Principal Financial Group Inc. Acquires 8,663 Shares of Globe Life Inc. (NYSE:GL)

Principal Financial Group Inc. boosted its holdings in Globe Life Inc. (NYSE:GL) by 9.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 105,315 shares of the company’s stock after purchasing an additional 8,663 shares during the quarter. Principal Financial Group Inc. owned about 0.13% of Globe Life worth $11,154,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GL. State Street Corp boosted its holdings in Globe Life by 3.4% during the third quarter. State Street Corp now owns 3,545,272 shares of the company’s stock worth $375,480,000 after purchasing an additional 115,432 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Globe Life by 3.5% during 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 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. Millennium Management LLC boosted its position in Globe Life by 177.0% in the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock worth $105,303,000 after purchasing an additional 817,760 shares during the last quarter. Finally, Nuance Investments LLC increased its position in shares of Globe Life by 155.6% during the 3rd quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock valued at $120,629,000 after purchasing an additional 693,346 shares during the last quarter. 81.61% of the stock is currently owned by institutional investors.

Globe Life Stock Down 1.2 %

GL opened at $109.50 on Monday. The firm’s 50 day simple moving average is $108.16 and its two-hundred day simple moving average is $99.94. Globe Life Inc. has a 1-year low of $38.95 and a 1-year high of $132.00. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $9.19 billion, a PE ratio of 9.26 and a beta of 0.81.

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

Globe Life Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have weighed in on GL shares. Wells Fargo & Company boosted their target price on shares of Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Jefferies Financial Group upped their price target on Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research report on Tuesday, December 10th. TD Cowen initiated coverage on Globe Life in a report on Wednesday, October 9th. They issued a “buy” rating and a $150.00 price objective for the company. Raymond James increased their target price on shares of Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Truist Financial upped their price target on shares of Globe Life from $90.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $127.10.

Insider Activity

In other Globe Life news, CEO Frank M. Svoboda sold 14,340 shares of Globe Life stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $108.80, for a total value of $1,560,192.00. Following the transaction, the chief executive officer now owns 16,396 shares in the company, valued at $1,783,884.80. The trade was a 46.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate 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.