Bank of America Corp DE Purchases Shares of 680,759 Globe Life Inc. $GL

Key Points

• Bank of America acquired 680,759 shares of Globe Life during the second quarter, valued at approximately $121.6 million and representing about 0.89% of the insurer. Institutional investors collectively own 81.61% of Globe Life.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $191.67. Recent targets range from $193 to $225.
• Globe Life authorized a $2.5 billion share-repurchase program, covering up to 17.7% of outstanding shares, while also declaring a quarterly dividend of $0.33 per share. Recent insider activity was negative, with executives selling $25.6 million of stock over 90 days.

Bank of America Corp DE purchased a new position in shares of Globe Life Inc. (NYSE:GL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 680,759 shares of the company's stock, valued at approximately $121,638,000. Bank of America Corp DE owned about 0.89% of Globe Life at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GL. Root Financial Partners LLC lifted its position in Globe Life by 23.3% during the first quarter. Root Financial Partners LLC now owns 439 shares of the company's stock valued at $61,000 after buying an additional 83 shares in the last quarter. First United Bank & Trust increased its holdings in Globe Life by 2.1% in the 1st quarter. First United Bank & Trust now owns 4,355 shares of the company's stock valued at $606,000 after purchasing an additional 90 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Globe Life by 4.0% in the first quarter. EverSource Wealth Advisors LLC now owns 2,366 shares of the company's stock valued at $329,000 after purchasing an additional 91 shares during the period. AdvisorNet Financial Inc lifted its stake in shares of Globe Life by 41.1% during the first quarter. AdvisorNet Financial Inc now owns 316 shares of the company's stock worth $44,000 after purchasing an additional 92 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its stake in shares of Globe Life by 1.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 8,950 shares of the company's stock worth $1,252,000 after purchasing an additional 100 shares in the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GL has been the subject of several analyst reports. Weiss Ratings downgraded Globe Life from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, July 20th. TD Cowen boosted their price target on Globe Life from $215.00 to $225.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their price target on Globe Life from $172.00 to $193.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Morgan Stanley upped their price target on Globe Life from $181.00 to $208.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Globe Life from $181.00 to $201.00 and gave the company an "overweight" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $191.67.

Insiders Place Their Bets

In other Globe Life news, CFO Thomas Kalmbach sold 25,650 shares of the business's stock in a transaction dated 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 sale, the chief financial officer directly owned 50,568 shares in the company, valued at approximately $9,030,433.44. The trade was a 33.65% 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 this hyperlink. Also, EVP Michael Majors sold 37,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.64, for a total transaction of $6,609,680.00. Following the sale, the executive vice president owned 53,518 shares of the company's stock, valued at $9,560,455.52. The trade was a 40.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 141,908 shares of company stock valued at $25,573,181. Corporate insiders own 2.11% of the company's stock.

Globe Life Trading Up 0.5%

Globe Life stock opened at $173.10 on Friday. Globe Life Inc. has a 1 year low of $127.85 and a 1 year high of $191.55. The firm's 50-day moving average is $177.22 and its 200-day moving average is $162.54. 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 has a market cap of $13.30 billion, a P/E ratio of 11.49 and a beta of 0.46.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data 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). Globe Life had a return on equity of 20.52% and a net margin of 19.58%.The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the company earned $3.05 EPS. Globe Life's revenue was up 8.0% compared to the same quarter last year. Globe Life has set its FY 2026 guidance at 15.550-15.950 EPS. On average, equities analysts expect that Globe Life Inc. will post 15.71 earnings per share for the current year.

Globe Life Dividend Announcement

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

Globe Life announced that its board has approved a stock repurchase program on Monday, August 10th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 17.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its stock is undervalued.

Globe Life Company Profile

Globe Life Inc is an insurance holding company headquartered in McKinney, Texas. Through its subsidiaries, the company markets and distributes individual life insurance and supplemental health insurance products to middle-income households and other consumer segments.

Its product offerings include term and whole life insurance, mortgage protection and final expense coverage, accident and supplemental health insurance, Medicare supplement policies, and annuity products. Globe Life distributes these products through multiple channels, including direct-to-consumer marketing, agency networks, and independent agents.

The company's principal insurance businesses include Globe Life and Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, United American Insurance Company, and Family Heritage Life Insurance Company of America.

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