LPL Financial LLC Raises Position in Globe Life Inc. (NYSE:GL)

Key Points

• LPL Financial LLC increased its stake in Globe Life Inc. by 6.6% during the first quarter, owning approximately 0.37% of the company valued at $40.9 million.
• Insider sales included significant transactions by CFO Thomas Peter Kalmbach and CEO James Matthew Darden, with both selling over 28,000 shares, representing notable reductions in their ownership.
• Several analysts have updated their price targets for Globe Life, with BMO Capital Markets raising its target to $149 and maintaining a "market perform" rating.

LPL Financial LLC boosted its stake in Globe Life Inc. (NYSE:GL - Free Report) by 6.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 310,535 shares of the company's stock after buying an additional 19,301 shares during the period. LPL Financial LLC owned approximately 0.37% of Globe Life worth $40,904,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Sei Investments Co. increased its holdings in shares of Globe Life by 1.0% during the fourth quarter. Sei Investments Co. now owns 21,248 shares of the company's stock worth $2,370,000 after buying an additional 206 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Globe Life by 10.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,165 shares of the company's stock worth $241,000 after buying an additional 202 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of Globe Life during the fourth quarter worth $10,006,000. O Shaughnessy Asset Management LLC increased its holdings in shares of Globe Life by 21.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 8,636 shares of the company's stock worth $963,000 after buying an additional 1,507 shares in the last quarter. Finally, Summit Financial LLC increased its holdings in shares of Globe Life by 26.0% during the fourth quarter. Summit Financial LLC now owns 3,154 shares of the company's stock worth $352,000 after buying an additional 650 shares in the last quarter. 81.61% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Globe Life news, CFO Thomas Peter Kalmbach sold 28,952 shares of Globe Life stock in a transaction that occurred 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 of the company's stock, valued at $4,322,845.05. This trade represents a 48.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of Globe Life stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $141.38, for a total transaction of $1,767,250.00. Following the transaction, the chief executive officer directly owned 32,747 shares in the company, valued at approximately $4,629,770.86. This represents a 27.63% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,741 shares of company stock valued at $11,097,080. Corporate insiders own 1.97% of the company's stock.

Globe Life Stock Up 1.4%

Shares of GL stock traded up $1.97 during trading hours on Monday, reaching $139.21. The company had a trading volume of 491,881 shares, compared to its average volume of 795,378. The company has a market cap of $11.49 billion, a price-to-earnings ratio of 10.58 and a beta of 0.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.07 and a quick ratio of 0.07. Globe Life Inc. has a 12 month low of $86.10 and a 12 month high of $144.00. The business has a fifty day simple moving average of $123.36 and a 200-day simple moving average of $123.01.

Globe Life (NYSE:GL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share (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 net margin of 18.11% and a return on equity of 21.55%. The business's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.97 EPS. On average, research analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GL shares. BMO Capital Markets restated a "market perform" rating and issued a $149.00 price objective (up from $114.00) on shares of Globe Life in a report on Wednesday, July 30th. Truist Financial started coverage on Globe Life in a report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 price objective for the company. Keefe, Bruyette & Woods increased their price objective on Globe Life from $145.00 to $155.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company increased their price target on Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.18.

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.