Allworth Financial LP Purchases Shares of 54,240 Globe Life Inc. $GL

Key Points

• Allworth Financial LP purchased 54,240 Globe Life shares worth approximately $9.7 million, while institutional investors collectively own 81.61% of the company.
• Globe Life reported quarterly revenue of $1.60 billion, up 8% year over year, but earnings per share of $3.61 fell short of the $3.67 consensus estimate. Analysts maintain a “Moderate Buy” rating with an average price target of $191.67.
• The company declared a quarterly dividend of $0.33 per share and authorized a $2.5 billion share-repurchase program, allowing buybacks of up to 17.7% of outstanding shares.

Allworth Financial LP purchased a new stake in shares of Globe Life Inc. (NYSE:GL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 54,240 shares of the company's stock, valued at approximately $9,692,000. Allworth Financial LP owned about 0.07% of Globe Life as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Globe Life in the 2nd quarter worth $987,901,000. Pzena Investment Management LLC purchased a new position in Globe Life during the second quarter valued at $242,256,000. Norges Bank purchased a new position in Globe Life during the fourth quarter valued at $155,617,000. Northwestern Mutual Wealth Management Co. increased its position in Globe Life by 34,786.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 881,919 shares of the company's stock worth $123,345,000 after buying an additional 879,391 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Globe Life by 98.6% in the second quarter. AQR Capital Management LLC now owns 1,402,690 shares of the company's stock worth $174,340,000 after buying an additional 696,548 shares during the period. Hedge funds and other institutional investors own 81.61% of the company's stock.

Globe Life Price Performance

GL stock opened at $170.79 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. The company's fifty day moving average price is $178.28 and its 200-day moving average price is $158.43. Globe Life Inc. has a one year low of $127.85 and a one year high of $191.55. The company has a market capitalization of $13.13 billion, a PE ratio of 11.34 and a beta of 0.48.

Globe Life (NYSE:GL - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $3.61 earnings per share for the quarter, missing the consensus estimate of $3.67 by ($0.06). The company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.59 billion. Globe Life had a net margin of 19.58% and a return on equity of 20.52%. The business's revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the business posted $3.05 earnings per share. Globe Life has set its FY 2026 guidance at 15.550-15.950 EPS. On average, equities analysts anticipate that Globe Life Inc. will post 15.71 EPS for the current fiscal year.

Globe Life Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Monday, October 5th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, October 5th. Globe Life's dividend payout ratio is 8.76%.

Globe Life declared that its board has approved a share repurchase plan on Monday, August 10th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the company to purchase up to 17.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently issued reports on GL. Morgan Stanley increased their target price on shares of Globe Life from $181.00 to $208.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. JPMorgan Chase & Co. upped their price target on shares of Globe Life from $181.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 21st. TD Cowen increased their price objective on shares of Globe Life from $215.00 to $225.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Jefferies Financial Group raised their price objective on shares of Globe Life from $147.00 to $166.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Finally, Piper Sandler lifted their target price on shares of Globe Life from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Globe Life has an average rating of "Moderate Buy" and an average target price of $191.67.

Insider Activity

In related news, CEO Frank M. Svoboda sold 10,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $166.68, for a total transaction of $1,666,800.00. Following the completion of the transaction, the chief executive officer directly owned 54,020 shares of the company's stock, valued at approximately $9,004,053.60. This represents a 15.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas Peter Kalmbach sold 25,650 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $178.58, for a total value of $4,580,577.00. Following the transaction, the chief financial officer directly owned 50,568 shares of the company's stock, valued at approximately $9,030,433.44. The trade was a 33.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 151,908 shares of company stock valued at $27,239,981. 2.11% of the stock is owned by corporate insiders.

About Globe Life

Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company's product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.

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