Rakuten Investment Management Inc. Takes $9.06 Million Position in Globe Life Inc. $GL

Rakuten Investment Management Inc. purchased a new position in shares of Globe Life Inc. (NYSE:GL) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 63,401 shares of the company’s stock, valued at approximately $9,064,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. increased its holdings in shares of Globe Life by 3.9% in the 2nd quarter. Invesco Ltd. now owns 3,921,439 shares of the company’s stock valued at $487,396,000 after purchasing an additional 147,644 shares in the last quarter. Geode Capital Management LLC increased its stake in Globe Life by 2.9% in the second quarter. Geode Capital Management LLC now owns 2,722,768 shares of the company’s stock valued at $339,875,000 after purchasing an additional 76,995 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Globe Life by 98.6% in the second quarter. AQR Capital Management LLC now owns 1,402,690 shares of the company’s stock worth $174,340,000 after acquiring an additional 696,548 shares during the last quarter. Norges Bank purchased a new stake in Globe Life during the second quarter valued at about $157,722,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Globe Life by 3.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,248,025 shares of the company’s stock worth $155,117,000 after purchasing an additional 43,095 shares during the period. Institutional investors and hedge funds own 81.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. TD Cowen restated a “buy” rating on shares of Globe Life in a report on Thursday, December 11th. Weiss Ratings lowered shares of Globe Life from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, January 14th. Wells Fargo & Company reduced their target price on shares of Globe Life from $172.00 to $170.00 and set an “overweight” rating on the stock in a report on Friday, October 24th. Piper Sandler reiterated an “overweight” rating and issued a $167.00 price target on shares of Globe Life in a report on Friday, November 21st. Finally, Truist Financial increased their target price on Globe Life from $150.00 to $158.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Globe Life presently has a consensus rating of “Moderate Buy” and a consensus target price of $166.22.

Insider Transactions at Globe Life

In related news, CEO Frank M. Svoboda sold 9,379 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $140.43, for a total transaction of $1,317,092.97. Following the transaction, the chief executive officer owned 35,868 shares in the company, valued at $5,036,943.24. This trade represents a 20.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.51% of the stock is owned by corporate insiders.

Globe Life Stock Up 1.3%

NYSE:GL opened at $138.72 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.07 and a current ratio of 0.07. The company has a market capitalization of $11.04 billion, a price-to-earnings ratio of 10.05 and a beta of 0.48. Globe Life Inc. has a one year low of $109.38 and a one year high of $147.83. The stock has a 50-day simple moving average of $137.38 and a 200 day simple moving average of $136.32.

Globe Life (NYSE:GL) last released its earnings results on Wednesday, October 22nd. The company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.54 by $0.27. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. Globe Life had a return on equity of 21.81% and a net margin of 19.36%.During the same quarter last year, the business posted $3.44 EPS. Sell-side analysts predict that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Monday, January 5th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, January 5th. Globe Life’s payout ratio is currently 7.83%.

Globe Life Profile

Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company’s product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.