Globe Life Inc. (NYSE:GL) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lowered its stake in Globe Life Inc. (NYSE:GL) by 7.2% during the fourth quarter, HoldingsChannel reports. The firm owned 4,914 shares of the company’s stock after selling 381 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Globe Life were worth $548,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. State Street Corp increased its stake in Globe Life by 3.4% in the 3rd quarter. State Street Corp now owns 3,545,272 shares of the company’s stock valued at $375,480,000 after buying an additional 115,432 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Globe Life by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,618,764 shares of the company’s stock valued at $276,994,000 after acquiring an additional 89,299 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Globe Life by 22.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,675 shares of the company’s stock worth $160,949,000 after acquiring an additional 277,108 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Globe Life by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 809,623 shares of the company’s stock worth $85,747,000 after purchasing an additional 56,673 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Globe Life by 0.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 660,198 shares of the company’s stock valued at $69,922,000 after purchasing an additional 4,230 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Trading Up 2.3 %

Shares of GL opened at $129.79 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life Inc. has a 1-year low of $38.95 and a 1-year high of $131.39. The stock has a market cap of $10.88 billion, a price-to-earnings ratio of 10.86 and a beta of 0.77. The firm has a 50 day simple moving average of $122.87 and a 200-day simple moving average of $113.21.

Globe Life (NYSE:GL) last released its quarterly earnings results on Wednesday, February 5th. The company reported $3.14 earnings per share for the quarter, topping the consensus estimate of $3.12 by $0.02. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. Equities analysts forecast that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 3rd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.83%. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, April 3rd. Globe Life’s dividend payout ratio is 9.04%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. BMO Capital Markets initiated coverage on Globe Life in a research note on Thursday, January 23rd. They set a “market perform” rating and a $114.00 target price for the company. Jefferies Financial Group raised their target price on Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods upped their price target on shares of Globe Life from $137.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Wells Fargo & Company raised their price objective on shares of Globe Life from $126.00 to $141.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, Evercore ISI upgraded shares of Globe Life from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $132.00 to $143.00 in a research report on Wednesday, January 8th. Five 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $135.60.

Insiders Place Their Bets

In other news, CEO Frank M. Svoboda sold 13,448 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $112.56, for a total transaction of $1,513,706.88. Following the completion of the transaction, the chief executive officer now owns 18,948 shares of the company’s stock, valued at $2,132,786.88. This represents a 41.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark A. Blinn sold 3,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $113.23, for a total transaction of $339,690.00. Following the transaction, the director now owns 5,122 shares in the company, valued at approximately $579,964.06. The trade was a 36.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,338 shares of company stock valued at $7,239,630 in the last ninety days. 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.