Cresset Asset Management LLC Buys 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 acquired a new position in Globe Life Inc. (NYSE:GL - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,923 shares of the company's stock, valued at approximately $253,000.

Other hedge funds also recently added to or reduced their stakes in the company. SouthState Corp purchased a new position in Globe Life in the 1st quarter worth approximately $43,000. Allworth Financial LP increased its position in shares of Globe Life by 22.0% during the 1st quarter. Allworth Financial LP now owns 571 shares of the company's stock valued at $71,000 after purchasing an additional 103 shares during the last quarter. Versant Capital Management Inc increased its holdings in Globe Life by 140.2% during the first quarter. Versant Capital Management Inc now owns 586 shares of the company's stock valued at $77,000 after buying an additional 342 shares during the last quarter. Blue Trust Inc. lifted its holdings in Globe Life by 42.4% during the first quarter. Blue Trust Inc. now owns 772 shares of the company's stock valued at $102,000 after purchasing an additional 230 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its holdings in Globe Life by 25.4% during the first quarter. Resona Asset Management Co. Ltd. now owns 774 shares of the company's stock valued at $100,000 after purchasing an additional 157 shares in the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GL shares. JPMorgan Chase & Co. increased their price objective on shares of Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley upped their price objective on Globe Life from $166.00 to $171.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. BMO Capital Markets reaffirmed a "market perform" rating and set a $149.00 price objective (up from $114.00) on shares of Globe Life in a report on Wednesday, July 30th. Keefe, Bruyette & Woods upped their price objective on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, Truist Financial began coverage on Globe Life in a report on Tuesday, July 15th. They set a "buy" rating and a $150.00 price objective on the stock. 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, Globe Life presently has an average rating of "Moderate Buy" and a consensus target price of $152.45.

Insider Buying and Selling at Globe Life

In related news, CEO James Matthew Darden sold 33,270 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $135.59, for a total value 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. The trade was a 40.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 stock was sold at an average price of $140.97, for a total transaction of $4,081,363.44. Following the completion of the transaction, the chief financial officer directly owned 30,665 shares of the company's stock, valued at $4,322,845.05. This trade represents a 48.56% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,722 shares of company stock worth $11,733,793. 1.51% of the stock is currently owned by corporate insiders.

Globe Life Trading Down 0.4%

Shares of NYSE GL traded down $0.54 during trading hours on Friday, reaching $139.93. The stock had a trading volume of 448,689 shares, compared to its average volume of 603,582. 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 business's fifty day moving average price is $130.82 and its two-hundred day moving average price is $125.52. The firm has a market cap of $11.33 billion, a price-to-earnings ratio of 11.19 and a beta of 0.56. Globe Life Inc. has a 52-week low of $99.04 and a 52-week high of $144.00.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating the consensus estimate of $3.25 by $0.02. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. Globe Life had a return on equity of 21.24% and a net margin of 18.11%.The firm's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 earnings per share. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. Analysts expect that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Dividend Announcement

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

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.