Globe Life Inc. (NYSE:GL) Increases Dividend to $0.24 Per Share

Globe Life Inc. (NYSE:GL) declared a quarterly dividend on Monday, March 18th, RTT News reports. Shareholders of record on Friday, April 5th will be given a dividend of 0.24 per share on Wednesday, May 1st. This represents a $0.96 annualized dividend and a dividend yield of 0.81%. The ex-dividend date is Thursday, April 4th. This is an increase from Globe Life’s previous quarterly dividend of $0.23.

Globe Life has increased its dividend payment by an average of 6.3% annually over the last three years and has raised its dividend annually for the last 18 consecutive years. Globe Life has a payout ratio of 7.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Globe Life to earn $12.51 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 7.2%.

Globe Life Stock Up 1.1 %

Shares of NYSE GL opened at $117.95 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.05 and a quick ratio of 0.05. The company has a market cap of $11.05 billion, a P/E ratio of 11.70 and a beta of 0.70. Globe Life has a 1 year low of $102.23 and a 1 year high of $132.00. The firm has a 50-day simple moving average of $123.33 and a two-hundred day simple moving average of $118.76.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, February 7th. The company reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.73 by $0.15. The business had revenue of $1.42 billion for 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 company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period last year, the company posted $2.24 earnings per share. Research analysts anticipate that Globe Life will post 11.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, CMO Jennifer Allison Haworth sold 2,524 shares of the business’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $121.37, for a total transaction of $306,337.88. Following the completion of the sale, the chief marketing officer now owns 8,606 shares of the company’s stock, valued at approximately $1,044,510.22. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GL. JPMorgan Chase & Co. grew its stake in Globe Life by 7.2% in the 1st quarter. JPMorgan Chase & Co. now owns 93,908 shares of the company’s stock valued at $9,448,000 after buying an additional 6,299 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Globe Life by 3.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,549 shares of the company’s stock valued at $1,464,000 after purchasing an additional 538 shares during the period. American Century Companies Inc. lifted its holdings in shares of Globe Life by 26.8% during the 1st quarter. American Century Companies Inc. now owns 13,456 shares of the company’s stock worth $1,354,000 after acquiring an additional 2,848 shares during the period. Cetera Advisor Networks LLC increased its position in Globe Life by 3.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 4,740 shares of the company’s stock valued at $477,000 after acquiring an additional 137 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in Globe Life by 23.9% in the 1st quarter. MetLife Investment Management LLC now owns 25,421 shares of the company’s stock valued at $2,557,000 after acquiring an additional 4,897 shares in the last quarter. 80.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on GL. JPMorgan Chase & Co. boosted their target price on shares of Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. Evercore ISI dropped their price target on Globe Life from $138.00 to $125.00 and set an “in-line” rating for the company in a research report on Thursday, March 14th. Truist Financial upped their price objective on Globe Life from $115.00 to $125.00 and gave the company a “hold” rating in a report on Friday, February 9th. Finally, StockNews.com upgraded Globe Life from a “hold” rating to a “buy” rating in a research note on Monday, March 4th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $133.00.

About Globe Life

Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.