Connor Clark & Lunn Investment Management Ltd. Has $527,000 Stock Holdings in Globe Life Inc. $GL

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Globe Life Inc. by 97.5%, selling 157,284 shares and retaining only 4,000 shares valued at approximately $527,000.
• Other institutional investors, including Citigroup Inc. and Townsquare Capital LLC, have increased their positions in Globe Life, demonstrating ongoing confidence in the company.
• CEO Frank M. Svoboda and EVP Michael Clay Majors collectively sold 22,500 shares of Globe Life stock, resulting in significant decreases in their ownership percentages.

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Globe Life Inc. (NYSE:GL - Free Report) by 97.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,000 shares of the company's stock after selling 157,284 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Globe Life were worth $527,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Townsquare Capital LLC grew its holdings in shares of Globe Life by 22.7% during the first quarter. Townsquare Capital LLC now owns 3,978 shares of the company's stock worth $524,000 after purchasing an additional 735 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Globe Life by 4.2% during the first quarter. National Bank of Canada FI now owns 54,273 shares of the company's stock worth $7,149,000 after purchasing an additional 2,182 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Globe Life by 54.7% during the first quarter. Citigroup Inc. now owns 76,389 shares of the company's stock worth $10,062,000 after purchasing an additional 27,021 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Globe Life by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 86,309 shares of the company's stock worth $11,369,000 after purchasing an additional 14,546 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Globe Life by 0.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 781,409 shares of the company's stock worth $102,927,000 after purchasing an additional 3,312 shares during the last quarter. Institutional investors own 81.61% of the company's stock.

Analysts Set New Price Targets

GL has been the topic of several research analyst reports. Cfra Research upgraded Globe Life to a "moderate buy" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods increased their target price on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Truist Financial started coverage on Globe Life in a report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price target on the stock. Finally, Morgan Stanley raised their price target on Globe Life from $166.00 to $171.00 and gave the company an "overweight" rating in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $152.45.

Globe Life Trading Up 1.1%

GL traded up $1.5280 during midday trading on Friday, reaching $141.1480. 491,108 shares of the company were exchanged, compared to its average volume of 751,352. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.06 and a current ratio of 0.06. Globe Life Inc. has a one year low of $99.04 and a one year high of $144.00. The stock has a market capitalization of $11.43 billion, a P/E ratio of 11.28 and a beta of 0.56. The stock's 50-day simple moving average is $128.81 and its 200 day simple moving average is $124.88.

Globe Life (NYSE:GL - Get Free Report) last issued 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 return on equity of 21.24% and a net margin of 18.11%.The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter last year, the business earned $2.97 earnings per share. The company'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. As a group, analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Announces Dividend

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

Insider Buying and Selling

In other Globe Life news, CEO James Matthew Darden sold 33,270 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the transaction, the chief executive officer owned 49,842 shares in the company, valued at approximately $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 accessible through the SEC website. Also, CFO Thomas Peter Kalmbach sold 28,952 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $140.97, for a total value of $4,081,363.44. Following the transaction, the chief financial officer owned 30,665 shares in the company, valued at approximately $4,322,845.05. This trade represents a 48.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,722 shares of company stock worth $11,733,793 in the last ninety days. 1.51% of the stock is currently owned by corporate insiders.

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.