Globe Life Inc. (NYSE:GL) Position Lessened by Leith Wheeler Investment Counsel Ltd.

Key Points

• Leith Wheeler Investment Counsel Ltd. reduced its stake in Globe Life Inc. by 20.0%, now owning approximately 0.11% of the company, valued at $12.08 million.
• CEO Frank M. Svoboda sold 12,500 shares, indicating a 27.63% decrease in his ownership, while other executives also sold large amounts of stock recently.
• Wall Street analysts have generally upgraded their outlook on Globe Life, with a consensus target price raising to $152.00 and multiple analysts issuing a "buy" rating.

Leith Wheeler Investment Counsel Ltd. lessened its position in shares of Globe Life Inc. (NYSE:GL - Free Report) by 20.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,746 shares of the company's stock after selling 22,963 shares during the period. Leith Wheeler Investment Counsel Ltd. owned approximately 0.11% of Globe Life worth $12,085,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GL. Bessemer Group Inc. grew its position in Globe Life by 3.8% during the fourth quarter. Bessemer Group Inc. now owns 11,774 shares of the company's stock valued at $1,313,000 after acquiring an additional 430 shares during the period. Treasurer of the State of North Carolina boosted its position in shares of Globe Life by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 39,048 shares of the company's stock worth $4,355,000 after buying an additional 250 shares during the period. Barclays PLC boosted its position in shares of Globe Life by 16.1% in the fourth quarter. Barclays PLC now owns 287,993 shares of the company's stock worth $32,116,000 after buying an additional 39,846 shares during the period. Mariner LLC boosted its position in shares of Globe Life by 9.5% in the fourth quarter. Mariner LLC now owns 31,355 shares of the company's stock worth $3,497,000 after buying an additional 2,733 shares during the period. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in shares of Globe Life in the fourth quarter worth about $120,000. Hedge funds and other institutional investors own 81.61% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GL shares. Wall Street Zen raised Globe Life from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Piper Sandler decreased their target price on Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Keefe, Bruyette & Woods upped their target price on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Truist Financial started coverage on Globe Life in a research report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 target price for the company. Finally, BMO Capital Markets reaffirmed 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. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $152.00.

Insider Transactions at Globe Life

In related news, CEO Frank M. Svoboda sold 12,500 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $141.38, for a total value of $1,767,250.00. Following the sale, the chief executive officer owned 32,747 shares of the company's stock, valued at approximately $4,629,770.86. This trade represents a 27.63% decrease in their position. The sale 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 the firm's stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly 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. In the last 90 days, insiders sold 90,741 shares of company stock worth $12,471,180. 1.51% of the stock is currently owned by corporate insiders.

Globe Life Stock Performance

NYSE:GL traded down $0.48 during trading hours on Thursday, reaching $138.52. 671,035 shares of the stock were exchanged, compared to its average volume of 810,178. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.43. The firm has a 50 day simple moving average of $126.70 and a 200-day simple moving average of $124.21. Globe Life Inc. has a 52 week low of $95.09 and a 52 week high of $144.00. The stock has a market capitalization of $11.22 billion, a P/E ratio of 11.07 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last released 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. 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 quarter last year, the business posted $2.97 EPS. Globe Life's quarterly revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.27 per share. 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 (DPR) is currently 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.