241,721 Globe Life Inc. $GL Shares Sold by Equity Investment Corp

Key Points

• Equity Investment Corp cut its Globe Life stake by 35.1%, selling 241,721 shares in the third quarter; it still held 446,495 shares valued at about $74 million.
• Globe Life reported quarterly revenue of $1.60 billion, above estimates and up 5.5% year over year, while EPS of $4.84 narrowly missed the $4.90 consensus.
• The company declared a quarterly dividend of $0.33 per share and has authorization to repurchase up to $2.5 billion of stock, or 17.7% of shares outstanding.

Equity Investment Corp lessened its position in Globe Life Inc. (NYSE:GL - Free Report) by 35.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 446,495 shares of the company's stock after selling 241,721 shares during the quarter. Equity Investment Corp owned 0.58% of Globe Life worth $73,962,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GL. Amundi boosted its position in shares of Globe Life by 307.4% during the second quarter. Amundi now owns 162,223 shares of the company's stock valued at $28,986,000 after buying an additional 122,402 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Globe Life during the second quarter valued at approximately $4,574,000. Sei Investments Co. grew its stake in shares of Globe Life by 49.1% during the first quarter. Sei Investments Co. now owns 71,795 shares of the company's stock valued at $9,993,000 after buying an additional 23,632 shares during the last quarter. State Street Corp raised its holdings in shares of Globe Life by 2.1% in the second quarter. State Street Corp now owns 3,735,409 shares of the company's stock worth $667,443,000 after buying an additional 76,745 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Globe Life in the second quarter worth approximately $17,229,000. Institutional investors own 81.61% of the company's stock.

Globe Life Price Performance

Globe Life stock opened at $163.56 on Wednesday. The stock has a market cap of $12.34 billion, a price-to-earnings ratio of 10.94 and a beta of 0.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.07 and a quick ratio of 0.07. Globe Life Inc. has a 1 year low of $129.21 and a 1 year high of $191.55. The firm has a 50-day moving average of $166.45 and a two-hundred day moving average of $160.34.

Globe Life (NYSE:GL - Get Free Report) last issued its earnings results on Wednesday, October 21st. The company reported $4.84 EPS for the quarter, missing analysts' consensus estimates of $4.90 by ($0.06). Globe Life had a return on equity of 19.51% and a net margin of 18.89%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the company earned $4.81 earnings per share. Globe Life's revenue was up 5.5% on a year-over-year basis. On average, research analysts forecast that Globe Life Inc. will post 15.48 earnings per share for the current year.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Investors of record on Friday, January 8th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Friday, January 8th. This represents a $1.32 annualized dividend and a yield of 0.8%. Globe Life's dividend payout ratio is 8.83%.

Globe Life declared that its Board of Directors has approved a stock repurchase plan on Monday, August 10th that permits the company to buy back $2.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 17.7% of its shares through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Morgan Stanley decreased their price target on Globe Life from $208.00 to $197.00 and set an "overweight" rating for the company in a research note on Monday, October 5th. Piper Sandler downgraded Globe Life from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $200.00 to $165.00 in a research report on Friday, October 23rd. Wells Fargo & Company cut their price objective on Globe Life from $191.00 to $180.00 and set an "overweight" rating on the stock in a research report on Monday, October 26th. TD Cowen reduced their target price on Globe Life from $225.00 to $215.00 and set a "buy" rating on the stock in a research note on Friday, October 23rd. Finally, Weiss Ratings upgraded Globe Life from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Globe Life currently has an average rating of "Moderate Buy" and an average target price of $181.50.

Insider Activity at Globe Life

In other Globe Life news, EVP Michael Majors sold 14,377 shares of the firm's stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $154.48, for a total transaction of $2,220,958.96. Following the transaction, the executive vice president directly owned 39,141 shares in the company, valued at $6,046,501.68. This trade represents a 26.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert Hensley sold 10,000 shares of Globe Life stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $170.07, for a total value of $1,700,700.00. Following the sale, the executive vice president directly owned 12,384 shares of the company's stock, valued at approximately $2,106,146.88. This trade represents a 44.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.11% of the stock is owned by corporate insiders.

Globe Life Profile

Globe Life Inc. is a U.S.-based insurance holding company that provides life and supplemental health insurance through its subsidiaries. Its products include term and whole life insurance, Medicare Supplement insurance, and supplemental health coverage such as accident, cancer, and critical illness policies. The company distributes insurance through a mix of exclusive agents, independent agents, and direct marketing. Its operating companies include Globe Life and Accident Insurance Company, American Income Life, Liberty National, Family Heritage Life, and United American.

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