Knightsbridge Asset Management LLC Makes New Investment in Globe Life Inc. $GL

Key Points

• Knightsbridge Asset Management LLC acquired 1,995 shares of Globe Life Inc. for approximately $263,000 in the first quarter.
• The company reported $3.27 EPS for the last quarter, beating estimates, with a year-over-year revenue increase of 2.9%.
• Globe Life will pay a quarterly dividend of $0.27 per share on October 31, 2023, representing an annualized yield of 0.8%.

Knightsbridge Asset Management LLC bought a new stake in Globe Life Inc. (NYSE:GL - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 1,995 shares of the company's stock, valued at approximately $263,000.

A number of other large investors have also added to or reduced their stakes in the company. Amalgamated Bank boosted its holdings in shares of Globe Life by 0.5% in the 1st quarter. Amalgamated Bank now owns 16,348 shares of the company's stock valued at $2,153,000 after buying an additional 85 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its position in Globe Life by 4.0% during the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 2,293 shares of the company's stock valued at $256,000 after acquiring an additional 88 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in Globe Life by 0.5% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 19,776 shares of the company's stock valued at $2,605,000 after acquiring an additional 89 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in Globe Life by 1.1% in the first quarter. Venturi Wealth Management LLC now owns 8,226 shares of the company's stock worth $1,084,000 after purchasing an additional 93 shares during the last quarter. Finally, HighPoint Advisor Group LLC increased its position in shares of Globe Life by 4.2% during the first quarter. HighPoint Advisor Group LLC now owns 2,366 shares of the company's stock worth $293,000 after purchasing an additional 95 shares in the last quarter. 81.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Globe Life news, EVP Michael Clay Majors sold 10,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president directly owned 47,066 shares in the company, valued at $6,467,339.06. The trade was a 17.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James Matthew Darden sold 33,270 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the completion of the sale, the chief executive officer directly owned 49,842 shares of the company's stock, valued at approximately $6,758,076.78. This trade represents a 40.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,722 shares of company stock worth $11,733,793. 1.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GL has been the subject of a number of recent analyst reports. Truist Financial initiated coverage on Globe Life in a research report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price objective for the company. BMO Capital Markets reiterated a "market perform" rating and issued a $149.00 price target (up from $114.00) on shares of Globe Life in a research note on Wednesday, July 30th. Cfra Research upgraded Globe Life to a "moderate buy" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. upped their price objective on shares of Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley lifted their target price on shares of Globe Life from $166.00 to $171.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Globe Life has a consensus rating of "Moderate Buy" and a consensus target price of $152.45.

Globe Life Stock Performance

GL traded down $1.59 during trading on Wednesday, reaching $138.87. 580,519 shares of the company's stock were exchanged, compared to its average volume of 459,023. 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 Inc. has a 1 year low of $99.04 and a 1 year high of $144.00. The company's fifty day simple moving average is $133.20 and its 200-day simple moving average is $126.35. The stock has a market capitalization of $11.25 billion, a P/E ratio of 10.83 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $3.27 EPS for the quarter, topping analysts' consensus estimates of $3.25 by $0.02. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Globe Life had a return on equity of 21.24% and a net margin of 18.11%.The company's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.97 earnings per share. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. As a group, research analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 3rd will be given a $0.27 dividend. The ex-dividend date is Friday, October 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.8%. Globe Life's dividend payout ratio (DPR) is 8.63%.

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.