Allianz Asset Management GmbH Sells 4,000 Shares of Globe Life Inc. (NYSE:GL)

Key Points

• Allianz Asset Management GmbH reduced its stake in Globe Life Inc. by 50.6%, selling 4,000 shares and owning 3,900 shares valued at $514,000 as of the last quarter.
• Several institutional investors have adjusted their positions, with Sequoia Financial Advisors LLC increasing its stake by 693.4% and Principal Financial Group Inc. growing its position by 4.1%.
• Globe Life reported earnings of $3.27 per share for the last quarter, exceeding estimates, and had a revenue of $1.48 billion, slightly below analyst predictions.

Allianz Asset Management GmbH decreased its stake in Globe Life Inc. (NYSE:GL - Free Report) by 50.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,900 shares of the company's stock after selling 4,000 shares during the period. Allianz Asset Management GmbH's holdings in Globe Life were worth $514,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GL. Principal Financial Group Inc. increased its position in Globe Life by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 101,679 shares of the company's stock valued at $13,393,000 after acquiring an additional 3,960 shares during the period. DAVENPORT & Co LLC acquired a new position in Globe Life in the 1st quarter valued at approximately $493,000. Sequoia Financial Advisors LLC increased its position in Globe Life by 693.4% in the 1st quarter. Sequoia Financial Advisors LLC now owns 24,184 shares of the company's stock valued at $3,185,000 after acquiring an additional 21,136 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Globe Life by 8.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,711 shares of the company's stock valued at $1,260,000 after acquiring an additional 723 shares during the period. Finally, Lighthouse Investment Partners LLC increased its position in Globe Life by 914.9% in the 4th quarter. Lighthouse Investment Partners LLC now owns 128,266 shares of the company's stock valued at $14,304,000 after acquiring an additional 115,628 shares during the period. Institutional investors own 81.61% of the company's stock.

Insider Buying and Selling

In related news, CEO James Matthew Darden sold 33,270 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the transaction, the chief executive officer directly owned 49,842 shares of the company's stock, valued at $6,758,076.78. This represents a 40.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $141.38, for a total transaction of $1,767,250.00. Following the transaction, the chief executive officer directly owned 32,747 shares in the company, valued at approximately $4,629,770.86. This represents a 27.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 80,741 shares of company stock valued at $11,097,080 over the last ninety days. 1.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GL shares. Truist Financial started coverage on shares of Globe Life in a research report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price target for the company. Wells Fargo & Company upped their price target on shares of Globe Life from $144.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. BMO Capital Markets restated a "market perform" rating and issued a $149.00 price target (up from $114.00) on shares of Globe Life in a research report on Wednesday. Keefe, Bruyette & Woods upped their price target on shares of Globe Life from $145.00 to $155.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $149.18.

Globe Life Trading Down 2.3%

GL opened at $137.18 on Friday. The stock has a market cap of $11.32 billion, a PE ratio of 10.97 and a beta of 0.56. Globe Life Inc. has a twelve month low of $86.10 and a twelve month high of $144.00. The company has a fifty day moving average of $123.36 and a 200-day moving average of $122.97. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43.

Globe Life (NYSE:GL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.02. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Globe Life had a net margin of 18.11% and a return on equity of 21.55%. Globe Life's revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.97 earnings per share. On average, sell-side analysts predict that Globe Life Inc. will post 13.87 EPS for the current year.

About Globe Life

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.

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