Globe Life Inc. (NYSE:GL) Announces Quarterly Dividend of $0.23

Globe Life Inc. (NYSE:GL) announced a quarterly dividend on Tuesday, September 12th, RTT News reports. Stockholders of record on Friday, October 6th will be paid a dividend of 0.225 per share on Wednesday, November 1st. This represents a $0.90 annualized dividend and a dividend yield of 0.82%.

Globe Life has increased its dividend by an average of 52.2% per year over the last three years and has raised its dividend every year for the last 18 years. Globe Life has a payout ratio of 7.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Globe Life to earn $11.34 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 7.9%.

Globe Life Price Performance

GL traded down $0.65 during midday trading on Wednesday, reaching $109.48. 57,583 shares of the company’s stock were exchanged, compared to its average volume of 513,127. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.45. The business has a 50-day simple moving average of $112.07 and a two-hundred day simple moving average of $110.04. The firm has a market capitalization of $10.37 billion, a price-to-earnings ratio of 12.86 and a beta of 0.79. Globe Life has a one year low of $97.83 and a one year high of $123.85.

Globe Life (NYSE:GL) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $2.61 EPS for the quarter, beating the consensus estimate of $2.57 by $0.04. Globe Life had a return on equity of 21.82% and a net margin of 15.91%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the firm earned $2.07 EPS. Globe Life’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, research analysts predict that Globe Life will post 10.48 EPS for the current year.

Insider Buying and Selling

In other Globe Life news, EVP Robert Brian Mitchell sold 16,217 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $111.97, for a total transaction of $1,815,817.49. Following the completion of the sale, the executive vice president now owns 36,635 shares in the company, valued at approximately $4,102,020.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Globe Life news, CEO Frank M. Svoboda sold 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $113.57, for a total value of $1,419,625.00. Following the completion of the sale, the chief executive officer now owns 3,370 shares of the company’s stock, valued at $382,730.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Brian Mitchell sold 16,217 shares of Globe Life stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $111.97, for a total transaction of $1,815,817.49. Following the transaction, the executive vice president now directly owns 36,635 shares in the company, valued at $4,102,020.95. The disclosure for this sale can be found here. Insiders sold a total of 31,042 shares of company stock valued at $3,494,842 over the last ninety days. Insiders own 4.33% of the company’s stock.

Institutional Investors Weigh In On Globe Life

Large investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in shares of Globe Life by 37.0% in the first quarter. Wellington Management Group LLP now owns 7,308,014 shares of the company’s stock valued at $735,187,000 after purchasing an additional 1,973,186 shares in the last quarter. Norges Bank bought a new stake in shares of Globe Life in the fourth quarter worth $112,989,000. Envestnet Asset Management Inc. boosted its holdings in Globe Life by 1,085.6% during the first quarter. Envestnet Asset Management Inc. now owns 834,800 shares of the company’s stock worth $6,128,000 after purchasing an additional 764,390 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Globe Life by 94.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,397,674 shares of the company’s stock valued at $153,213,000 after purchasing an additional 677,778 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Globe Life by 36.3% in the 1st quarter. Invesco Ltd. now owns 1,908,373 shares of the company’s stock valued at $191,981,000 after buying an additional 508,064 shares during the last quarter. 80.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GL shares. Piper Sandler lifted their price target on shares of Globe Life from $130.00 to $131.00 in a report on Friday, July 28th. StockNews.com upgraded Globe Life from a “hold” rating to a “buy” rating in a research report on Friday, September 8th. Finally, Morgan Stanley upgraded Globe Life from an “underweight” rating to an “equal weight” rating and set a $131.00 target price on the stock in a report on Friday, August 18th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Globe Life has a consensus rating of “Moderate Buy” and an average target price of $130.14.

About Globe Life

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.