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

Globe Life Inc. (NYSE:GL) declared a quarterly dividend on Tuesday, November 14th, RTT News reports. Shareholders of record on Friday, January 5th will be paid a dividend of 0.225 per share on Thursday, February 1st. This represents a $0.90 dividend on an annualized basis and a dividend yield of 0.76%.

Globe Life has increased its dividend by an average of 52.2% per year over the last three years and has increased its dividend annually for the last 18 consecutive years. Globe Life has a dividend payout ratio of 7.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Globe Life to earn $11.44 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

Shares of Globe Life stock opened at $118.29 on Wednesday. The business has a 50 day simple moving average of $112.29 and a two-hundred day simple moving average of $110.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.06 and a quick ratio of 0.06. The stock has a market capitalization of $11.13 billion, a P/E ratio of 12.66 and a beta of 0.78. Globe Life has a 12 month low of $102.23 and a 12 month high of $123.85.

Globe Life (NYSE:GL) last announced its quarterly earnings results on Wednesday, October 25th. The company reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.06. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Globe Life had a net margin of 16.95% and a return on equity of 22.60%. The company’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.15 EPS. As a group, analysts predict that Globe Life will post 10.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GL. Piper Sandler boosted their price target on shares of Globe Life from $130.00 to $131.00 in a research note on Friday, July 28th. Morgan Stanley raised shares of 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. JPMorgan Chase & Co. boosted their price target on shares of Globe Life from $131.00 to $132.00 and gave the stock an “overweight” rating in a report on Friday, October 6th. Wells Fargo & Company upgraded shares of Globe Life from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $122.00 to $137.00 in a research note on Tuesday, October 31st. Finally, Raymond James raised their price target on Globe Life from $138.00 to $160.00 and gave the company a “strong-buy” rating in a research note on Monday, October 23rd. Four investment 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $134.25.

Insider Buying and Selling at Globe Life

In related news, EVP Robert Brian Mitchell sold 16,217 shares of the firm’s stock in a transaction that occurred 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 owns 36,635 shares in the company, valued at approximately $4,102,020.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Robert Brian Mitchell sold 16,217 shares of the stock in a transaction dated 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 $4,102,020.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michael Shane Henrie sold 1,325 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $111.20, for a total value of $147,340.00. Following the completion of the transaction, the chief accounting officer now owns 700 shares in the company, valued at approximately $77,840. The disclosure for this sale can be found here. Insiders sold 51,093 shares of company stock worth $5,840,403 over the last 90 days. Corporate insiders own 4.33% of the company’s stock.

Institutional Trading of Globe Life

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its position in shares of Globe Life by 37.0% during the 1st quarter. Wellington Management Group LLP now owns 7,308,014 shares of the company’s stock valued at $735,187,000 after acquiring an additional 1,973,186 shares during the period. BlackRock Inc. boosted its position in Globe Life by 0.9% during the first quarter. BlackRock Inc. now owns 6,520,494 shares of the company’s stock worth $655,963,000 after purchasing an additional 57,587 shares in the last quarter. State Street Corp grew its holdings in Globe Life by 2.2% in the second quarter. State Street Corp now owns 3,960,623 shares of the company’s stock valued at $434,163,000 after purchasing an additional 84,122 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Globe Life by 18.2% in the first quarter. JPMorgan Chase & Co. now owns 2,678,038 shares of the company’s stock valued at $294,639,000 after purchasing an additional 412,639 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Globe Life by 5.0% in the first quarter. Geode Capital Management LLC now owns 2,001,415 shares of the company’s stock valued at $219,725,000 after buying an additional 95,991 shares in the last quarter. 80.04% of the stock is currently owned by hedge funds and other institutional investors.

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.