Algert Global LLC Sells 3,410 Shares of Globe Life Inc. (NYSE:GL)

Key Points

• Algert Global LLC reduced its stake in Globe Life Inc. by 4.0%, selling 3,410 shares during the first quarter, and now owns approximately 0.10% of the company, valued at $10,863,000.
• Insider trading shows significant selling, with EVP Michael Clay Majors and CFO Thomas Peter Kalmbach offloading 10,000 and 28,952 shares respectively, resulting in substantial decreases in their ownership.
• Globe Life recently announced a quarterly dividend of $0.27, with an annualized dividend yield of 0.8%, reflecting a payout ratio of 8.63%.

Algert Global LLC lowered its holdings in shares of Globe Life Inc. (NYSE:GL - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 82,467 shares of the company's stock after selling 3,410 shares during the period. Algert Global LLC owned about 0.10% of Globe Life worth $10,863,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. SouthState Corp purchased a new stake in Globe Life during the 1st quarter valued at $43,000. Allworth Financial LP boosted its position in Globe Life by 22.0% during the 1st quarter. Allworth Financial LP now owns 571 shares of the company's stock valued at $71,000 after buying an additional 103 shares during the period. Versant Capital Management Inc boosted its position in Globe Life by 140.2% during the 1st quarter. Versant Capital Management Inc now owns 586 shares of the company's stock valued at $77,000 after buying an additional 342 shares during the period. Blue Trust Inc. boosted its position in Globe Life by 42.4% during the 1st quarter. Blue Trust Inc. now owns 772 shares of the company's stock valued at $102,000 after buying an additional 230 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its position in Globe Life by 25.4% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 774 shares of the company's stock valued at $100,000 after buying an additional 157 shares during the period. Institutional investors own 81.61% of the company's stock.

Insider Buying and Selling at Globe Life

In other Globe Life news, EVP Michael Clay Majors sold 10,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $137.41, for a total transaction of $1,374,100.00. Following the completion of the sale, the executive vice president directly owned 47,066 shares of the company's stock, valued at approximately $6,467,339.06. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Peter Kalmbach sold 28,952 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $140.97, for a total transaction of $4,081,363.44. Following the completion of the transaction, the chief financial officer directly owned 30,665 shares of the company's stock, valued at $4,322,845.05. The trade was a 48.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,741 shares of company stock valued at $12,471,180 in the last ninety days. 1.51% of the stock is owned by insiders.

Globe Life Trading Down 2.2%

Shares of GL opened at $135.46 on Friday. Globe Life Inc. has a twelve month low of $96.11 and a twelve month high of $144.00. The company has a market cap of $10.97 billion, a P/E ratio of 10.83 and a beta of 0.56. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.43. The company's fifty day simple moving average is $126.98 and its 200-day simple moving average is $124.32.

Globe Life (NYSE:GL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating the consensus estimate of $3.25 by $0.02. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Globe Life had a net margin of 18.11% and a return on equity of 21.24%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.97 earnings per share. As a group, analysts expect that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 3rd will be paid a $0.27 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 0.8%. Globe Life's dividend payout ratio is 8.63%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GL shares. JPMorgan Chase & Co. increased their price target on shares of Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Piper Sandler dropped their target price on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Cfra Research raised shares of Globe Life to a "moderate buy" rating in a research report on Friday, July 25th. Truist Financial initiated coverage on shares of Globe Life in a research report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 target price for the company. Finally, BMO Capital Markets reaffirmed a "market perform" rating and issued a $149.00 target price (up from $114.00) on shares of Globe Life in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Globe Life currently has a consensus rating of "Moderate Buy" and a consensus price target of $152.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.