International Assets Investment Management LLC Takes Position in Globe Life Inc. (NYSE:GL)

International Assets Investment Management LLC purchased a new stake in shares of Globe Life Inc. (NYSE:GL) in the second quarter, HoldingsChannel.com reports. The firm purchased 2,172 shares of the company’s stock, valued at approximately $179,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC bought a new stake in shares of Globe Life in the fourth quarter worth $27,000. Benjamin F. Edwards & Company Inc. raised its position in shares of Globe Life by 177.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 277 shares of the company’s stock worth $34,000 after purchasing an additional 177 shares during the period. Keener Financial Planning LLC acquired a new position in Globe Life during the 1st quarter valued at approximately $49,000. LRI Investments LLC boosted its holdings in shares of Globe Life by 898.4% during the second quarter. LRI Investments LLC now owns 619 shares of the company’s stock valued at $51,000 after acquiring an additional 557 shares during the period. Finally, Principal Securities Inc. bought a new position in shares of Globe Life during the fourth quarter worth about $52,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on GL. Evercore ISI boosted their target price on shares of Globe Life from $83.00 to $86.00 and gave the company an “in-line” rating in a research note on Wednesday, June 26th. Jefferies Financial Group lifted their price target on Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a report on Friday, June 28th. Piper Sandler increased their price objective on Globe Life from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Wells Fargo & Company lifted their target price on Globe Life from $105.00 to $108.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Raymond James reissued a “strong-buy” rating on shares of Globe Life in a research note on Tuesday, May 21st. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Globe Life currently has an average rating of “Moderate Buy” and an average price target of $108.33.

Globe Life Price Performance

NYSE:GL opened at $105.05 on Monday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $90.53 and its 200 day moving average price is $94.44. Globe Life Inc. has a 52-week low of $38.95 and a 52-week high of $132.00. The firm has a market cap of $9.46 billion, a P/E ratio of 10.03 and a beta of 0.80.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.90 by $0.07. Globe Life had a net margin of 18.47% and a return on equity of 21.93%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter in the previous year, the company posted $2.61 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts predict that Globe Life Inc. will post 11.92 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be issued a $0.24 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.96 annualized dividend and a dividend yield of 0.91%. Globe Life’s dividend payout ratio is currently 9.17%.

Insider Activity

In related news, Director Mary E. Thigpen bought 3,000 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were bought at an average cost of $90.20 per share, with a total value of $270,600.00. Following the completion of the transaction, the director now directly owns 15,605 shares of the company’s stock, valued at $1,407,571. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.51% of the company’s stock.

About Globe Life

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.