State of New Jersey Common Pension Fund D Trims Position in Globe Life Inc. (NYSE:GL)

State of New Jersey Common Pension Fund D lessened its position in shares of Globe Life Inc. (NYSE:GL) by 18.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,012 shares of the company’s stock after selling 8,281 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Globe Life were worth $3,045,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. NBC Securities Inc. increased its position in Globe Life by 2.7% during the first quarter. NBC Securities Inc. now owns 5,803 shares of the company’s stock valued at $675,000 after acquiring an additional 153 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Globe Life by 0.5% during the first quarter. Commonwealth Equity Services LLC now owns 35,081 shares of the company’s stock valued at $4,082,000 after purchasing an additional 167 shares during the period. Perigon Wealth Management LLC grew its holdings in Globe Life by 7.6% during the first quarter. Perigon Wealth Management LLC now owns 2,619 shares of the company’s stock valued at $305,000 after purchasing an additional 184 shares during the period. Bruce G. Allen Investments LLC grew its holdings in Globe Life by 33.2% during the second quarter. Bruce G. Allen Investments LLC now owns 806 shares of the company’s stock valued at $66,000 after purchasing an additional 201 shares during the period. Finally, SRN Advisors LLC grew its holdings in Globe Life by 5.2% during the first quarter. SRN Advisors LLC now owns 6,758 shares of the company’s stock valued at $786,000 after purchasing an additional 332 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on GL shares. Jefferies Financial Group boosted their price target on Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a report on Friday, June 28th. Wells Fargo & Company boosted their price target on Globe Life from $105.00 to $108.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $118.00 price objective (up previously from $110.00) on shares of Globe Life in a research note on Wednesday, July 31st. Raymond James reaffirmed a “strong-buy” rating on shares of Globe Life in a research note on Tuesday, May 21st. Finally, Truist Financial upped their price objective on Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, July 26th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $108.33.

Insider Buying and Selling at Globe Life

In related news, Director Mary E. Thigpen acquired 3,000 shares of the stock in a transaction dated Friday, July 26th. The stock was acquired at an average cost of $90.20 per share, with a total value of $270,600.00. Following the purchase, the director now directly owns 15,605 shares of the company’s stock, valued at $1,407,571. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.51% of the stock is currently owned by company insiders.

Globe Life Stock Performance

NYSE GL opened at $106.19 on Wednesday. The stock has a market capitalization of $9.56 billion, a PE ratio of 10.14 and a beta of 0.81. The business has a 50 day simple moving average of $95.22 and a two-hundred day simple moving average of $92.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life Inc. has a 1-year low of $38.95 and a 1-year high of $132.00.

Globe Life (NYSE:GL) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.07. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.45 billion. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.61 EPS. On average, research analysts predict that Globe Life Inc. will post 11.93 EPS for the current fiscal year.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend is Friday, October 4th. Globe Life’s dividend payout ratio is presently 9.17%.

Globe Life Company 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.