State of Michigan Retirement System Grows Stock Position in Globe Life Inc. (NYSE:GL)

Posted by Defense World Staff on Jul 22nd, 2023

State of Michigan Retirement System increased its holdings in shares of Globe Life Inc. (NYSE:GL – Free Report) by 1.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,836 shares of the company’s stock after buying an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Globe Life were worth $2,732,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GL. Mendota Financial Group LLC purchased a new position in shares of Globe Life in the 1st quarter worth about $29,000. Lindbrook Capital LLC raised its holdings in shares of Globe Life by 56.0% in the 1st quarter. Lindbrook Capital LLC now owns 273 shares of the company’s stock worth $30,000 after purchasing an additional 98 shares during the period. Ronald Blue Trust Inc. raised its holdings in shares of Globe Life by 72.6% in the 4th quarter. Ronald Blue Trust Inc. now owns 409 shares of the company’s stock worth $41,000 after purchasing an additional 172 shares during the period. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Globe Life in the 4th quarter worth about $53,000. Finally, Ellevest Inc. raised its holdings in shares of Globe Life by 33.7% in the 4th quarter. Ellevest Inc. now owns 599 shares of the company’s stock worth $72,000 after purchasing an additional 151 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GL. Piper Sandler lowered their target price on Globe Life from $135.00 to $130.00 in a research note on Friday, May 5th. StockNews.com began coverage on Globe Life in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Wells Fargo & Company began coverage on Globe Life in a research note on Tuesday, April 25th. They issued an “equal weight” rating and a $120.00 target price for the company. Finally, Morgan Stanley lowered their target price on Globe Life from $133.00 to $129.00 and set an “underweight” rating for the company in a research note on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Globe Life has a consensus rating of “Moderate Buy” and a consensus price target of $129.71.

Insiders Place Their Bets

In other Globe Life news, Director Cheryl Alston sold 16,691 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $108.81, for a total transaction of $1,816,147.71. Following the transaction, the director now owns 6,238 shares of the company’s stock, valued at approximately $678,756.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.33% of the stock is currently owned by company insiders.

Globe Life Price Performance

Shares of NYSE GL opened at $114.70 on Friday. Globe Life Inc. has a fifty-two week low of $96.23 and a fifty-two week high of $123.85. The business has a 50 day moving average price of $108.30 and a two-hundred day moving average price of $112.39. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.42. The firm has a market cap of $10.96 billion, a PE ratio of 14.14 and a beta of 0.79.

Globe Life (NYSE:GL – Get Free Report) last released its earnings results on Wednesday, May 3rd. The company reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.06. Globe Life had a return on equity of 19.20% and a net margin of 15.28%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the business posted $1.70 EPS. Globe Life’s quarterly revenue was up 1.0% compared to the same quarter last year. Sell-side analysts expect that Globe Life Inc. will post 10.41 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Wednesday, July 5th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Monday, July 3rd. Globe Life’s dividend payout ratio is presently 11.10%.

About Globe Life

(Free Report)

Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.