Equity Investment Corp Sells 56,972 Shares of Globe Life Inc. (NYSE:GL)

Equity Investment Corp decreased its position in Globe Life Inc. (NYSE:GL - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 929,072 shares of the company's stock after selling 56,972 shares during the period. Globe Life makes up 2.7% of Equity Investment Corp's holdings, making the stock its 14th biggest holding. Equity Investment Corp owned about 1.12% of Globe Life worth $122,377,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. HighTower Advisors LLC boosted its position in shares of Globe Life by 1.9% during the 4th quarter. HighTower Advisors LLC now owns 22,009 shares of the company's stock worth $2,454,000 after purchasing an additional 406 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in Globe Life by 17.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 3,048 shares of the company's stock worth $340,000 after buying an additional 446 shares during the period. EverSource Wealth Advisors LLC boosted 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 worth $41,000 after acquiring an additional 90 shares in the last quarter. Platinum Investment Management Ltd. acquired a new stake in Globe Life in the fourth quarter valued at approximately $45,000. Finally, First National Bank of Hutchinson grew its stake in Globe Life by 3.7% in the fourth quarter. First National Bank of Hutchinson now owns 14,909 shares of the company's stock valued at $1,663,000 after acquiring an additional 538 shares during the period. Institutional investors own 81.61% of the company's stock.

Globe Life Stock Up 1.5%

NYSE:GL traded up $1.82 on Thursday, hitting $121.72. The stock had a trading volume of 339,706 shares, compared to its average volume of 704,463. Globe Life Inc. has a 1 year low of $86.10 and a 1 year high of $133.76. The firm's fifty day simple moving average is $120.86 and its two-hundred day simple moving average is $121.35. The stock has a market cap of $10.05 billion, a P/E ratio of 9.90 and a beta of 0.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07.

Globe Life (NYSE:GL - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.17). The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.49 billion. Globe Life had a return on equity of 21.44% and a net margin of 18.33%. The company's revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.78 EPS. Analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Thursday, July 3rd. Globe Life's dividend payout ratio (DPR) is currently 8.79%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GL. JPMorgan Chase & Co. upped their target price on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Morgan Stanley set a $127.00 price objective on shares of Globe Life and gave the stock an "equal weight" rating in a report on Monday. Piper Sandler dropped their price objective on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Wells Fargo & Company boosted their target price on shares of Globe Life from $139.00 to $144.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Truist Financial initiated coverage on shares of Globe Life in a research report on Tuesday. They issued a "buy" rating and a $150.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $143.82.

Insider Activity

In related news, CEO Frank M. Svoboda sold 6,019 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $122.51, for a total value of $737,387.69. Following the transaction, the chief executive officer owned 31,298 shares of the company's stock, valued at $3,834,317.98. This represents a 16.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.51% of the company's stock.

Globe Life Company Profile

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.