Corient Private Wealth LP Boosts Holdings in Globe Life Inc. $GL

Key Points

• Corient Private Wealth increased its Globe Life stake by 1,321.3% in the second quarter, owning 91,900 shares valued at $16.4 million. Institutional investors collectively hold 81.61% of the company.
• Globe Life reported quarterly revenue of $1.60 billion, up 8% year over year, but earnings of $3.61 per share fell short of estimates by $0.06. Analysts maintain a “Moderate Buy” consensus with an average price target of $191.67.
• The company authorized a $2.5 billion share-repurchase program, covering up to 17.7% of outstanding shares, and declared a quarterly dividend of $0.33 per share, yielding approximately 0.8%.

Corient Private Wealth LP boosted its stake in Globe Life Inc. (NYSE:GL - Free Report) by 1,321.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 91,900 shares of the company's stock after acquiring an additional 85,434 shares during the period. Corient Private Wealth LP owned 0.12% of Globe Life worth $16,421,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Amundi increased its stake in shares of Globe Life by 307.4% during the 2nd quarter. Amundi now owns 162,223 shares of the company's stock worth $28,986,000 after purchasing an additional 122,402 shares during the last quarter. HighTower Advisors LLC lifted its stake in Globe Life by 78.1% in the second quarter. HighTower Advisors LLC now owns 19,813 shares of the company's stock valued at $3,540,000 after purchasing an additional 8,690 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Globe Life in the second quarter valued at approximately $4,574,000. California State Teachers Retirement System grew its holdings in Globe Life by 17,904.1% during the second quarter. California State Teachers Retirement System now owns 16,289,720 shares of the company's stock valued at $2,910,647,000 after purchasing an additional 16,199,242 shares during the period. Finally, HB Wealth Management LLC grew its holdings in Globe Life by 11.5% during the second quarter. HB Wealth Management LLC now owns 5,283 shares of the company's stock valued at $944,000 after purchasing an additional 543 shares during the period. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Globe Life Stock Performance

Shares of GL stock opened at $172.93 on Tuesday. The firm's 50 day moving average is $177.62 and its 200 day moving average is $161.88. The stock has a market capitalization of $13.29 billion, a P/E ratio of 11.48 and a beta of 0.46. Globe Life Inc. has a 12 month low of $127.85 and a 12 month high of $191.55. 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 (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $3.61 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $1.59 billion. During the same quarter in the prior year, the firm posted $3.05 earnings per share. The firm's quarterly 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. On average, sell-side analysts anticipate that Globe Life Inc. will post 15.71 earnings per share for the current year.

Globe Life declared that its board has approved a share repurchase plan on Monday, August 10th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the company to purchase up to 17.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Globe Life Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Monday, October 5th will be given a $0.33 dividend. The ex-dividend date is Monday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 0.8%. Globe Life's payout ratio is 8.76%.

Insider Buying and Selling

In other Globe Life news, EVP Michael Majors sold 37,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the executive vice president owned 53,518 shares in the company, valued at $9,560,455.52. This trade represents a 40.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Darden sold 50,000 shares of the firm's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $182.43, for a total value of $9,121,500.00. Following the completion of the transaction, the chief executive officer owned 58,451 shares of the company's stock, valued at approximately $10,663,215.93. This represents a 46.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 141,908 shares of company stock valued at $25,573,181 in the last ninety days. 2.11% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GL. Jefferies Financial Group boosted their target price on Globe Life from $147.00 to $166.00 and gave the company a "hold" rating in a research note on Friday, July 10th. Wells Fargo & Company increased their price target on Globe Life from $172.00 to $193.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Piper Sandler increased their price target on Globe Life from $175.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Weiss Ratings lowered Globe Life from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, July 20th. Finally, Keefe, Bruyette & Woods lowered their price objective on Globe Life from $192.00 to $190.00 and set an "outperform" rating on the stock in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.67.

Globe Life Profile

Globe Life Inc is an insurance holding company headquartered in McKinney, Texas. Through its subsidiaries, the company markets and distributes individual life insurance and supplemental health insurance products to middle-income households and other consumer segments.

Its product offerings include term and whole life insurance, mortgage protection and final expense coverage, accident and supplemental health insurance, Medicare supplement policies, and annuity products. Globe Life distributes these products through multiple channels, including direct-to-consumer marketing, agency networks, and independent agents.

The company's principal insurance businesses include Globe Life and Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, United American Insurance Company, and Family Heritage Life Insurance Company of America.

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