Sumitomo Life Insurance Co. Sells 342 Shares of Globe Life Inc. (NYSE:GL)

Sumitomo Life Insurance Co. trimmed its stake in shares of Globe Life Inc. (NYSE:GL) by 4.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,050 shares of the company’s stock after selling 342 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Globe Life were worth $858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its position in shares of Globe Life by 488.6% in the 4th quarter. Pacer Advisors Inc. now owns 33,620 shares of the company’s stock worth $4,092,000 after purchasing an additional 27,908 shares during the period. Arizona State Retirement System boosted its stake in shares of Globe Life by 5.2% in the 4th quarter. Arizona State Retirement System now owns 26,061 shares of the company’s stock valued at $3,172,000 after purchasing an additional 1,295 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Globe Life by 191.4% in the 4th quarter. SG Americas Securities LLC now owns 32,810 shares of the company’s stock valued at $3,994,000 after purchasing an additional 21,552 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Globe Life by 1.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 37,367 shares of the company’s stock valued at $4,548,000 after purchasing an additional 397 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Globe Life by 3.7% in the 3rd quarter. Invesco Ltd. now owns 1,901,013 shares of the company’s stock valued at $206,697,000 after purchasing an additional 67,753 shares during the last quarter. 81.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GL. Wells Fargo & Company reduced their price objective on shares of Globe Life from $146.00 to $132.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Truist Financial reaffirmed a “hold” rating and issued a $125.00 price objective on shares of Globe Life in a research note on Friday. StockNews.com raised shares of Globe Life from a “hold” rating to a “buy” rating in a research note on Friday. Piper Sandler dropped their target price on shares of Globe Life from $143.00 to $130.00 and set an “overweight” rating on the stock in a research report on Friday, April 5th. Finally, Evercore ISI dropped their target price on shares of Globe Life from $125.00 to $75.00 and set an “in-line” rating on the stock in a research report on Friday. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $126.44.

Globe Life Stock Performance

Shares of GL stock opened at $55.82 on Tuesday. The firm has a 50-day moving average of $116.57 and a 200-day moving average of $117.92. The company has a market cap of $5.25 billion, a P/E ratio of 5.54 and a beta of 0.69. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life Inc. has a one year low of $38.95 and a one year high of $132.00.

Globe Life (NYSE:GL) last posted its quarterly earnings results on Wednesday, February 7th. The company reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.73 by $0.15. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. Globe Life had a net margin of 17.82% and a return on equity of 24.25%. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.24 earnings per share. Equities research analysts forecast that Globe Life Inc. will post 11.6 EPS for the current fiscal year.

Globe Life Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.72%. This is an increase from Globe Life’s previous quarterly dividend of $0.23. The ex-dividend date is Thursday, April 4th. Globe Life’s dividend payout ratio is presently 9.52%.

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.