Ameriprise Financial Inc. Sells 184,654 Shares of Globe Life Inc. $GL

Key Points

• Ameriprise Financial Inc. has reduced its stake in Globe Life Inc. by 20.1%, owning 733,340 shares valued at approximately $96.6 million after selling 184,654 shares in the first quarter.
• Globe Life's recent earnings report showed an EPS of $3.27, exceeding analysts' estimates, with a revenue of $1.48 billion, which was slightly below expectations.
• The company has announced a quarterly dividend of $0.27 per share, set to be paid on October 31, with an annualized yield of 0.8%.

Ameriprise Financial Inc. cut its stake in Globe Life Inc. (NYSE:GL - Free Report) by 20.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 733,340 shares of the company's stock after selling 184,654 shares during the quarter. Ameriprise Financial Inc. owned 0.88% of Globe Life worth $96,596,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GL. SouthState Corp bought a new stake in shares of Globe Life in the 1st quarter valued at about $43,000. Allworth Financial LP increased its stake in shares of Globe Life by 22.0% in the 1st quarter. Allworth Financial LP now owns 571 shares of the company's stock valued at $71,000 after acquiring an additional 103 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Globe Life by 140.2% in the 1st quarter. Versant Capital Management Inc now owns 586 shares of the company's stock valued at $77,000 after acquiring an additional 342 shares during the last quarter. Brooklyn Investment Group increased its stake in shares of Globe Life by 792.7% in the 1st quarter. Brooklyn Investment Group now owns 732 shares of the company's stock valued at $96,000 after acquiring an additional 650 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. increased its stake in shares of Globe Life by 25.4% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 774 shares of the company's stock valued at $100,000 after acquiring an additional 157 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Globe Life Stock Down 0.4%

NYSE:GL traded down $0.54 during trading hours on Friday, reaching $139.93. 448,689 shares of the stock were exchanged, compared to its average volume of 648,993. Globe Life Inc. has a twelve month low of $99.04 and a twelve month high of $144.00. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.06 and a quick ratio of 0.06. The firm has a 50 day moving average of $130.43 and a 200 day moving average of $125.36. The stock has a market cap of $11.33 billion, a PE ratio of 11.19 and a beta of 0.56.

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, beating the consensus estimate of $3.25 by $0.02. The company had revenue of $1.48 billion during 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%.The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.97 EPS. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, equities analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Dividend Announcement

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

Analysts Set New Price Targets

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

Globe Life Company 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.