Equity Investment Corp Boosts Stock Position in Globe Life Inc. (NYSE:GL)

Equity Investment Corp boosted its holdings in Globe Life Inc. (NYSE:GL) by 16.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 850,530 shares of the company’s stock after purchasing an additional 122,255 shares during the period. Globe Life comprises 2.5% of Equity Investment Corp’s holdings, making the stock its 20th largest position. Equity Investment Corp owned approximately 0.90% of Globe Life worth $98,976,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Private Trust Co. NA boosted its position in Globe Life by 270.0% in the fourth quarter. Private Trust Co. NA now owns 222 shares of the company’s stock worth $27,000 after purchasing an additional 162 shares during the last quarter. Private Wealth Management Group LLC bought a new stake in shares of Globe Life in the fourth quarter valued at $27,000. BKM Wealth Management LLC bought a new stake in shares of Globe Life in the fourth quarter valued at $28,000. Lindbrook Capital LLC raised its stake in shares of Globe Life by 62.2% in the fourth quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock valued at $29,000 after buying an additional 92 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its stake in shares of Globe Life by 177.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 277 shares of the company’s stock valued at $34,000 after buying an additional 177 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GL. Piper Sandler lowered their target price on Globe Life from $110.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, June 28th. Keefe, Bruyette & Woods upgraded Globe Life from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $130.00 to $110.00 in a research note on Wednesday, April 24th. StockNews.com lowered Globe Life from a “buy” rating to a “hold” rating in a research note on Saturday, April 20th. Evercore ISI boosted their price objective on Globe Life from $83.00 to $86.00 and gave the company an “in-line” rating in a research note on Wednesday, June 26th. Finally, Morgan Stanley boosted their price objective on Globe Life from $62.00 to $65.00 and gave the company an “equal weight” rating in a research note on Wednesday. Five 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 company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $104.22.

Insider Transactions at Globe Life

In other news, EVP Rebecca E. Zorn sold 2,320 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $77.30, for a total value of $179,336.00. Following the completion of the transaction, the executive vice president now directly owns 10,220 shares in the company, valued at approximately $790,006. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Rebecca E. Zorn sold 2,320 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $77.30, for a total value of $179,336.00. Following the completion of the transaction, the executive vice president now directly owns 10,220 shares in the company, valued at approximately $790,006. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Peter Kalmbach acquired 500 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was purchased at an average price of $84.43 per share, with a total value of $42,215.00. Following the completion of the acquisition, the chief financial officer now directly owns 18,080 shares in the company, valued at approximately $1,526,494.40. The disclosure for this purchase can be found here. In the last three months, insiders bought 6,500 shares of company stock worth $536,860. 1.51% of the stock is currently owned by corporate insiders.

Globe Life Price Performance

NYSE GL traded up $0.81 during trading on Friday, reaching $86.04. The company’s stock had a trading volume of 636,365 shares, compared to its average volume of 1,064,291. The stock has a market capitalization of $7.75 billion, a PE ratio of 8.22 and a beta of 0.81. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.05 and a quick ratio of 0.05. The firm has a fifty day moving average of $83.06 and a 200 day moving average of $101.70. Globe Life Inc. has a one year low of $38.95 and a one year high of $132.00.

Globe Life (NYSE:GL) last announced its earnings results on Monday, April 22nd. The company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.42 billion. Globe Life had a return on equity of 23.01% and a net margin of 18.07%. Globe Life’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.53 earnings per share. Analysts expect that Globe Life Inc. will post 11.75 EPS for the current fiscal year.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Friday, July 5th. Globe Life’s payout ratio is currently 9.17%.

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.