California Public Employees Retirement System Has $59.03 Million Stake in Globe Life Inc. (NYSE:GL)

California Public Employees Retirement System raised its position in shares of Globe Life Inc. (NYSE:GL) by 169.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 484,982 shares of the company’s stock after buying an additional 304,942 shares during the period. California Public Employees Retirement System owned about 0.52% of Globe Life worth $59,032,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Handelsbanken Fonder AB grew its stake in shares of Globe Life by 6.4% during the fourth quarter. Handelsbanken Fonder AB now owns 52,084 shares of the company’s stock valued at $6,340,000 after purchasing an additional 3,126 shares during the last quarter. CWM LLC grew its stake in shares of Globe Life by 23.4% during the fourth quarter. CWM LLC now owns 1,885 shares of the company’s stock valued at $229,000 after purchasing an additional 358 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Globe Life by 62.2% during the fourth quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock valued at $29,000 after purchasing an additional 92 shares during the last quarter. abrdn plc grew its stake in shares of Globe Life by 97.2% during the fourth quarter. abrdn plc now owns 46,160 shares of the company’s stock valued at $5,619,000 after purchasing an additional 22,755 shares during the last quarter. Finally, Cooke & Bieler LP grew its stake in shares of Globe Life by 2.0% during the fourth quarter. Cooke & Bieler LP now owns 2,357,839 shares of the company’s stock valued at $286,996,000 after purchasing an additional 45,227 shares during the last quarter. Institutional investors and hedge funds own 81.61% of the company’s stock.

Globe Life Trading Down 3.9 %

GL opened at $75.54 on Friday. The firm’s fifty day moving average is $107.65 and its two-hundred day moving average is $115.54. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.05 and a current ratio of 0.05. The firm has a market cap of $7.10 billion, a PE ratio of 7.21 and a beta of 0.69. Globe Life Inc. has a twelve month low of $38.95 and a twelve month high of $132.00.

Globe Life (NYSE:GL) last posted its earnings results on Monday, April 22nd. The company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a return on equity of 23.91% and a net margin of 18.07%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $2.53 earnings per share. Equities research analysts anticipate that Globe Life Inc. will post 11.68 EPS for the current year.

Globe Life Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.27%. This is a positive change from Globe Life’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Thursday, April 4th. Globe Life’s dividend payout ratio (DPR) is presently 9.17%.

Wall Street Analyst Weigh In

Several analysts have recently commented on GL shares. Truist Financial decreased their price target on shares of Globe Life from $125.00 to $80.00 and set a “hold” rating on the stock in a research note on Wednesday. Evercore ISI decreased their price target on shares of Globe Life from $125.00 to $75.00 and set an “in-line” rating on the stock in a research note on Friday, April 12th. StockNews.com cut shares of Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday, April 20th. JPMorgan Chase & Co. raised their price objective on shares of Globe Life from $133.00 to $136.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Finally, Piper Sandler reduced their price objective on shares of Globe Life from $130.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $114.33.

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.