Citizens Financial Group Inc. RI Makes New Investment in Globe Life Inc. (NYSE:GL)

Key Points

• Citizens Financial Group Inc. acquired 6,759 shares of Globe Life Inc. valued at approximately $890,000 in its first quarter investment.
• Globe Life recently announced a quarterly dividend of $0.27 per share, with a 0.8% yield and a dividend payout ratio of 8.63%.
• Globe Life's stock has a market capitalization of $11.59 billion and its recent quarterly earnings report indicated a slight increase in revenue year-over-year, alongside an earnings per share that exceeded analyst expectations.

Citizens Financial Group Inc. RI acquired a new position in shares of Globe Life Inc. (NYSE:GL - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,759 shares of the company's stock, valued at approximately $890,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in Globe Life by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,592,734 shares of the company's stock worth $177,615,000 after acquiring an additional 118,054 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Globe Life by 58.6% during the 4th quarter. Ameriprise Financial Inc. now owns 917,994 shares of the company's stock worth $102,376,000 after acquiring an additional 339,162 shares during the last quarter. Northern Trust Corp grew its holdings in Globe Life by 3.3% during the 4th quarter. Northern Trust Corp now owns 817,489 shares of the company's stock worth $91,166,000 after acquiring an additional 26,398 shares during the last quarter. GAMMA Investing LLC grew its holdings in Globe Life by 15,553.5% during the 1st quarter. GAMMA Investing LLC now owns 781,890 shares of the company's stock worth $102,991,000 after acquiring an additional 776,895 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Globe Life by 14.3% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 754,731 shares of the company's stock worth $84,168,000 after acquiring an additional 94,533 shares during the last quarter. Institutional investors own 81.61% of the company's stock.

Globe Life Stock Performance

Shares of NYSE:GL opened at $140.36 on Friday. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of 11.22 and a beta of 0.56. The firm's 50 day simple moving average is $124.91 and its 200 day simple moving average is $123.54. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.07 and a quick ratio of 0.07. Globe Life Inc. has a fifty-two week low of $89.13 and a fifty-two week high of $144.00.

Globe Life (NYSE:GL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating analysts' consensus estimates of $3.25 by $0.02. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Globe Life had a net margin of 18.11% and a return on equity of 21.55%. Globe Life's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the company posted $2.97 EPS. As a group, sell-side analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.8%. Globe Life's dividend payout ratio (DPR) is currently 8.63%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler reduced their target price on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Wells Fargo & Company raised their target price on shares of Globe Life from $144.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Wall Street Zen raised shares of Globe Life from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Cfra Research raised shares of Globe Life to a "moderate buy" rating in a research note on Friday, July 25th. Finally, Morgan Stanley raised shares of Globe Life from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $135.00 to $166.00 in a research note on Tuesday. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Globe Life presently has a consensus rating of "Moderate Buy" and an average target price of $152.00.

Insider Activity at Globe Life

In other Globe Life news, CEO Frank M. Svoboda sold 12,500 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $141.38, for a total transaction of $1,767,250.00. Following the sale, the chief executive officer directly owned 32,747 shares in the company, valued at approximately $4,629,770.86. This trade represents a 27.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO James Matthew Darden sold 33,270 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the sale, the chief executive officer owned 49,842 shares in the company, valued at $6,758,076.78. This trade represents a 40.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,741 shares of company stock valued at $12,471,180. Corporate insiders own 1.51% of the company's stock.

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.

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