Bayview Asset Management LLC Sells 4,700 Shares of Globe Life Inc. $GL

Key Points

• Bayview Asset Management LLC reduced its holdings in Globe Life Inc. by 48.5%, now owning only 5,000 shares, which account for 0.3% of its portfolio.
• Globe Life recently announced a quarterly dividend of $0.27 per share, with an annualized yield of 0.8% and a payout ratio of 8.63%.
• The company reported $3.27 earnings per share for the last quarter, slightly surpassing analysts' estimates of $3.25.

Bayview Asset Management LLC lessened its stake in shares of Globe Life Inc. (NYSE:GL - Free Report) by 48.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,000 shares of the company's stock after selling 4,700 shares during the quarter. Globe Life accounts for 0.3% of Bayview Asset Management LLC's investment portfolio, making the stock its 15th biggest position. Bayview Asset Management LLC's holdings in Globe Life were worth $659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Amalgamated Bank lifted its stake in shares of Globe Life by 0.5% in the first quarter. Amalgamated Bank now owns 16,348 shares of the company's stock worth $2,153,000 after acquiring an additional 85 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its holdings in shares of Globe Life by 4.0% in the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 2,293 shares of the company's stock valued at $256,000 after purchasing an additional 88 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Globe Life by 0.5% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 19,776 shares of the company's stock worth $2,605,000 after acquiring an additional 89 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in Globe Life by 1.1% during the first quarter. Venturi Wealth Management LLC now owns 8,226 shares of the company's stock valued at $1,084,000 after buying an additional 93 shares in the last quarter. Finally, HighPoint Advisor Group LLC raised its holdings in Globe Life by 4.2% during the first quarter. HighPoint Advisor Group LLC now owns 2,366 shares of the company's stock valued at $293,000 after buying an additional 95 shares in the last quarter. Institutional investors and hedge funds own 81.61% of the company's stock.

Insider Activity

In related news, CEO James Matthew Darden sold 33,270 shares of Globe Life stock in a transaction on Friday, July 25th. The shares were sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the completion of the transaction, the chief executive officer owned 49,842 shares of the company's stock, valued at $6,758,076.78. This trade represents a 40.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Clay Majors sold 10,000 shares of Globe Life stock in a transaction on Friday, August 1st. The shares were sold at an average price of $137.41, for a total transaction of $1,374,100.00. Following the completion of the sale, the executive vice president directly owned 47,066 shares of the company's stock, valued at approximately $6,467,339.06. This trade represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,722 shares of company stock worth $11,733,793 over the last ninety days. Corporate insiders own 1.97% of the company's stock.

Wall Street Analysts Forecast Growth

GL has been the topic of several research analyst reports. BMO Capital Markets reaffirmed a "market perform" rating and issued a $149.00 price target (up from $114.00) on shares of Globe Life in a research report on Wednesday, July 30th. Truist Financial began coverage on shares of Globe Life in a research note on Tuesday, July 15th. They set a "buy" rating and a $150.00 price target for the company. Morgan Stanley lifted their target price on shares of Globe Life from $166.00 to $171.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Cfra Research upgraded shares of Globe Life to a "moderate buy" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company lifted their target price on shares of Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $152.45.

Globe Life Stock Performance

Shares of GL stock traded down $2.01 on Tuesday, reaching $137.94. The stock had a trading volume of 138,147 shares, compared to its average volume of 645,869. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.43. The firm's 50-day moving average is $131.18 and its two-hundred day moving average is $125.66. The firm has a market capitalization of $11.17 billion, a price-to-earnings ratio of 11.03 and a beta of 0.56. Globe Life Inc. has a 12 month low of $99.04 and a 12 month high of $144.00.

Globe Life (NYSE:GL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.25 by $0.02. Globe Life had a net margin of 18.11% and a return on equity of 21.24%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business posted $2.97 EPS. The business's revenue was up 2.9% compared to the same quarter last year. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, research analysts expect that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, October 3rd. Globe Life's dividend payout ratio (DPR) is currently 8.63%.

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.