Royal Bank of Canada Buys 16,137 Shares of Globe Life Inc. (NYSE:GL)

Royal Bank of Canada lifted its holdings in Globe Life Inc. (NYSE:GL - Free Report) by 11.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 153,579 shares of the company's stock after buying an additional 16,137 shares during the quarter. Royal Bank of Canada owned approximately 0.18% of Globe Life worth $17,127,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC increased its stake in Globe Life by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 34,352 shares of the company's stock valued at $3,831,000 after purchasing an additional 151 shares in the last quarter. RFG Advisory LLC bought a new stake in Globe Life in the 4th quarter worth about $417,000. Pacer Advisors Inc. raised its position in Globe Life by 56.0% in the 4th quarter. Pacer Advisors Inc. now owns 10,199 shares of the company's stock worth $1,137,000 after buying an additional 3,662 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Globe Life by 396.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 15,025 shares of the company's stock worth $1,676,000 after buying an additional 12,000 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in Globe Life by 12.8% during the 4th quarter. Hantz Financial Services Inc. now owns 13,594 shares of the company's stock valued at $1,516,000 after acquiring an additional 1,546 shares during the period. 81.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GL has been the topic of a number of research analyst reports. Wells Fargo & Company lowered their price objective on shares of Globe Life from $140.00 to $139.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Piper Sandler decreased their target price on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research note on Friday, May 2nd. JPMorgan Chase & Co. increased their price target on Globe Life from $136.00 to $145.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Morgan Stanley increased their price target on Globe Life from $117.00 to $125.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Finally, Wall Street Zen raised Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $137.73.

Globe Life Stock Performance

Shares of NYSE:GL traded down $2.30 during trading on Wednesday, hitting $119.96. The company's stock had a trading volume of 582,044 shares, compared to its average volume of 825,417. The company has a 50-day moving average of $122.49 and a 200-day moving average of $118.34. Globe Life Inc. has a 12 month low of $76.55 and a 12 month high of $133.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 10.04 and a beta of 0.56.

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

Globe Life Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Thursday, July 3rd. Globe Life's payout ratio is 8.79%.

Insiders Place Their Bets

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total transaction of $737,387.69. Following the sale, the chief executive officer now owns 31,298 shares in the company, valued at approximately $3,834,317.98. This trade represents a 16.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.51% of the stock is owned by company insiders.

Globe Life Company 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.