Illinois Municipal Retirement Fund Buys 5,273 Shares of Globe Life Inc. $GL

Illinois Municipal Retirement Fund increased its position in shares of Globe Life Inc. (NYSE:GL) by 12.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,267 shares of the company’s stock after purchasing an additional 5,273 shares during the period. Illinois Municipal Retirement Fund’s holdings in Globe Life were worth $7,830,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GL. Amundi boosted its stake in Globe Life by 307.4% during the 2nd quarter. Amundi now owns 162,223 shares of the company’s stock valued at $28,986,000 after purchasing an additional 122,402 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Globe Life during the 2nd quarter valued at $4,574,000. Sei Investments Co. increased its position in shares of Globe Life by 49.1% during the 1st quarter. Sei Investments Co. now owns 71,795 shares of the company’s stock valued at $9,993,000 after purchasing an additional 23,632 shares during the period. State Street Corp raised its stake in shares of Globe Life by 2.1% in the 2nd quarter. State Street Corp now owns 3,735,409 shares of the company’s stock worth $667,443,000 after buying an additional 76,745 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Globe Life in the 2nd quarter worth $17,229,000. Institutional investors own 81.61% of the company’s stock.

Globe Life Trading Down 1.0%

Shares of NYSE:GL opened at $160.13 on Friday. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 10.71 and a beta of 0.47. Globe Life Inc. has a 1-year low of $129.21 and a 1-year high of $191.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.07 and a current ratio of 0.07. The company has a 50 day moving average price of $165.98 and a 200 day moving average price of $160.58.

Globe Life (NYSE:GL) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $4.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.90 by ($0.06). The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.56 billion. Globe Life had a net margin of 18.89% and a return on equity of 19.51%. Globe Life’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the company posted $4.81 EPS. On average, research analysts anticipate that Globe Life Inc. will post 15.48 EPS for the current fiscal year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Stockholders of record on Friday, January 8th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Friday, January 8th. This represents a $1.32 annualized dividend and a dividend yield of 0.8%. Globe Life’s dividend payout ratio (DPR) is currently 8.83%.

Globe Life declared that its Board of Directors has authorized a share buyback program on Monday, August 10th that authorizes the company to buy back $2.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 17.7% of its stock through open market purchases. Share repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GL shares. Keefe, Bruyette & Woods cut their price objective on Globe Life from $192.00 to $190.00 and set an “outperform” rating for the company in a report on Friday, July 24th. Piper Sandler cut Globe Life from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $200.00 to $165.00 in a research note on Friday, October 23rd. Wells Fargo & Company lowered their target price on Globe Life from $191.00 to $180.00 and set an “overweight” rating on the stock in a report on Monday, October 26th. JPMorgan Chase & Co. boosted their price target on shares of Globe Life from $193.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Finally, UBS Group set a $165.00 price target on shares of Globe Life in a report on Friday, October 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Globe Life has an average rating of “Moderate Buy” and a consensus price target of $183.91.

Insider Buying and Selling at Globe Life

In other news, EVP Michael Majors sold 14,377 shares of the business’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $154.48, for a total transaction of $2,220,958.96. Following the sale, the executive vice president directly owned 39,141 shares of the company’s stock, valued at $6,046,501.68. The trade was a 26.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Hensley sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $170.07, for a total value of $1,700,700.00. Following the sale, the executive vice president directly owned 12,384 shares of the company’s stock, valued at approximately $2,106,146.88. This represents a 44.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.11% of the company’s stock.

Globe Life Profile

Globe Life Inc. is a U.S.-based insurance holding company that provides life and supplemental health insurance through its subsidiaries. Its products include term and whole life insurance, Medicare Supplement insurance, and supplemental health coverage such as accident, cancer, and critical illness policies. The company distributes insurance through a mix of exclusive agents, independent agents, and direct marketing. Its operating companies include Globe Life and Accident Insurance Company, American Income Life, Liberty National, Family Heritage Life, and United American.