Franklin Resources Inc. Has $12.20 Million Position in Globe Life Inc. (NYSE:GL)

Franklin Resources Inc. lowered its holdings in Globe Life Inc. (NYSE:GL) by 20.2% during the third quarter, HoldingsChannel.com reports. The fund owned 112,120 shares of the company’s stock after selling 28,401 shares during the period. Franklin Resources Inc.’s holdings in Globe Life were worth $12,196,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its stake 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 acquiring an additional 115,432 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Globe Life by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,618,764 shares of the company’s stock worth $276,994,000 after purchasing an additional 89,299 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Globe Life by 104.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock valued at $132,577,000 after purchasing an additional 822,638 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Globe Life by 22.3% in 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 valued at $160,949,000 after buying an additional 277,108 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Globe Life by 177.0% during the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock worth $105,303,000 after buying an additional 817,760 shares during the last quarter. Institutional investors and hedge funds own 81.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GL. Truist Financial lifted their target price 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. Keefe, Bruyette & Woods lifted their price objective on Globe Life from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. 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. Jefferies Financial Group raised their target price on Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Finally, Wells Fargo & Company upped their price target on shares of Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Five 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $127.10.

Globe Life Price Performance

Shares of GL stock opened at $109.39 on Friday. The firm has a market cap of $9.18 billion, a price-to-earnings ratio of 9.25 and a beta of 0.81. Globe Life Inc. has a 12 month low of $38.95 and a 12 month high of $132.00. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $108.09 and a 200 day moving average price of $98.63.

Globe Life (NYSE:GL) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $3.49 EPS for the quarter, topping the consensus estimate of $3.06 by $0.43. The company had revenue of $1.46 billion during 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%. Globe Life’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.71 EPS. Research analysts expect that Globe Life Inc. will post 12.31 EPS for the current year.

Globe Life Dividend Announcement

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

Insider Activity

In other news, CEO Frank M. Svoboda sold 14,340 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 16,396 shares of the company’s stock, valued at $1,783,884.80. This represents a 46.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.51% of the stock is currently owned by company insiders.

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.