Globe Life Inc. (NYSE:GL) Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in Globe Life Inc. by selling 158,842 shares, bringing its ownership down to approximately 4.53% of the company, worth around $497 million.
• Several institutional investors have increased their positions in Globe Life, with Sequoia Financial Advisors LLC boosting its stake by an impressive 693.4% during the first quarter.
• Brokerages have reacted positively to Globe Life, with Morgan Stanley upgrading its rating to "overweight" and raising the price target from $135 to $166.

Invesco Ltd. lowered its holdings in Globe Life Inc. (NYSE:GL - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,773,795 shares of the company's stock after selling 158,842 shares during the period. Invesco Ltd. owned approximately 4.53% of Globe Life worth $497,084,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Principal Financial Group Inc. grew its position in shares of Globe Life by 4.1% during the 1st quarter. Principal Financial Group Inc. now owns 101,679 shares of the company's stock valued at $13,393,000 after purchasing an additional 3,960 shares in the last quarter. DAVENPORT & Co LLC bought a new stake in Globe Life in the first quarter worth $493,000. Sequoia Financial Advisors LLC boosted its position in Globe Life by 693.4% during the first quarter. Sequoia Financial Advisors LLC now owns 24,184 shares of the company's stock valued at $3,185,000 after buying an additional 21,136 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Globe Life by 8.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,711 shares of the company's stock valued at $1,260,000 after purchasing an additional 723 shares during the last quarter. Finally, Lighthouse Investment Partners LLC grew its holdings in shares of Globe Life by 914.9% in the fourth quarter. Lighthouse Investment Partners LLC now owns 128,266 shares of the company's stock worth $14,304,000 after purchasing an additional 115,628 shares during the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Thomas Peter Kalmbach sold 28,952 shares of the company's stock in a transaction 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 sale, the chief financial officer directly owned 30,665 shares of the company's stock, valued at $4,322,845.05. This represents a 48.56% 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, 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 transaction, the executive vice president directly owned 47,066 shares of the company's stock, valued at approximately $6,467,339.06. This trade represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 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.

Globe Life Trading Down 0.3%

GL traded down $0.48 during trading hours on Thursday, reaching $138.52. 670,837 shares of the company's stock traded hands, compared to its average volume of 660,490. Globe Life Inc. has a 52-week low of $95.09 and a 52-week high of $144.00. The firm has a market capitalization of $11.22 billion, a PE ratio of 11.07 and a beta of 0.56. The firm has a 50-day moving average price of $126.33 and a 200 day moving average price of $124.09. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.43.

Globe Life (NYSE:GL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $3.27 EPS for the quarter, beating the consensus estimate of $3.25 by $0.02. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Globe Life had a return on equity of 21.24% and a net margin of 18.11%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.97 earnings per share. As a group, sell-side analysts predict 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. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, October 3rd. Globe Life's dividend payout ratio is currently 8.63%.

Analyst Ratings Changes

GL has been the subject of several research reports. BMO Capital Markets reissued 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, July 30th. Wall Street Zen raised shares of Globe Life from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Piper Sandler lowered their target price on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Truist Financial began coverage on Globe Life in a research report on Tuesday, July 15th. They set a "buy" rating and a $150.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on Globe Life from $144.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $152.00.

Globe Life 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.