesday, October 9th. They set a "buy" rating and a $150.00 price target on the stock. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $118.00 price target (up from $110.00) on shares of Globe Life in a research report on Wednesday, July 31st. Morgan Stanley boosted their price target on Globe Life from $66.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Monday, August 19th. Finally, Piper Sandler boosted their price target on Globe Life from $106.00 to $118.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $117.40.

Insider Activity

In other news, Director Mary E. Thigpen acquired 3,000 shares of the business's stock in a transaction dated Friday, July 26th. The stock was acquired at an average price of $90.20 per share, for a total transaction of $270,600.00. Following the completion of the acquisition, the director now directly owns 15,605 shares in the company, valued at $1,407,571. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.51% of the company's stock.

Globe Life Stock Performance

GL traded up $0.67 during trading on Friday, reaching $109.72. 510,029 shares of the company were exchanged, compared to its average volume of 1,616,443. The stock has a market cap of $9.88 billion, a P/E ratio of 10.48 and a beta of 0.81. The firm has a 50 day moving average of $103.87 and a 200 day moving average of $90.76. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.31. Globe Life Inc. has a 52 week low of $38.95 and a 52 week high of $132.00.

Globe Life (NYSE:GL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.97 EPS for the quarter, topping analysts' consensus estimates of $2.90 by $0.07. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period in the prior year, the business earned $2.61 EPS. The firm's revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts forecast that Globe Life Inc. will post 11.93 EPS for the current fiscal year.

Globe Life Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be issued a $0.24 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.96 annualized dividend and a dividend yield of 0.87%. Globe Life's dividend payout ratio (DPR) is 9.17%.

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.