Globe Life Inc. (NYSE:GL) Shares Sold by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group Inc. reduced its stake in Globe Life Inc. by 79.5% during the first quarter, now holding only 9,351 shares valued at approximately $1.23 million.
• Institutional investors now own 81.61% of Globe Life's shares, with significant increases in holdings from Principal Financial Group and Sequoia Financial Advisors.
• Analysts have a consensus target price of $152.00 for Globe Life, with ratings varying from “hold” to “strong buy” based on recent upward adjustments by several firms.

Jefferies Financial Group Inc. cut its holdings in Globe Life Inc. (NYSE:GL - Free Report) by 79.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,351 shares of the company's stock after selling 36,279 shares during the period. Jefferies Financial Group Inc.'s holdings in Globe Life were worth $1,232,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of Globe Life by 4.1% in the first quarter. Principal Financial Group Inc. now owns 101,679 shares of the company's stock valued at $13,393,000 after acquiring an additional 3,960 shares in the last quarter. DAVENPORT & Co LLC bought a new position in shares of Globe Life in the first quarter valued at approximately $493,000. Sequoia Financial Advisors LLC grew its holdings in shares of Globe Life by 693.4% in the first quarter. Sequoia Financial Advisors LLC now owns 24,184 shares of the company's stock valued at $3,185,000 after acquiring an additional 21,136 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake 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 lifted its stake in Globe Life by 914.9% in the fourth quarter. Lighthouse Investment Partners LLC now owns 128,266 shares of the company's stock valued at $14,304,000 after purchasing an additional 115,628 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

Insider Activity

In other Globe Life news, EVP Michael Clay Majors sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $137.41, for a total value of $1,374,100.00. Following the completion of the sale, the executive vice president directly owned 47,066 shares in the company, valued at $6,467,339.06. This trade represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of the business's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $141.38, for a total transaction of $1,767,250.00. Following the transaction, the chief executive officer owned 32,747 shares of the company's stock, valued at $4,629,770.86. This represents a 27.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,741 shares of company stock valued at $12,471,180. Company insiders own 1.97% of the company's stock.

Analysts Set New Price Targets

GL has been the topic of several research analyst reports. Truist Financial initiated coverage on Globe Life in a research note on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price objective on the stock. BMO Capital Markets reiterated a "market perform" rating and issued a $149.00 price objective (up previously from $114.00) on shares of Globe Life in a research note on Wednesday, July 30th. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Cfra Research upgraded Globe Life to a "moderate buy" rating in a research note on Friday, July 25th. Finally, JPMorgan Chase & Co. increased 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. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $152.00.

Globe Life Stock Performance

GL traded up $0.18 during mid-day trading on Tuesday, reaching $139.52. 835,025 shares of the company traded hands, compared to its average volume of 772,097. The stock has a market capitalization of $11.52 billion, a P/E ratio of 11.15 and a beta of 0.56. 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 company's fifty day moving average price is $124.10 and its 200-day moving average price is $123.27. Globe Life Inc. has a 52-week low of $87.88 and a 52-week high of $144.00.

Globe Life (NYSE:GL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, topping the consensus estimate of $3.25 by $0.02. Globe Life had a net margin of 18.11% and a return on equity of 21.55%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm posted $2.97 EPS. Globe Life's quarterly revenue was up 2.9% compared to the same quarter last year. On average, sell-side analysts expect that Globe Life Inc. will post 13.87 EPS for the current year.

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.