State of New Jersey Common Pension Fund D Buys 971 Shares of Globe Life Inc. (NYSE:GL)

State of New Jersey Common Pension Fund D increased its stake in shares of Globe Life Inc. (NYSE:GL) by 2.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 37,983 shares of the company’s stock after acquiring an additional 971 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Globe Life were worth $4,023,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Riverview Trust Co acquired a new position in Globe Life during the 3rd quarter worth $32,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Globe Life by 88.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 599 shares of the company’s stock worth $50,000 after purchasing an additional 281 shares during the last quarter. LRI Investments LLC bought a new stake in Globe Life during the 1st quarter valued at approximately $72,000. Family Firm Inc. acquired a new stake in Globe Life in the 2nd quarter valued at approximately $54,000. Finally, Intact Investment Management Inc. bought a new position in Globe Life in the 3rd quarter worth approximately $73,000. 81.61% of the stock is owned by institutional investors.

Globe Life Price Performance

Globe Life stock opened at $110.35 on Wednesday. The business has a 50 day simple moving average of $106.66 and a 200 day simple moving average of $94.15. Globe Life Inc. has a one year low of $38.95 and a one year high of $132.00. The company has a market capitalization of $9.26 billion, a PE ratio of 9.34 and a beta of 0.81. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, October 23rd. The company reported $3.49 EPS for the quarter, beating the consensus estimate of $3.06 by $0.43. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.71 EPS. On average, sell-side analysts forecast that Globe Life Inc. will post 12.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on GL. Morgan Stanley raised their price objective on shares of Globe Life from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Raymond James raised their price target on shares of Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 15th. Keefe, Bruyette & Woods upped their price objective on shares of Globe Life from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Wells Fargo & Company lifted their target price on Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Truist Financial boosted their price target on Globe Life from $90.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Globe Life currently has an average rating of “Moderate Buy” and an average target price of $124.50.

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.