Prudential Financial Inc. Acquires 27,590 Shares of Globe Life Inc. (NYSE:GL)

Prudential Financial Inc. lifted its stake in Globe Life Inc. (NYSE:GL) by 50.0% during the 4th quarter, Holdings Channel reports. The firm owned 82,749 shares of the company’s stock after acquiring an additional 27,590 shares during the period. Prudential Financial Inc.’s holdings in Globe Life were worth $9,069,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Versant Capital Management Inc boosted its holdings in Globe Life by 388.0% during the fourth quarter. Versant Capital Management Inc now owns 244 shares of the company’s stock worth $27,000 after buying an additional 194 shares during the last quarter. Albion Financial Group UT acquired a new stake in shares of Globe Life in the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. bought a new position in Globe Life during the 4th quarter worth approximately $28,000. Avalon Trust Co acquired a new position in Globe Life during the fourth quarter valued at approximately $41,000. Finally, EverSource Wealth Advisors LLC increased its stake in Globe Life by 32.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock valued at $41,000 after purchasing an additional 90 shares in the last quarter. 81.61% of the stock is owned by institutional investors and hedge funds.

Globe Life Price Performance

NYSE GL opened at $129.65 on Friday. The firm’s 50 day moving average is $123.98 and its 200-day moving average is $113.91. 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 company has a market capitalization of $10.79 billion, a PE ratio of 10.85 and a beta of 0.77. Globe Life Inc. has a 12-month low of $38.95 and a 12-month high of $131.98.

Globe Life (NYSE:GL) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.12 by $0.02. Globe Life had a net margin of 18.53% and a return on equity of 22.32%. Equities research analysts anticipate that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 3rd will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.83%. This is an increase from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, April 3rd. Globe Life’s dividend payout ratio (DPR) is currently 9.04%.

Insiders Place Their Bets

In related news, Director Mark A. Blinn sold 3,000 shares of Globe Life stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $113.23, for a total transaction of $339,690.00. Following the completion of the transaction, the director now owns 5,122 shares in the company, valued at approximately $579,964.06. This trade represents a 36.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Frank M. Svoboda sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total value of $1,345,410.00. Following the transaction, the chief executive officer now directly owns 18,948 shares in the company, valued at approximately $2,317,529.88. This trade represents a 36.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 61,338 shares of company stock valued at $7,239,630 in the last 90 days. 1.51% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GL. BMO Capital Markets assumed coverage on shares of Globe Life in a research report on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price target on the stock. Morgan Stanley boosted their target price on Globe Life from $125.00 to $126.00 and gave the company an “equal weight” rating in a research note on Friday, February 28th. Keefe, Bruyette & Woods raised their price target on Globe Life from $137.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Jefferies Financial Group boosted their price objective on Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research report on Tuesday, December 10th. Finally, Wells Fargo & Company raised their target price on shares of Globe Life from $126.00 to $141.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and an average price target of $135.60.

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.