Bessemer Group Inc. cut its stake in Globe Life Inc. (NYSE:GL - Free Report) by 72.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,257 shares of the company's stock after selling 8,517 shares during the period. Bessemer Group Inc.'s holdings in Globe Life were worth $429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Rakuten Securities Inc. acquired a new position in Globe Life in the 4th quarter valued at about $28,000. Avalon Trust Co purchased a new stake in shares of Globe Life during the 4th quarter valued at approximately $41,000. EverSource Wealth Advisors LLC lifted its holdings in Globe Life by 32.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company's stock valued at $41,000 after acquiring an additional 90 shares during the last quarter. Platinum Investment Management Ltd. acquired a new position in shares of Globe Life in the 4th quarter valued at $45,000. Finally, Resona Asset Management Co. Ltd. acquired a new position in shares of Globe Life in the 4th quarter valued at $68,000. Institutional investors and hedge funds own 81.61% of the company's stock.
Wall Street Analysts Forecast Growth
GL has been the topic of several research analyst reports. Wells Fargo & Company reduced their price objective on shares of Globe Life from $140.00 to $139.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Morgan Stanley lifted their price target on shares of Globe Life from $117.00 to $125.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Wall Street Zen upgraded shares of Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Piper Sandler lowered their price objective on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. boosted their target price on Globe Life from $136.00 to $145.00 and gave the company an "overweight" rating in a research report on Wednesday, April 2nd. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $137.73.
Check Out Our Latest Research Report on Globe Life
Insiders Place Their Bets
In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of Globe Life stock in a transaction dated Tuesday, May 20th. The stock was 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 of the company's stock, valued at $3,834,317.98. The trade was a 16.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.51% of the stock is currently owned by corporate insiders.
Globe Life Stock Up 0.8%
GL stock traded up $0.91 during midday trading on Thursday, hitting $121.20. The company's stock had a trading volume of 564,077 shares, compared to its average volume of 710,696. The firm has a market capitalization of $10.00 billion, a P/E ratio of 9.86 and a beta of 0.56. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. Globe Life Inc. has a 52-week low of $80.36 and a 52-week high of $133.76. The firm has a 50-day simple moving average of $121.30 and a 200-day simple moving average of $120.56.
Globe Life (NYSE:GL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $3.07 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.17). The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. Globe Life had a return on equity of 21.44% and a net margin of 18.33%. The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.78 earnings per share. As a group, equities analysts forecast that Globe Life Inc. will post 13.87 EPS for the current year.
Globe Life Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.89%. The ex-dividend date is Thursday, July 3rd. Globe Life's dividend payout ratio (DPR) is presently 8.79%.
Globe Life Company Profile
(
Free Report)
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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