Bank of New York Mellon Corp acquired a new stake in shares of Globe Life Inc. (NYSE:GL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 543,889 shares of the company's stock, valued at approximately $97,182,000. Bank of New York Mellon Corp owned approximately 0.70% of Globe Life at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the business. Hilton Head Capital Partners LLC acquired a new position in Globe Life in the 4th quarter worth $30,000. CYBER HORNET ETFs LLC bought a new stake in shares of Globe Life in the second quarter valued at about $28,000. MUFG Securities EMEA plc acquired a new position in shares of Globe Life during the second quarter worth about $31,000. Torren Management LLC acquired a new position in shares of Globe Life during the fourth quarter worth about $37,000. Finally, AdvisorNet Financial Inc grew its holdings 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 buying an additional 92 shares in the last quarter. 81.61% of the stock is currently owned by institutional investors and hedge funds.
Globe Life Price Performance
Shares of NYSE GL opened at $173.09 on Tuesday. The firm has a market cap of $13.30 billion, a P/E ratio of 11.49 and a beta of 0.48. The business's 50 day moving average is $178.48 and its 200-day moving average is $158.83. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.43. Globe Life Inc. has a 1-year low of $127.85 and a 1-year high of $191.55.
Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $3.61 EPS for the quarter, missing the consensus estimate of $3.67 by ($0.06). Globe Life had a net margin of 19.58% and a return on equity of 20.52%. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the company posted $3.05 earnings per share. The company's revenue was up 8.0% on a year-over-year basis. Globe Life has set its FY 2026 guidance at 15.550-15.950 EPS. Equities research analysts predict that Globe Life Inc. will post 15.71 earnings per share for the current year.
Globe Life announced that its Board of Directors has approved a stock buyback plan on Monday, August 10th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 17.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
Globe Life Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Monday, October 5th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, October 5th. Globe Life's dividend payout ratio (DPR) is currently 8.76%.
Insider Transactions at Globe Life
In other Globe Life news, CEO James Matthew Darden sold 50,000 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $182.43, for a total transaction of $9,121,500.00. Following the sale, the chief executive officer owned 58,451 shares of the company's stock, valued at approximately $10,663,215.93. The trade was a 46.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael Clay Majors sold 37,000 shares of the business's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.64, for a total value of $6,609,680.00. Following the sale, the executive vice president owned 53,518 shares in the company, valued at $9,560,455.52. This represents a 40.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 151,908 shares of company stock worth $27,239,981. 2.11% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several brokerages recently commented on GL. Wells Fargo & Company increased their target price on shares of Globe Life from $172.00 to $193.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods cut their price target on shares of Globe Life from $192.00 to $190.00 and set an "outperform" rating on the stock in a research report on Friday, July 24th. Piper Sandler boosted their price target on shares of Globe Life from $175.00 to $200.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Weiss Ratings downgraded shares of Globe Life from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, July 20th. Finally, TD Cowen raised their price objective on Globe Life from $215.00 to $225.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $191.67.
Check Out Our Latest Analysis on GL
Globe Life Company Profile
(
Free Report)
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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