Globe Life Inc. (NYSE:GL) Shares Sold by Equity Investment Corp

Equity Investment Corp lowered its stake in shares of Globe Life Inc. (NYSE:GL) by 0.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,031,585 shares of the company’s stock after selling 4,804 shares during the quarter. Globe Life accounts for 2.5% of Equity Investment Corp’s investment portfolio, making the stock its 16th largest position. Equity Investment Corp’s holdings in Globe Life were worth $109,255,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GL. D. E. Shaw & Co. Inc. raised its position in Globe Life by 398.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock valued at $88,420,000 after purchasing an additional 859,146 shares during the period. Bank of New York Mellon Corp raised its position in Globe Life by 104.3% in the second quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock valued at $132,577,000 after purchasing an additional 822,638 shares during the period. Millennium Management LLC raised its position in Globe Life by 177.0% in the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock valued at $105,303,000 after purchasing an additional 817,760 shares during the period. Pzena Investment Management LLC raised its position in Globe Life by 146.3% in the second quarter. Pzena Investment Management LLC now owns 930,378 shares of the company’s stock valued at $76,552,000 after purchasing an additional 552,634 shares during the period. Finally, Vanguard Group Inc. raised its position in Globe Life by 3.9% in the first quarter. Vanguard Group Inc. now owns 11,255,091 shares of the company’s stock valued at $1,309,755,000 after purchasing an additional 425,993 shares during the period. Institutional investors and hedge funds own 81.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Raymond James lifted their target price on Globe Life from $160.00 to $188.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 15th. TD Cowen started coverage on Globe Life in a report on Wednesday, October 9th. They issued a “buy” rating and a $150.00 price objective on the stock. Truist Financial boosted their price objective on Globe Life from $90.00 to $105.00 and gave the company a “hold” rating in a report on Friday, October 25th. Wells Fargo & Company boosted their price objective on Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods boosted their price objective on Globe Life from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Globe Life currently has an average rating of “Moderate Buy” and an average target price of $124.50.

Globe Life Price Performance

Shares of NYSE GL opened at $109.20 on Monday. The stock’s 50-day moving average is $106.97 and its two-hundred day moving average is $94.81. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life Inc. has a 1-year low of $38.95 and a 1-year high of $132.00. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 9.24 and a beta of 0.81.

Globe Life (NYSE:GL) last issued its quarterly 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. Globe Life had a return on equity of 22.91% and a net margin of 19.04%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the business earned $2.71 EPS. Globe Life’s revenue was up 5.1% on a year-over-year basis. Analysts forecast that Globe Life Inc. will post 12.31 EPS for the current fiscal year.

Globe Life Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 8th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.88%. Globe Life’s dividend payout ratio is currently 8.12%.

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.