California State Teachers Retirement System reduced its holdings in Globe Life Inc. (NYSE:GL - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 83,979 shares of the company's stock after selling 3,752 shares during the quarter. California State Teachers Retirement System owned about 0.10% of Globe Life worth $9,365,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. Rakuten Securities Inc. purchased a new position in shares of Globe Life in the fourth quarter worth $28,000. Avalon Trust Co acquired a new stake in shares of Globe Life during the fourth quarter worth about $41,000. EverSource Wealth Advisors LLC raised its stake in shares of Globe Life by 32.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company's stock worth $41,000 after buying an additional 90 shares during the period. Platinum Investment Management Ltd. purchased a new stake in shares of Globe Life during the 4th quarter valued at approximately $45,000. Finally, Resona Asset Management Co. Ltd. acquired a new position in shares of Globe Life in the fourth quarter worth $68,000. Institutional investors own 81.61% of the company's stock.
Globe Life Trading Down 2.0%
NYSE GL traded down $2.47 on Wednesday, hitting $120.33. 424,446 shares of the stock were exchanged, compared to its average volume of 776,790. 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 52-week low of $76.55 and a 52-week high of $133.76. The company's 50-day moving average price is $121.49 and its two-hundred day moving average price is $118.77. The company has a market capitalization of $9.93 billion, a price-to-earnings ratio of 10.07 and a beta of 0.56.
Globe Life (NYSE:GL - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.17). The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.49 billion. Globe Life had a net margin of 18.53% and a return on equity of 22.32%. The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.78 earnings per share. Research analysts predict that Globe Life Inc. will post 13.87 EPS for the current year.
Globe Life Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 0.90%. Globe Life's dividend payout ratio is currently 8.79%.
Insider Activity at Globe Life
In other news, CEO Frank M. Svoboda sold 6,019 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $122.51, for a total transaction of $737,387.69. Following the transaction, the chief executive officer now directly owns 31,298 shares in the company, valued at approximately $3,834,317.98. This represents a 16.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.51% of the stock is currently owned by company insiders.
Analyst Ratings Changes
GL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on Globe Life from $136.00 to $145.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Wells Fargo & Company reduced their price objective on Globe Life from $140.00 to $139.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Morgan Stanley lifted their target price on shares of Globe Life from $117.00 to $125.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Wall Street Zen upgraded shares of Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Piper Sandler reduced their price objective on Globe Life from $152.00 to $147.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $137.73.
Check Out Our Latest Report on Globe Life
About Globe Life
(
Free Report)
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.
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