Van ECK Associates Corp Increases Stock Position in Globe Life Inc. (NYSE:GL)

Van ECK Associates Corp grew its position in Globe Life Inc. (NYSE:GL) by 204.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,752 shares of the company’s stock after purchasing an additional 28,028 shares during the period. Van ECK Associates Corp’s holdings in Globe Life were worth $3,435,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC purchased a new stake in Globe Life during the fourth quarter worth about $27,000. Benjamin F. Edwards & Company Inc. increased its holdings in Globe Life by 177.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 277 shares of the company’s stock worth $34,000 after buying an additional 177 shares during the last quarter. Keener Financial Planning LLC purchased a new stake in Globe Life during the first quarter worth about $49,000. LRI Investments LLC increased its holdings in Globe Life by 898.4% during the second quarter. LRI Investments LLC now owns 619 shares of the company’s stock worth $51,000 after buying an additional 557 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in Globe Life during the fourth quarter worth about $52,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GL shares. Truist Financial raised their price objective on shares of Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Raymond James reiterated a “strong-buy” rating on shares of Globe Life in a research report on Tuesday, May 21st. Wells Fargo & Company increased their target price on shares of Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Jefferies Financial Group increased their target price on shares of Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a research report on Friday, June 28th. Finally, Morgan Stanley increased their target price on shares of Globe Life from $66.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Globe Life currently has a consensus rating of “Moderate Buy” and an average target price of $108.33.

Insider Activity at Globe Life

In related news, Director Mary E. Thigpen bought 3,000 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were acquired at an average cost of $90.20 per share, with a total value of $270,600.00. Following the completion of the purchase, the director now directly owns 15,605 shares of the company’s stock, valued at approximately $1,407,571. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.51% of the stock is currently owned by insiders.

Globe Life Price Performance

GL stock opened at $105.55 on Thursday. The firm has a 50 day moving average of $91.84 and a 200-day moving average of $94.23. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.31. 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 $9.50 billion, a P/E ratio of 10.08 and a beta of 0.80.

Globe Life (NYSE:GL) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.90 by $0.07. Globe Life had a net margin of 18.47% and a return on equity of 21.93%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same period last year, the business earned $2.61 earnings per share. Globe Life’s revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts predict that Globe Life Inc. will post 11.92 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date is Friday, October 4th. Globe Life’s dividend payout ratio is currently 9.17%.

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.