Intact Investment Management Inc. Takes Position in Globe Life Inc. (NYSE:GL)

by · The Cerbat Gem

Intact Investment Management Inc. purchased a new position in shares of Globe Life Inc. (NYSE:GL – Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 690 shares of the company’s stock, valued at approximately $73,000.

Other hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC increased its holdings in shares of Globe Life by 14.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 25,535 shares of the company’s stock worth $2,972,000 after acquiring an additional 3,218 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Globe Life by 71.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,096 shares of the company’s stock valued at $360,000 after buying an additional 1,293 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Globe Life during the first quarter worth approximately $82,000. GSA Capital Partners LLP bought a new position in Globe Life in the 1st quarter worth approximately $796,000. Finally, Duality Advisers LP acquired a new stake in Globe Life in the 1st quarter valued at approximately $2,669,000. Institutional investors own 81.61% of the company’s stock.

Globe Life Stock Performance

GL opened at $104.38 on Wednesday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.31. The firm has a market cap of $9.38 billion, a PE ratio of 8.83 and a beta of 0.81. The business has a fifty day simple moving average of $106.12 and a 200-day simple moving average of $92.64. Globe Life Inc. has a fifty-two week low of $38.95 and a fifty-two week high of $132.00.

Globe Life (NYSE:GL – Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a return on equity of 22.58% and a net margin of 19.04%. The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the business posted $2.71 EPS. Globe Life’s revenue was up 5.1% on a year-over-year basis. As a group, equities analysts predict that Globe Life Inc. will post 12.32 EPS for the current fiscal year.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 4th were given a $0.24 dividend. The ex-dividend date was Friday, October 4th. This represents a $0.96 annualized dividend and a dividend yield of 0.92%. Globe Life’s dividend payout ratio (DPR) is presently 8.12%.

Analyst Ratings Changes

Several research firms have recently issued reports on GL. Wells Fargo & Company increased their price target on Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Raymond James raised their target price on shares of Globe Life from $160.00 to $188.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 15th. Piper Sandler upped their price target on shares of Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Morgan Stanley raised their price objective on shares of Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Finally, Truist Financial upped their target price on Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $124.50.

View Our Latest Analysis on GL

About Globe Life

(Free Report)

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.

See Also