Intech Investment Management LLC Decreases Stock Position in Globe Life Inc. (NYSE:GL)

Intech Investment Management LLC trimmed its holdings in shares of Globe Life Inc. (NYSE:GL) by 35.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,285 shares of the company’s stock after selling 17,523 shares during the period. Intech Investment Management LLC’s holdings in Globe Life were worth $3,313,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Boston Partners boosted its position in shares of Globe Life by 6.4% during the first quarter. Boston Partners now owns 2,092,526 shares of the company’s stock valued at $243,200,000 after buying an additional 125,457 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Globe Life by 104.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock valued at $132,577,000 after acquiring an additional 822,638 shares during the last quarter. Millennium Management LLC grew its stake in shares of Globe Life by 177.0% in the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock worth $105,303,000 after acquiring an additional 817,760 shares during the period. Nuance Investments LLC raised its holdings in shares of Globe Life by 155.6% during the third quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock valued at $120,629,000 after purchasing an additional 693,346 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of Globe Life by 398.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock valued at $88,420,000 after purchasing an additional 859,146 shares during the last quarter. Institutional investors own 81.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GL shares. TD Cowen started coverage on shares of Globe Life in a research report on Wednesday, October 9th. They issued a “buy” rating and a $150.00 target price for the company. Raymond James lifted their price objective on Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 15th. Morgan Stanley upped their price objective on Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Piper Sandler raised their target price on Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Truist Financial upped their price target on shares of Globe Life from $90.00 to $105.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Globe Life currently has an average rating of “Moderate Buy” and an average price target of $124.50.

Globe Life Trading Up 1.4 %

Globe Life stock opened at $110.48 on Friday. Globe Life Inc. has a 12-month low of $38.95 and a 12-month high of $132.00. The firm has a market capitalization of $9.27 billion, a price-to-earnings ratio of 9.35 and a beta of 0.81. The firm has a 50 day moving average of $107.65 and a 200 day moving average of $95.72. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the prior year, the company posted $2.71 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, research analysts predict that Globe Life Inc. will post 12.31 earnings per share for the current year.

Globe Life Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 8th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.96 annualized dividend and a dividend yield of 0.87%. Globe Life’s payout ratio is 8.12%.

Globe Life 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.