Federated Hermes Inc. Grows Stake in Globe Life Inc. (NYSE:GL)

Federated Hermes Inc. raised its holdings in shares of Globe Life Inc. (NYSE:GL) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,007 shares of the company’s stock after purchasing an additional 552 shares during the period. Federated Hermes Inc.’s holdings in Globe Life were worth $3,569,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in Globe Life during the 4th quarter worth $61,238,000. Principal Financial Group Inc. boosted its holdings in Globe Life by 9.0% in the third quarter. Principal Financial Group Inc. now owns 105,315 shares of the company’s stock worth $11,154,000 after acquiring an additional 8,663 shares in the last quarter. Merit Financial Group LLC purchased a new stake in shares of Globe Life during the fourth quarter worth about $487,000. Prudential Financial Inc. increased its holdings in shares of Globe Life by 50.0% during the fourth quarter. Prudential Financial Inc. now owns 82,749 shares of the company’s stock valued at $9,069,000 after acquiring an additional 27,590 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Globe Life by 61.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 24,665 shares of the company’s stock valued at $2,751,000 after acquiring an additional 9,395 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GL. Evercore ISI raised shares of Globe Life from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $132.00 to $143.00 in a research report on Wednesday, January 8th. JPMorgan Chase & Co. boosted their price objective on shares of Globe Life from $136.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, April 2nd. Morgan Stanley cut their target price on Globe Life from $126.00 to $117.00 and set an “equal weight” rating on the stock in a research report on Thursday. Piper Sandler lifted their price target on Globe Life from $140.00 to $152.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods increased their price objective on Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $137.55.

Insiders Place Their Bets

In other news, CEO Frank M. Svoboda sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total value of $1,345,410.00. Following the completion of the sale, the chief executive officer now directly owns 18,948 shares in the company, valued at $2,317,529.88. The trade was a 36.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO James Matthew Darden sold 24,890 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $121.52, for a total value of $3,024,632.80. Following the transaction, the chief executive officer now owns 38,973 shares in the company, valued at $4,735,998.96. This trade represents a 38.97 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.51% of the company’s stock.

Globe Life Stock Up 0.7 %

Globe Life stock opened at $119.46 on Friday. Globe Life Inc. has a 52 week low of $52.17 and a 52 week high of $133.76. The firm has a market cap of $9.94 billion, a price-to-earnings ratio of 10.00 and a beta of 0.60. The business’s 50-day moving average price is $124.30 and its 200 day moving average price is $115.22. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $3.14 EPS for the quarter, topping analysts’ consensus estimates of $3.12 by $0.02. Globe Life had a net margin of 18.53% and a return on equity of 22.32%. As a group, sell-side analysts anticipate that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 3rd will be given a $0.27 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.90%. This is an increase from Globe Life’s previous quarterly dividend of $0.24. Globe Life’s dividend payout ratio is 9.04%.

Globe Life Company 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.