Bank of America Corp DE Purchases 36,986 Shares of Globe Life Inc. (NYSE:GL)

Bank of America Corp DE lifted its holdings in Globe Life Inc. (NYSE:GL - Free Report) by 10.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 387,107 shares of the company's stock after acquiring an additional 36,986 shares during the period. Bank of America Corp DE owned approximately 0.46% of Globe Life worth $43,170,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of GL. Albion Financial Group UT acquired a new position in shares of Globe Life in the fourth quarter valued at about $28,000. Rakuten Securities Inc. acquired a new position in shares of Globe Life in the fourth quarter valued at about $28,000. Avalon Trust Co acquired a new position in shares of Globe Life in the fourth quarter valued at about $41,000. EverSource Wealth Advisors LLC grew its stake in shares of Globe Life by 32.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company's stock valued at $41,000 after acquiring an additional 90 shares in the last quarter. Finally, Platinum Investment Management Ltd. bought a new stake in Globe Life during the fourth quarter worth about $45,000. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on GL. BMO Capital Markets began coverage on shares of Globe Life in a research report on Thursday, January 23rd. They set a "market perform" rating and a $114.00 price objective for the company. Piper Sandler cut their price objective on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. StockNews.com raised shares of Globe Life from a "hold" rating to a "buy" rating in a research report on Friday. Keefe, Bruyette & Woods upped their price objective on shares of Globe Life from $137.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley cut their price objective on shares of Globe Life from $126.00 to $117.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $137.00.

Globe Life Price Performance

Shares of GL stock traded up $1.30 on Friday, reaching $121.87. The company had a trading volume of 706,010 shares, compared to its average volume of 850,752. The stock has a market capitalization of $10.06 billion, a PE ratio of 10.20 and a beta of 0.56. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. Globe Life Inc. has a one year low of $76.55 and a one year high of $133.76. The business's 50-day moving average is $123.20 and its 200 day moving average is $117.65.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.17). Globe Life had a net margin of 18.53% and a return on equity of 22.32%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company earned $2.78 EPS. The business's quarterly revenue was up 4.5% compared to the same quarter last year. Equities research analysts forecast that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Thursday, July 3rd. Globe Life's dividend payout ratio is currently 8.79%.

About Globe Life

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.