Adage Capital Partners GP L.L.C. Increases Position in Globe Life Inc. $GL

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Globe Life Inc. by 129.3%, owning 76,600 shares valued at approximately $10.09 million as of the latest reporting period.
• Globe Life reported earnings per share of $3.27, surpassing analyst estimates, alongside a 2.9% year-over-year revenue increase to $1.48 billion.
• The company declared a quarterly dividend of $0.27, reflecting an annualized yield of 0.8%, with payments scheduled for October 31st.

Adage Capital Partners GP L.L.C. grew its stake in Globe Life Inc. (NYSE:GL - Free Report) by 129.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,600 shares of the company's stock after purchasing an additional 43,200 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.09% of Globe Life worth $10,090,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Amalgamated Bank lifted its stake in shares of Globe Life by 0.5% in the 1st quarter. Amalgamated Bank now owns 16,348 shares of the company's stock valued at $2,153,000 after purchasing an additional 85 shares during the last quarter. Pinnacle Wealth Planning Services Inc. lifted its stake in shares of Globe Life by 4.0% in 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. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Globe Life by 0.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 19,776 shares of the company's stock valued at $2,605,000 after purchasing an additional 89 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Globe Life by 1.1% in the 1st quarter. Venturi Wealth Management LLC now owns 8,226 shares of the company's stock valued at $1,084,000 after purchasing an additional 93 shares during the last quarter. Finally, HighPoint Advisor Group LLC lifted its stake in shares of Globe Life by 4.2% in the 1st quarter. HighPoint Advisor Group LLC now owns 2,366 shares of the company's stock valued at $293,000 after purchasing an additional 95 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

Insider Transactions at Globe Life

In other Globe Life news, EVP Michael Clay Majors sold 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $137.41, for a total transaction of $1,374,100.00. Following the transaction, the executive vice president directly owned 47,066 shares in the company, valued at $6,467,339.06. This trade represents a 17.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $141.38, for a total value of $1,767,250.00. Following the transaction, the chief executive officer owned 32,747 shares in the company, valued at $4,629,770.86. The trade was a 27.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,722 shares of company stock valued at $11,733,793. Company insiders own 1.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Truist Financial assumed coverage on Globe Life in a research note on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price objective for the company. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. increased their price target on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their price target on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, Cfra Research upgraded Globe Life to a "moderate buy" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Globe Life currently has a consensus rating of "Moderate Buy" and a consensus target price of $152.45.

Globe Life Trading Down 0.2%

GL traded down $0.24 during trading on Friday, hitting $142.25. 400,575 shares of the stock were exchanged, compared to its average volume of 440,235. The firm has a 50 day simple moving average of $134.42 and a 200 day simple moving average of $126.70. The firm has a market cap of $11.52 billion, a price-to-earnings ratio of 11.37 and a beta of 0.56. Globe Life Inc. has a 1 year low of $100.27 and a 1 year high of $144.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.06 and a current ratio of 0.06.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 EPS for the quarter, topping the consensus estimate of $3.25 by $0.02. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Globe Life had a return on equity of 21.24% and a net margin of 18.11%.Globe Life's quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the business posted $2.97 EPS. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. As a group, equities analysts expect that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.8%. The ex-dividend date is Friday, October 3rd. Globe Life's dividend payout ratio (DPR) is presently 8.63%.

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.