Cassaday & Co Wealth Management LLC Makes New $254,000 Investment in Globe Life Inc. (NYSE:GL)

Cassaday & Co Wealth Management LLC acquired a new position in Globe Life Inc. (NYSE:GL) during the third quarter, HoldingsChannel reports. The firm acquired 2,400 shares of the company’s stock, valued at approximately $254,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Riverview Trust Co acquired a new position in shares of Globe Life during the 3rd quarter valued at $32,000. Benjamin F. Edwards & Company Inc. lifted its position in 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 acquiring an additional 281 shares in the last quarter. LRI Investments LLC boosted its holdings in Globe Life by 898.4% in the 2nd quarter. LRI Investments LLC now owns 619 shares of the company’s stock worth $51,000 after acquiring an additional 557 shares during the period. Family Firm Inc. acquired a new stake in Globe Life in the second quarter valued at approximately $54,000. Finally, Blue Trust Inc. raised its stake in shares of Globe Life by 249.5% during the second quarter. Blue Trust Inc. now owns 776 shares of the company’s stock valued at $64,000 after purchasing an additional 554 shares during the period. 81.61% of the stock is owned by institutional investors and hedge funds.

Globe Life Price Performance

GL opened at $109.70 on Tuesday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average price is $107.09 and its 200 day moving average price is $95.03. Globe Life Inc. has a fifty-two week low of $38.95 and a fifty-two week high of $132.00. The firm has a market cap of $9.21 billion, a price-to-earnings ratio of 9.28 and a beta of 0.81.

Globe Life (NYSE:GL) last posted its earnings results on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.06 by $0.43. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Globe Life had a return on equity of 22.91% and a net margin of 19.04%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period last year, the business posted $2.71 earnings per share. As a group, sell-side analysts expect that Globe Life Inc. will post 12.31 earnings per share for the current year.

Globe Life Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Monday, January 6th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Monday, January 6th. Globe Life’s dividend payout ratio (DPR) is 8.12%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on GL shares. Wells Fargo & Company raised their target price on Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Raymond James lifted their price objective on Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 15th. TD Cowen assumed coverage on Globe Life in a research note on Wednesday, October 9th. They set a “buy” rating and a $150.00 target price for the company. Morgan Stanley lifted their price target 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. Finally, Piper Sandler raised their price objective on shares of Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and an average price target of $124.50.

Globe Life 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.