Globe Life Inc. $GL Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Globe Life Inc. by 17.2%, selling 6,275 shares and bringing its total holdings to 30,306 shares valued at approximately $3.99 million.
• Several analysts have recently increased their target prices for Globe Life's shares, with recommendations ranging from "market perform" to "strong buy," reflecting a consensus target of $152.45.
• Globe Life has declared a quarterly dividend of $0.27 per share, with the ex-dividend date set for October 3rd, translating to an annualized yield of 0.8%.

State of New Jersey Common Pension Fund D trimmed its stake in shares of Globe Life Inc. (NYSE:GL - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,306 shares of the company's stock after selling 6,275 shares during the period. State of New Jersey Common Pension Fund D's holdings in Globe Life were worth $3,992,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in Globe Life by 41.9% during the first quarter. American Century Companies Inc. now owns 205,421 shares of the company's stock valued at $27,058,000 after purchasing an additional 60,606 shares in the last quarter. Brandywine Global Investment Management LLC purchased a new position in Globe Life during the first quarter valued at $4,949,000. Dimensional Fund Advisors LP lifted its holdings in Globe Life by 9.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,741,131 shares of the company's stock valued at $229,323,000 after purchasing an additional 148,397 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Globe Life during the first quarter valued at $686,000. Finally, Sei Investments Co. lifted its holdings in Globe Life by 9.1% during the first quarter. Sei Investments Co. now owns 23,173 shares of the company's stock valued at $2,896,000 after purchasing an additional 1,925 shares in the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Globe Life

In other Globe Life news, CFO Thomas Peter Kalmbach sold 28,952 shares of Globe Life stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $140.97, for a total transaction of $4,081,363.44. Following the completion of the sale, the chief financial officer directly owned 30,665 shares in the company, valued at $4,322,845.05. This trade represents a 48.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Clay Majors sold 10,000 shares of Globe Life stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $137.41, for a total transaction of $1,374,100.00. Following the sale, the executive vice president owned 47,066 shares of the company's stock, valued at approximately $6,467,339.06. This represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,722 shares of company stock valued at $11,733,793 in the last ninety days. Insiders own 1.97% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Cfra Research raised shares of Globe Life to a "moderate buy" 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. Wells Fargo & Company raised their price target on shares of Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Finally, Truist Financial started coverage on shares of Globe Life in a research note on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $152.45.

Globe Life Trading Down 1.3%

Globe Life stock traded down $1.8090 during midday trading on Monday, hitting $139.4310. 486,577 shares of the stock were exchanged, compared to its average volume of 707,748. Globe Life Inc. has a fifty-two week low of $99.04 and a fifty-two week high of $144.00. The stock has a market capitalization of $11.29 billion, a price-to-earnings ratio of 11.15 and a beta of 0.56. The stock's 50-day simple moving average is $129.19 and its 200 day simple moving average is $125.03. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.43.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.02. Globe Life had a net margin of 18.11% and a return on equity of 21.24%. The firm 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. Globe Life's revenue was up 2.9% compared to the same quarter last year. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, equities analysts anticipate that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Dividend Announcement

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

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.