Hartford Investment Management Co. Sells 1,166 Shares of Globe Life Inc. (NYSE:GL)

Hartford Investment Management Co. cut its stake in Globe Life Inc. (NYSE:GL) by 16.2% in the 3rd quarter, Holdings Channel reports. The fund owned 6,037 shares of the company’s stock after selling 1,166 shares during the quarter. Hartford Investment Management Co.’s holdings in Globe Life were worth $639,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Globe Life during the third quarter valued at approximately $32,000. Keener Financial Planning LLC purchased a new stake in shares of Globe Life in the 1st quarter valued at $49,000. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Globe Life by 88.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 599 shares of the company’s stock valued at $50,000 after purchasing an additional 281 shares during the last quarter. LRI Investments LLC purchased a new position in Globe Life in the 1st quarter worth $72,000. Finally, Family Firm Inc. bought a new stake in Globe Life in the second quarter worth $54,000. Institutional investors own 81.61% of the company’s stock.

Globe Life Stock Performance

NYSE:GL opened at $105.15 on Friday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.31. The firm’s fifty day simple moving average is $105.37 and its 200 day simple moving average is $90.77. The stock has a market cap of $9.47 billion, a P/E ratio of 10.04 and a beta of 0.81. Globe Life Inc. has a twelve month low of $38.95 and a twelve month high of $132.00.

Globe Life (NYSE:GL) last posted its earnings results on Wednesday, October 23rd. The company reported $3.49 EPS for the quarter, topping the consensus estimate of $3.06 by $0.43. Globe Life had a net margin of 18.47% and a return on equity of 21.93%. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the company posted $2.71 EPS. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, research analysts predict that Globe Life Inc. will post 11.93 EPS for the current year.

Globe Life Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, October 4th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Globe Life’s dividend payout ratio (DPR) is 9.17%.

Wall Street Analyst Weigh In

GL has been the topic of a number of recent research reports. Raymond James raised their price objective on Globe Life from $160.00 to $188.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $118.00 price target (up from $110.00) on shares of Globe Life in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. TD Cowen assumed coverage on shares of Globe Life in a report on Wednesday, October 9th. They issued a “buy” rating and a $150.00 target price on the stock. Finally, Piper Sandler lifted their target price on shares of Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday. Five equities research 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. Based on data from MarketBeat, Globe Life presently has an average rating of “Moderate Buy” and a consensus price target of $123.80.

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.