Zurcher Kantonalbank Zurich Cantonalbank Sells 1,929 Shares of Globe Life Inc. (NYSE:GL)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Globe Life Inc. by 11.4% during Q1, resulting in ownership of 14,987 shares worth approximately $1.97 million.
• Globe Life's CEO James Matthew Darden sold 33,270 shares for over $4.5 million, reflecting a 40% decrease in his holdings.
• The company reported earnings per share (EPS) of $3.27 for the last quarter, slightly exceeding analysts' expectations of $3.25, with revenue of $1.48 billion.

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Globe Life Inc. (NYSE:GL - Free Report) by 11.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,987 shares of the company's stock after selling 1,929 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Globe Life were worth $1,974,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in GL. Empirical Finance LLC boosted its stake in Globe Life by 5.9% in the first quarter. Empirical Finance LLC now owns 3,231 shares of the company's stock valued at $426,000 after acquiring an additional 181 shares in the last quarter. Integrated Investment Consultants LLC purchased a new position in shares of Globe Life in the 1st quarter valued at $445,000. HB Wealth Management LLC grew its position in Globe Life by 28.4% during the 1st quarter. HB Wealth Management LLC now owns 3,970 shares of the company's stock worth $523,000 after purchasing an additional 877 shares during the last quarter. Cetera Investment Advisers purchased a new stake in shares of Globe Life in the first quarter valued at about $967,000. Finally, Machina Capital S.A.S. purchased a new stake in Globe Life during the first quarter worth about $524,000. Institutional investors own 81.61% of the company's stock.

Insiders Place Their Bets

In related news, CEO James Matthew Darden sold 33,270 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $135.59, for a total value of $4,511,079.30. Following the sale, the chief executive officer owned 49,842 shares in the company, valued at approximately $6,758,076.78. This represents a 40.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas Peter Kalmbach sold 28,952 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $140.97, for a total value of $4,081,363.44. Following the transaction, the chief financial officer owned 30,665 shares in the company, valued at $4,322,845.05. The trade was a 48.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,741 shares of company stock valued at $11,097,080 in the last quarter. 1.97% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

GL has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on shares of Globe Life from $127.00 to $135.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. BMO Capital Markets reiterated a "market perform" rating and issued a $149.00 target price (up previously from $114.00) on shares of Globe Life in a research report on Wednesday. Cfra Research raised shares of Globe Life to a "moderate buy" rating in a research note on Friday, July 25th. Piper Sandler reduced their price target on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Three equities research 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 MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $149.18.

Globe Life Stock Performance

GL traded down $3.29 during trading on Friday, reaching $137.18. 756,639 shares of the company's stock were exchanged, compared to its average volume of 795,378. Globe Life Inc. has a fifty-two week low of $86.10 and a fifty-two week high of $144.00. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average price of $123.36 and a 200 day moving average price of $123.01. The company has a market capitalization of $11.32 billion, a P/E ratio of 10.97 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.25 by $0.02. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.50 billion. Globe Life had a return on equity of 21.55% and a net margin of 18.11%. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.97 earnings per share. As a group, analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

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.