iA Global Asset Management Inc. Sells 9,198 Shares of Globe Life Inc. (NYSE:GL)

Key Points

• iA Global Asset Management Inc. significantly reduced its stake in Globe Life Inc. by 77.3% in the first quarter, owning only 2,694 shares worth approximately $355,000 afterward.
• Despite the decrease from iA Global, several other institutional investors, including Vestcor Inc. and XTX Topco Ltd., have increased their holdings in Globe Life.
• Globe Life recently announced a quarterly dividend of $0.27, translating to an annual yield of 0.8%, and reported earnings per share of $3.27 for the latest quarter, exceeding analysts' expectations.

iA Global Asset Management Inc. lowered its stake in shares of Globe Life Inc. (NYSE:GL - Free Report) by 77.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,694 shares of the company's stock after selling 9,198 shares during the quarter. iA Global Asset Management Inc.'s holdings in Globe Life were worth $355,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of GL. GAMMA Investing LLC boosted its position in shares of Globe Life by 15,553.5% in the 1st quarter. GAMMA Investing LLC now owns 781,890 shares of the company's stock valued at $102,991,000 after purchasing an additional 776,895 shares during the period. Freestone Grove Partners LP bought a new position in Globe Life in the 4th quarter worth approximately $52,178,000. Marshall Wace LLP grew its holdings in shares of Globe Life by 1,702.5% during the 4th quarter. Marshall Wace LLP now owns 484,692 shares of the company's stock worth $54,053,000 after purchasing an additional 457,802 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Globe Life by 58.6% in the 4th quarter. Ameriprise Financial Inc. now owns 917,994 shares of the company's stock valued at $102,376,000 after buying an additional 339,162 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Globe Life in the fourth quarter worth $20,505,000. Institutional investors and hedge funds own 81.61% of the company's stock.

Globe Life Stock Performance

NYSE:GL traded up $0.14 during mid-day trading on Friday, hitting $140.64. 701,213 shares of the stock were exchanged, compared to its average volume of 754,221. The firm's 50-day simple moving average is $125.28 and its 200 day simple moving average is $123.71. Globe Life Inc. has a fifty-two week low of $91.16 and a fifty-two week high of $144.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.06. The stock has a market capitalization of $11.39 billion, a price-to-earnings ratio of 11.24 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last announced its quarterly earnings data 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. Globe Life had a return on equity of 21.24% and a net margin of 18.11%. The company 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 business earned $2.97 EPS. The firm's revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Announces Dividend

The company also recently announced 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. This represents a $1.08 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, October 3rd. Globe Life's dividend payout ratio is currently 8.63%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GL shares. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Truist Financial assumed coverage on Globe Life in a report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price target for the company. JPMorgan Chase & Co. increased their price objective on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods increased 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, Wells Fargo & Company increased their price objective on Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. 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 data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $152.00.

Insider Transactions at Globe Life

In other Globe Life news, CEO James Matthew Darden sold 33,270 shares of Globe Life 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 sale, the chief executive officer owned 49,842 shares of the company's stock, valued at approximately $6,758,076.78. The trade was a 40.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas Peter Kalmbach sold 28,952 shares of Globe Life stock in a transaction 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 transaction, the chief financial officer owned 30,665 shares in the company, valued at approximately $4,322,845.05. This trade represents a 48.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,741 shares of company stock worth $12,471,180 in the last three months. 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.