Van ECK Associates Corp Takes $1.56 Million Position in Globe Life Inc. (NYSE:GL)

Van ECK Associates Corp purchased a new position in shares of Globe Life Inc. (NYSE:GL) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 12,837 shares of the company’s stock, valued at approximately $1,563,000.

Other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position in Globe Life by 488.6% in the 4th quarter. Pacer Advisors Inc. now owns 33,620 shares of the company’s stock valued at $4,092,000 after acquiring an additional 27,908 shares during the period. Arizona State Retirement System raised its stake in shares of Globe Life by 5.2% during the fourth quarter. Arizona State Retirement System now owns 26,061 shares of the company’s stock worth $3,172,000 after purchasing an additional 1,295 shares during the last quarter. AIA Group Ltd acquired a new stake in shares of Globe Life during the fourth quarter worth $1,788,000. Retirement Systems of Alabama purchased a new position in Globe Life in the 4th quarter valued at $2,297,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Globe Life by 6.2% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 261,580 shares of the company’s stock valued at $31,840,000 after buying an additional 15,329 shares during the period. Institutional investors and hedge funds own 81.61% of the company’s stock.

Globe Life Trading Down 2.9 %

GL stock opened at $86.92 on Friday. Globe Life Inc. has a 52 week low of $38.95 and a 52 week high of $132.00. The company has a market cap of $8.17 billion, a price-to-earnings ratio of 8.30 and a beta of 0.78. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $98.46 and a 200-day simple moving average of $113.28.

Globe Life (NYSE:GL) last released its quarterly earnings data on Monday, April 22nd. The company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a net margin of 18.07% and a return on equity of 23.91%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.53 earnings per share. On average, equities research analysts expect that Globe Life Inc. will post 11.72 EPS for the current year.

Globe Life Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Wednesday, July 3rd. Globe Life’s dividend payout ratio is presently 9.17%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GL shares. JPMorgan Chase & Co. lifted their target price on shares of Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Keefe, Bruyette & Woods upgraded shares of Globe Life from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $130.00 to $110.00 in a research report on Wednesday, April 24th. Piper Sandler dropped their price objective on Globe Life from $130.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Wells Fargo & Company lowered their target price on Globe Life from $132.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. Finally, StockNews.com downgraded Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday, April 20th. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $114.33.

Insider Activity at Globe Life

In related news, Director David A. Rodriguez purchased 1,500 shares of the stock in a transaction that occurred on Wednesday, April 24th. The stock was purchased at an average cost of $79.72 per share, for a total transaction of $119,580.00. Following the acquisition, the director now owns 4,192 shares in the company, valued at $334,186.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director David A. Rodriguez bought 1,500 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The stock was acquired at an average cost of $79.72 per share, for a total transaction of $119,580.00. Following the completion of the purchase, the director now owns 4,192 shares of the company’s stock, valued at $334,186.24. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Rebecca E. Zorn sold 2,320 shares of Globe Life stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $77.30, for a total transaction of $179,336.00. Following the sale, the executive vice president now directly owns 10,220 shares in the company, valued at approximately $790,006. The disclosure for this sale can be found here. Company insiders own 1.51% of the company’s stock.

Globe Life 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.