Globe Life Inc. (NYSE:GL) Shares Acquired by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Globe Life Inc. by 68.7% during the first quarter, owning 342,718 shares valued at approximately $45.14 million.
• Globe Life reported earnings per share of $3.27 for the last quarter, surpassing analysts' expectations by $0.02, while its revenue increased by 2.9% year-over-year.
• The company declared a quarterly dividend of $0.27 per share, resulting in an annualized dividend yield of 0.8%, with a low payout ratio of 8.63%.

Russell Investments Group Ltd. grew its stake in Globe Life Inc. (NYSE:GL - Free Report) by 68.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 342,718 shares of the company's stock after purchasing an additional 139,609 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.41% of Globe Life worth $45,143,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of GL. SouthState Corp purchased a new position in shares of Globe Life in the first quarter worth about $43,000. Allworth Financial LP lifted its stake in shares of Globe Life by 22.0% in the first quarter. Allworth Financial LP now owns 571 shares of the company's stock worth $71,000 after buying an additional 103 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Globe Life by 140.2% in the first quarter. Versant Capital Management Inc now owns 586 shares of the company's stock worth $77,000 after buying an additional 342 shares in the last quarter. Resona Asset Management Co. Ltd. raised its stake in Globe Life by 25.4% during the first quarter. Resona Asset Management Co. Ltd. now owns 774 shares of the company's stock worth $100,000 after purchasing an additional 157 shares during the period. Finally, Blue Trust Inc. raised its stake in Globe Life by 42.4% during the first quarter. Blue Trust Inc. now owns 772 shares of the company's stock worth $102,000 after purchasing an additional 230 shares during the period. Institutional investors and hedge funds own 81.61% of the company's stock.

Globe Life Price Performance

Shares of GL opened at $138.92 on Thursday. Globe Life Inc. has a 1-year low of $93.09 and a 1-year high of $144.00. The stock has a market cap of $11.25 billion, a PE ratio of 11.10 and a beta of 0.56. The firm has a 50-day simple moving average of $126.33 and a two-hundred day simple moving average of $124.09. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.06 and a quick ratio of 0.06.

Globe Life (NYSE:GL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $1.50 billion. During the same period last year, the business earned $2.97 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. As a group, analysts forecast that Globe Life Inc. will post 13.87 EPS for the current 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 issued a $0.27 dividend. 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 8.63%.

Analysts Set New Price Targets

A number of equities analysts have commented on GL shares. Wall Street Zen raised shares of Globe Life from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Cfra Research raised shares of Globe Life to a "moderate buy" rating in a research note on Friday, July 25th. Morgan Stanley raised shares of Globe Life from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $135.00 to $166.00 in a research note on Tuesday, August 5th. JPMorgan Chase & Co. lifted their target price on shares of Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Piper Sandler reduced their target price 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. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $152.00.

Insider Buying and Selling at Globe Life

In related news, CFO Thomas Peter Kalmbach sold 28,952 shares of Globe Life stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $140.97, for a total value of $4,081,363.44. Following the completion of the transaction, the chief financial officer owned 30,665 shares in the company, valued at approximately $4,322,845.05. The trade was a 48.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael Clay Majors sold 10,000 shares of Globe Life 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 completion of the transaction, the executive vice president owned 47,066 shares of the company's stock, valued at $6,467,339.06. This trade represents a 17.52% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 90,741 shares of company stock worth $12,471,180. 1.51% of the stock is currently owned by company 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.

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