Zurcher Kantonalbank Zurich Cantonalbank Sells 21,129 Shares of Globe Life Inc. (NYSE:GL)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of Globe Life Inc. (NYSE:GL) by 56.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,623 shares of the company’s stock after selling 21,129 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Globe Life were worth $2,023,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its holdings in Globe Life by 488.6% during the 4th quarter. Pacer Advisors Inc. now owns 33,620 shares of the company’s stock worth $4,092,000 after acquiring an additional 27,908 shares during the period. Arizona State Retirement System grew its holdings in Globe Life by 5.2% during the 4th quarter. Arizona State Retirement System now owns 26,061 shares of the company’s stock worth $3,172,000 after acquiring an additional 1,295 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Globe Life by 6.2% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 261,580 shares of the company’s stock worth $31,840,000 after acquiring an additional 15,329 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Globe Life by 72.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 3,637 shares of the company’s stock worth $443,000 after acquiring an additional 1,526 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Globe Life by 191.4% during the 4th quarter. SG Americas Securities LLC now owns 32,810 shares of the company’s stock worth $3,994,000 after acquiring an additional 21,552 shares during the period. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Globe Life Price Performance

GL stock opened at $75.79 on Wednesday. The company has a market capitalization of $7.13 billion, a P/E ratio of 7.52 and a beta of 0.69. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.05 and a current ratio of 0.05. Globe Life Inc. has a 52-week low of $38.95 and a 52-week high of $132.00. The business has a 50-day simple moving average of $109.59 and a two-hundred day simple moving average of $116.08.

Globe Life (NYSE:GL) last released its quarterly earnings results on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Globe Life had a net margin of 17.82% and a return on equity of 24.25%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the firm posted $2.53 EPS. Globe Life’s revenue for the quarter was up 7.2% on a year-over-year basis. Research analysts expect that Globe Life Inc. will post 11.6 EPS for the current fiscal year.

Globe Life Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.96 annualized dividend and a dividend yield of 1.27%. This is a boost from Globe Life’s previous quarterly dividend of $0.23. Globe Life’s dividend payout ratio (DPR) is currently 9.52%.

Analysts Set New Price Targets

Several brokerages have recently commented on GL. StockNews.com downgraded Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday. Evercore ISI reduced their target price on Globe Life from $125.00 to $75.00 and set an “in-line” rating for the company in a research note on Friday, April 12th. Wells Fargo & Company reduced their target price on Globe Life from $146.00 to $132.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. JPMorgan Chase & Co. raised their target price on 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 target price on Globe Life from $143.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, April 5th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Globe Life currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.44.

About Globe Life

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.