Renaissance Technologies LLC Reduces Stock Position in Globe Life Inc. (NYSE:GL)

Renaissance Technologies LLC cut its stake in shares of Globe Life Inc. (NYSE:GL) by 32.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 73,300 shares of the company’s stock after selling 36,000 shares during the period. Renaissance Technologies LLC owned about 0.09% of Globe Life worth $8,174,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Private Trust Co. NA grew its holdings in shares of Globe Life by 12.5% in the fourth quarter. Private Trust Co. NA now owns 754 shares of the company’s stock worth $84,000 after acquiring an additional 84 shares during the period. HighPoint Advisor Group LLC grew its stake in shares of Globe Life by 4.0% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,271 shares of the company’s stock valued at $276,000 after purchasing an additional 87 shares during the period. Pinnacle Wealth Planning Services Inc. increased its position in shares of Globe Life by 4.0% during the 4th quarter. Pinnacle Wealth Planning Services Inc. now owns 2,293 shares of the company’s stock valued at $256,000 after purchasing an additional 88 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Globe Life by 32.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock worth $41,000 after purchasing an additional 90 shares during the period. Finally, New Mexico Educational Retirement Board boosted its holdings in shares of Globe Life by 2.4% in the fourth quarter. New Mexico Educational Retirement Board now owns 4,233 shares of the company’s stock worth $472,000 after buying an additional 100 shares during the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Globe Life Trading Down 0.1 %

GL stock opened at $121.09 on Friday. The firm has a fifty day moving average price of $124.24 and a 200 day moving average price of $115.57. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.05 and a current ratio of 0.05. Globe Life Inc. has a fifty-two week low of $63.27 and a fifty-two week high of $133.76. The firm has a market cap of $10.08 billion, a PE ratio of 10.13 and a beta of 0.60.

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

Globe Life Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. This is an increase from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, April 3rd. Globe Life’s dividend payout ratio is presently 9.04%.

Wall Street Analyst Weigh In

Several research firms have weighed in on GL. Wells Fargo & Company decreased their price target on shares of Globe Life from $141.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Evercore ISI raised Globe Life from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $132.00 to $143.00 in a report on Wednesday, January 8th. Keefe, Bruyette & Woods lifted their price objective on Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. increased their target price on shares of Globe Life from $136.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, April 2nd. Finally, BMO Capital Markets started coverage on shares of Globe Life in a report on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $137.55.

Insider Buying and Selling at Globe Life

In related news, CEO James Matthew Darden sold 24,890 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $121.52, for a total value of $3,024,632.80. Following the transaction, the chief executive officer now owns 38,973 shares of the company’s stock, valued at $4,735,998.96. This represents a 38.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Frank M. Svoboda sold 11,000 shares of Globe Life stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $122.31, for a total value of $1,345,410.00. Following the sale, the chief executive officer now directly owns 18,948 shares of the company’s stock, valued at approximately $2,317,529.88. This trade represents a 36.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by corporate insiders.

Globe Life Company 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.