New York State Teachers Retirement System Increases Stake in Globe Life Inc. $GL

Key Points

• The New York State Teachers Retirement System increased its holdings in Globe Life Inc. by 6.1% during the 2nd quarter, bringing their ownership to about $12.14 million.
• Globe Life has received positive analyst ratings, with eight analysts recommending a buy and setting average target prices around $152.11.
• The company recently announced a quarterly dividend of $0.27 per share, which will be paid out to shareholders on October 31st.

New York State Teachers Retirement System grew its holdings in shares of Globe Life Inc. (NYSE:GL - Free Report) by 6.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,702 shares of the company's stock after purchasing an additional 5,600 shares during the quarter. New York State Teachers Retirement System owned approximately 0.12% of Globe Life worth $12,143,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GL. Global Assets Advisory LLC acquired a new position in Globe Life during the second quarter worth about $25,000. AdvisorNet Financial Inc lifted its stake in Globe Life by 60.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company's stock worth $28,000 after purchasing an additional 84 shares in the last quarter. TD Private Client Wealth LLC acquired a new position in shares of Globe Life during the 2nd quarter worth approximately $39,000. SouthState Corp acquired a new position in shares of Globe Life during the 1st quarter worth approximately $43,000. Finally, Ransom Advisory Ltd purchased a new stake in shares of Globe Life in the first quarter valued at approximately $50,000. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on GL shares. Cfra Research upgraded Globe Life to a "moderate buy" rating in a research report on Friday, July 25th. Truist Financial began coverage on shares of Globe Life in a research report on Tuesday, July 15th. They set a "buy" rating and a $150.00 price target on the stock. BMO Capital Markets restated a "market perform" rating and set a $149.00 price objective (up from $114.00) on shares of Globe Life in a research report on Wednesday, July 30th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Globe Life in a research note on Wednesday, October 8th. Finally, Morgan Stanley set a $179.00 price target on shares of Globe Life and gave the company an "overweight" rating in a research note on Tuesday, October 7th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Globe Life presently has an average rating of "Moderate Buy" and an average target price of $152.11.

Globe Life Trading Up 0.9%

NYSE GL opened at $134.78 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.06 and a quick ratio of 0.06. The stock has a market capitalization of $10.92 billion, a P/E ratio of 10.77 and a beta of 0.55. The firm's 50-day moving average is $139.85 and its two-hundred day moving average is $128.95. Globe Life Inc. has a 12 month low of $100.27 and a 12 month high of $147.83.

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. Globe Life had a net margin of 18.11% and a return on equity of 21.24%. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period last year, the business earned $2.97 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, sell-side analysts anticipate that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 3rd will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $1.08 annualized dividend and a yield of 0.8%. Globe Life's dividend payout ratio is presently 8.63%.

Insider Transactions at Globe Life

In other news, CEO James Matthew Darden sold 33,270 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $135.59, for a total value of $4,511,079.30. Following the completion of the transaction, the chief executive officer owned 49,842 shares of the company's stock, valued at approximately $6,758,076.78. This trade represents a 40.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was 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. The trade was a 27.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,722 shares of company stock valued at $11,733,793. Insiders own 1.51% of the company's stock.

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.

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