Sumitomo Mitsui Trust Group Inc. Decreases Position in Globe Life Inc. (NYSE:GL)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Globe Life Inc. (NYSE:GL) by 93.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,956 shares of the company’s stock after selling 42,633 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Globe Life were worth $313,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Globe Life during the 3rd quarter worth approximately $32,000. Benjamin F. Edwards & Company Inc. increased its position in shares of Globe Life by 88.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 599 shares of the company’s stock valued at $50,000 after purchasing an additional 281 shares during the period. LRI Investments LLC acquired a new position in shares of Globe Life in the 1st quarter worth $72,000. Family Firm Inc. acquired a new position in shares of Globe Life in the 2nd quarter worth $54,000. Finally, Intact Investment Management Inc. acquired a new position in shares of Globe Life in the 3rd quarter worth $73,000. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GL shares. Wells Fargo & Company boosted their target price on Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Piper Sandler increased their price target on Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Truist Financial upped their price objective on Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, October 25th. Morgan Stanley increased their price target on Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Finally, Raymond James increased their target price on Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 15th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $124.50.

Globe Life Stock Performance

Shares of NYSE:GL opened at $108.76 on Thursday. The company’s 50 day simple moving average is $107.39 and its 200 day simple moving average is $95.34. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of 9.20 and a beta of 0.81. 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 $132.00.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.06 by $0.43. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period last year, the firm posted $2.71 earnings per share. As a group, research analysts predict that Globe Life Inc. will post 12.31 EPS for the current fiscal year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 8th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, January 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.88%. Globe Life’s payout ratio is presently 8.12%.

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.