Cresset Asset Management LLC Acquires Shares of 1,923 Globe Life Inc. $GL

Key Points

• Cresset Asset Management LLC has made a new investment of approximately $253,000 in Globe Life Inc., acquiring 1,923 shares during the first quarter.
• Several other institutional investors, including Amalgamated Bank and Pinnacle Wealth Planning Services, have also increased their holdings in Globe Life, which is now 81.61% owned by institutions.
• Insider sales have occurred recently, with CEO Frank M. Svoboda selling 12,500 shares and CFO Thomas Peter Kalmbach selling 28,952 shares, reflecting significant decreases in their ownership stakes.

Cresset Asset Management LLC purchased a new stake in Globe Life Inc. (NYSE:GL - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 1,923 shares of the company's stock, valued at approximately $253,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Kovitz Investment Group Partners LLC acquired a new position in Globe Life during the 4th quarter valued at about $391,000. Susquehanna Fundamental Investments LLC acquired a new position in Globe Life during the 4th quarter valued at about $1,194,000. The Manufacturers Life Insurance Company boosted its stake in Globe Life by 1.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 70,666 shares of the company's stock valued at $7,881,000 after purchasing an additional 1,019 shares during the period. Northern Trust Corp boosted its stake in Globe Life by 3.3% during the 4th quarter. Northern Trust Corp now owns 817,489 shares of the company's stock valued at $91,166,000 after purchasing an additional 26,398 shares during the period. Finally, Lido Advisors LLC boosted its stake in Globe Life by 1,115.4% during the 4th quarter. Lido Advisors LLC now owns 29,437 shares of the company's stock valued at $3,283,000 after purchasing an additional 27,015 shares during the period. 81.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael Clay Majors sold 10,000 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president owned 47,066 shares in the company, valued at $6,467,339.06. The trade was a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas Peter Kalmbach sold 28,952 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $140.97, for a total transaction of $4,081,363.44. Following the sale, the chief financial officer owned 30,665 shares in the company, valued at $4,322,845.05. This represents a 48.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,722 shares of company stock worth $11,733,793 over the last three months. 1.97% of the stock is owned by insiders.

Globe Life Price Performance

Shares of NYSE GL traded down $0.54 during midday trading on Monday, reaching $139.93. The company's stock had a trading volume of 448,689 shares, compared to its average volume of 588,184. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average price of $131.18 and a 200 day moving average price of $125.66. Globe Life Inc. has a one year low of $99.04 and a one year high of $144.00. The company has a market cap of $11.33 billion, a price-to-earnings ratio of 11.19 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $3.27 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 business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the firm earned $2.97 EPS. The business's revenue for the quarter was up 2.9% on a year-over-year basis. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, equities research analysts expect that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders 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 dividend yield of 0.8%. Globe Life's payout ratio is currently 8.63%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. BMO Capital Markets reissued a "market perform" rating and issued a $149.00 price target (up previously from $114.00) on shares of Globe Life in a research note on Wednesday, July 30th. Truist Financial assumed coverage on Globe Life in a research note on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price target for the company. Wall Street Zen upgraded shares of Globe Life from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $152.45.

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.