New York Life Investment Management LLC Decreases Stock Holdings in Globe Life Inc. (NYSE:GL)

New York Life Investment Management LLC reduced its position in Globe Life Inc. (NYSE:GL) by 7.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,510 shares of the company’s stock after selling 1,532 shares during the period. New York Life Investment Management LLC’s holdings in Globe Life were worth $2,287,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its stake in Globe Life by 3.4% in the third quarter. State Street Corp now owns 3,545,272 shares of the company’s stock valued at $375,480,000 after acquiring an additional 115,432 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Globe Life by 9.0% during the 3rd quarter. Principal Financial Group Inc. now owns 105,315 shares of the company’s stock valued at $11,154,000 after purchasing an additional 8,663 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Globe Life in the 4th quarter worth $487,000. Wealth Enhancement Advisory Services LLC grew its stake in Globe Life by 85.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,779 shares of the company’s stock worth $2,095,000 after buying an additional 9,141 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in Globe Life by 56.0% during the 4th quarter. Pacer Advisors Inc. now owns 10,199 shares of the company’s stock valued at $1,137,000 after buying an additional 3,662 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Price Performance

NYSE:GL opened at $127.69 on Monday. The firm’s fifty day moving average is $118.29 and its two-hundred day moving average is $110.47. The firm has a market cap of $10.71 billion, a price-to-earnings ratio of 10.68 and a beta of 0.81. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.05 and a current ratio of 0.05. Globe Life Inc. has a one year low of $38.95 and a one year high of $129.05.

Globe Life (NYSE:GL) last issued its earnings results 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 return on equity of 22.32% and a net margin of 18.53%. Research analysts expect that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.85%. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, April 3rd. Globe Life’s payout ratio is 9.04%.

Analyst Ratings Changes

GL has been the subject of several recent analyst reports. Wells Fargo & Company raised their price target on Globe Life from $126.00 to $141.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Morgan Stanley lifted their target price on shares of Globe Life from $125.00 to $126.00 and gave the stock an “equal weight” rating in a research note on Friday. BMO Capital Markets began coverage on shares of Globe Life in a research note on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price target on the stock. Keefe, Bruyette & Woods lifted their price objective 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. Finally, Evercore ISI raised Globe Life from an “in-line” rating to an “outperform” rating and upped their target price for the company 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 issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Globe Life has an average rating of “Moderate Buy” and an average target price of $135.60.

Insider Activity at Globe Life

In related news, CEO Frank M. Svoboda sold 11,000 shares of Globe Life stock in a transaction dated 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 transaction, the chief executive officer now owns 18,948 shares in the company, valued at $2,317,529.88. The trade was a 36.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Matthew Darden sold 24,890 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $121.52, for a total value of $3,024,632.80. Following the completion of the transaction, the chief executive officer now directly owns 38,973 shares of the company’s stock, valued at $4,735,998.96. The trade was a 38.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,678 shares of company stock worth $8,799,822 in the last three months. Company insiders own 1.51% of the company’s stock.

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.