Sumitomo Mitsui Trust Group Inc. Reduces Stake in Globe Life Inc. (NYSE:GL)

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Globe Life Inc. (NYSE:GL - Free Report) by 68.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,732 shares of the company's stock after selling 16,493 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Globe Life were worth $1,018,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Globe Life by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 5,117,122 shares of the company's stock worth $570,661,000 after purchasing an additional 326,307 shares during the period. Invesco Ltd. raised its stake in Globe Life by 6.0% in the fourth quarter. Invesco Ltd. now owns 3,932,637 shares of the company's stock worth $438,568,000 after buying an additional 223,282 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Globe Life by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,592,734 shares of the company's stock worth $177,615,000 after buying an additional 118,054 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Globe Life by 2.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,284,322 shares of the company's stock worth $143,228,000 after buying an additional 36,051 shares during the period. Finally, Nuance Investments LLC boosted its position in Globe Life by 8.3% during the 4th quarter. Nuance Investments LLC now owns 1,234,069 shares of the company's stock valued at $137,623,000 after acquiring an additional 95,091 shares in the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GL shares. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. raised their price objective on Globe Life from $136.00 to $145.00 and gave the company an "overweight" rating in a research report on Wednesday, April 2nd. Morgan Stanley boosted their target price on shares of Globe Life from $117.00 to $125.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Piper Sandler decreased their price target 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. Finally, Wells Fargo & Company dropped 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 note on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Globe Life currently has an average rating of "Moderate Buy" and an average target price of $137.73.

Insider Buying and Selling

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $122.51, for a total value of $737,387.69. Following the completion of the transaction, the chief executive officer owned 31,298 shares of the company's stock, valued at approximately $3,834,317.98. The trade was a 16.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.51% of the company's stock.

Globe Life Stock Down 0.0%

Shares of NYSE GL traded down $0.03 during midday trading on Monday, hitting $121.17. The stock had a trading volume of 957,501 shares, compared to its average volume of 707,879. The business's 50 day moving average is $121.21 and its 200-day moving average is $120.99. Globe Life Inc. has a 52 week low of $80.36 and a 52 week high of $133.76. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. The company has a market cap of $10.00 billion, a P/E ratio of 9.86 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.17). Globe Life had a net margin of 18.33% and a return on equity of 21.44%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company posted $2.78 earnings per share. The business's revenue was up 4.5% compared to the same quarter last year. As a group, analysts predict that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Dividend Announcement

The firm 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 is Thursday, July 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. Globe Life's dividend payout ratio (DPR) is presently 8.79%.

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.