Bank of New York Mellon Corp Sells 55,435 Shares of Globe Life Inc. (NYSE:GL)

Bank of New York Mellon Corp reduced its position in shares of Globe Life Inc. (NYSE:GL - Free Report) by 4.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,204,930 shares of the company's stock after selling 55,435 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.45% of Globe Life worth $158,713,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GL. Rakuten Securities Inc. bought a new stake in Globe Life during the 4th quarter valued at $28,000. Avalon Trust Co bought a new stake in Globe Life during the 4th quarter valued at $41,000. EverSource Wealth Advisors LLC raised its holdings in Globe Life by 32.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company's stock valued at $41,000 after buying an additional 90 shares during the last quarter. Platinum Investment Management Ltd. bought a new stake in Globe Life during the 4th quarter valued at $45,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in Globe Life during the 4th quarter valued at $68,000. 81.61% of the stock is currently owned by institutional investors.

Globe Life Stock Performance

Shares of GL stock opened at $121.17 on Tuesday. The company has a market capitalization of $10.00 billion, a price-to-earnings ratio of 9.86 and a beta of 0.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. Globe Life Inc. has a one year low of $80.36 and a one year high of $133.76. The company's 50-day moving average is $121.16 and its 200 day moving average is $121.07.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.07 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.17). The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.49 billion. Globe Life had a net margin of 18.33% and a return on equity of 21.44%. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.78 earnings per share. Sell-side analysts expect that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.27 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 0.89%. Globe Life's dividend payout ratio is currently 8.79%.

Analyst Ratings Changes

GL has been the subject of several research reports. Piper Sandler decreased their price objective on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Morgan Stanley upped their price objective on shares of Globe Life from $117.00 to $125.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. Wells Fargo & Company decreased their price target on shares of Globe Life from $140.00 to $139.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Globe Life from $136.00 to $145.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 2nd. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Globe Life currently has an average rating of "Moderate Buy" and a consensus price target of $137.73.

Insiders Place Their Bets

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total transaction of $737,387.69. Following the completion of the sale, the chief executive officer directly owned 31,298 shares in the company, valued at approximately $3,834,317.98. This trade represents a 16.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.97% of the company's stock.

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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