State Board of Administration of Florida Retirement System Increases Position in Globe Life Inc. (NYSE:GL)

State Board of Administration of Florida Retirement System increased its stake in Globe Life Inc. (NYSE:GL) by 12.2% in the first quarter, HoldingsChannel.com reports. The firm owned 114,353 shares of the company’s stock after acquiring an additional 12,449 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Globe Life were worth $12,581,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Cooke & Bieler LP increased its holdings in shares of Globe Life by 2.0% in the 4th quarter. Cooke & Bieler LP now owns 2,357,839 shares of the company’s stock valued at $286,996,000 after purchasing an additional 45,227 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Globe Life by 2.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,200,369 shares of the company’s stock valued at $146,109,000 after acquiring an additional 29,560 shares in the last quarter. Norges Bank purchased a new position in Globe Life during the 4th quarter valued at about $123,682,000. Nordea Investment Management AB increased its holdings in Globe Life by 10,526.9% during the 1st quarter. Nordea Investment Management AB now owns 998,717 shares of the company’s stock valued at $116,061,000 after acquiring an additional 989,319 shares in the last quarter. Finally, Equity Investment Corp increased its holdings in Globe Life by 16.8% during the 1st quarter. Equity Investment Corp now owns 850,530 shares of the company’s stock valued at $98,976,000 after acquiring an additional 122,255 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Insider Buying and Selling

In related news, EVP Robert Edward Hensley bought 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $82.17 per share, with a total value of $205,425.00. Following the completion of the transaction, the executive vice president now owns 7,290 shares of the company’s stock, valued at $599,019.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Globe Life news, Director David A. Rodriguez acquired 1,500 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was bought at an average cost of $79.72 per share, for a total transaction of $119,580.00. Following the completion of the purchase, the director now directly owns 4,192 shares in the company, valued at $334,186.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Edward Hensley purchased 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $82.17 per share, with a total value of $205,425.00. Following the completion of the transaction, the executive vice president now owns 7,290 shares in the company, valued at approximately $599,019.30. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 6,500 shares of company stock valued at $536,860. Insiders own 1.51% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on GL. Raymond James restated a “strong-buy” rating on shares of Globe Life in a report on Tuesday, May 21st. Evercore ISI raised their target price on shares of Globe Life from $83.00 to $86.00 and gave the company an “in-line” rating in a report on Wednesday, June 26th. Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $130.00 to $110.00 in a report on Wednesday, April 24th. Morgan Stanley raised their price target on shares of Globe Life from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Truist Financial decreased their price target on shares of Globe Life from $125.00 to $80.00 and set a “hold” rating on the stock in a research note on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Globe Life presently has an average rating of “Moderate Buy” and a consensus price target of $104.22.

Globe Life Price Performance

Globe Life stock opened at $88.26 on Friday. The firm’s 50-day moving average is $83.29 and its two-hundred day moving average is $100.54. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life Inc. has a 12-month low of $38.95 and a 12-month high of $132.00. The stock has a market capitalization of $7.95 billion, a P/E ratio of 8.43 and a beta of 0.81.

Globe Life (NYSE:GL) last released its earnings results on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). Globe Life had a return on equity of 23.01% and a net margin of 18.07%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the business posted $2.53 earnings per share. Globe Life’s revenue was up 7.2% on a year-over-year basis. Equities analysts predict that Globe Life Inc. will post 11.75 earnings per share for the current year.

Globe Life Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Friday, July 5th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.96 annualized dividend and a dividend yield of 1.09%. Globe Life’s dividend payout ratio is presently 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.