Renaissance Technologies LLC Sells 36,000 Shares of Globe Life Inc. (NYSE:GL)

Renaissance Technologies LLC reduced its stake in Globe Life Inc. (NYSE:GL - Free Report) by 32.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,300 shares of the company's stock after selling 36,000 shares during the period. Renaissance Technologies LLC owned 0.09% of Globe Life worth $8,174,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in Globe Life by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 5,117,122 shares of the company's stock worth $570,661,000 after acquiring an additional 326,307 shares during the period. Invesco Ltd. grew its position in Globe Life by 6.0% in the 4th quarter. Invesco Ltd. now owns 3,932,637 shares of the company's stock valued at $438,568,000 after buying an additional 223,282 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake 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 buying an additional 36,051 shares during the period. Nuance Investments LLC increased its stake in Globe Life by 8.3% during the 4th 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. Finally, Norges Bank bought a new stake in shares of Globe Life during the 4th quarter worth about $112,454,000. 81.61% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Frank M. Svoboda sold 11,000 shares of the company's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $122.31, for a total value of $1,345,410.00. Following the completion of the sale, the chief executive officer now directly owns 18,948 shares in the company, valued at approximately $2,317,529.88. This represents a 36.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO James Matthew Darden sold 24,890 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now owns 38,973 shares in the company, valued at approximately $4,735,998.96. This trade represents a 38.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GL. Piper Sandler increased their price target on Globe Life from $140.00 to $152.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. boosted their price target on shares of Globe Life from $136.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Evercore ISI upgraded shares of Globe Life from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $132.00 to $143.00 in a research report on Wednesday, January 8th. Morgan Stanley dropped their target price on shares of Globe Life from $126.00 to $117.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Globe Life from $137.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Globe Life has a consensus rating of "Moderate Buy" and a consensus price target of $137.55.

Globe Life Stock Up 2.0 %

NYSE:GL traded up $2.38 on Wednesday, hitting $124.06. 99,253 shares of the company's stock traded hands, compared to its average volume of 1,055,293. The firm has a 50-day moving average price of $124.11 and a 200-day moving average price of $115.95. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. The company has a market cap of $10.33 billion, a PE ratio of 10.38 and a beta of 0.60. Globe Life Inc. has a 1 year low of $66.25 and a 1 year high of $133.76.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The company reported $3.14 earnings per share 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 analysts anticipate that Globe Life Inc. will post 13.87 EPS 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 paid a dividend of $0.27 per share. The ex-dividend date is Thursday, April 3rd. This is an increase from Globe Life's previous quarterly dividend of $0.24. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.87%. Globe Life's dividend payout ratio (DPR) is 9.04%.

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.