Globe Life Inc. (NYSE:GL) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Globe Life Inc. by 20.3%, acquiring an additional 14,546 shares, bringing its total ownership to approximately 0.10% worth $11.37 million.
• Globe Life's latest quarterly earnings showed a profit of $3.27 per share, exceeding expectations and marking a 2.9% year-over-year revenue growth to $1.48 billion.
• The company announced a quarterly dividend of $0.27 per share, with an annualized yield of 0.8%, and a payout ratio of 8.63%.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Globe Life Inc. (NYSE:GL - Free Report) by 20.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,309 shares of the company's stock after acquiring an additional 14,546 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.10% of Globe Life worth $11,369,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Allworth Financial LP lifted its stake in Globe Life by 22.0% in the 1st quarter. Allworth Financial LP now owns 571 shares of the company's stock valued at $71,000 after buying an additional 103 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Globe Life by 140.2% in the first quarter. Versant Capital Management Inc now owns 586 shares of the company's stock worth $77,000 after acquiring an additional 342 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Globe Life by 42.4% in the first quarter. Blue Trust Inc. now owns 772 shares of the company's stock valued at $102,000 after acquiring an additional 230 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in shares of Globe Life during the fourth quarter valued at $116,000. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in Globe Life during the 4th quarter worth about $120,000. Institutional investors and hedge funds own 81.61% of the company's stock.

Wall Street Analyst Weigh In

GL has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Globe Life from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $135.00 to $166.00 in a report on Tuesday, August 5th. Keefe, Bruyette & Woods boosted their price objective on shares of Globe Life from $145.00 to $155.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Cfra Research raised shares of Globe Life to a "moderate buy" rating in a research note on Friday, July 25th. 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 research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. boosted their price target on Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $152.00.

Insider Buying and Selling at Globe Life

In other news, EVP Michael Clay Majors sold 10,000 shares of the firm's stock in a transaction 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 transaction, the executive vice president 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas Peter Kalmbach sold 28,952 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $140.97, for a total transaction of $4,081,363.44. Following the sale, the chief financial officer directly owned 30,665 shares of the company's stock, valued at approximately $4,322,845.05. This trade represents a 48.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,741 shares of company stock worth $12,471,180 over the last three months. 1.51% of the stock is currently owned by insiders.

Globe Life Trading Down 0.3%

GL stock traded down $0.48 during trading on Thursday, reaching $138.52. 671,035 shares of the stock traded hands, compared to its average volume of 660,495. The firm has a market capitalization of $11.22 billion, a PE ratio of 11.07 and a beta of 0.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.06 and a quick ratio of 0.06. The business's 50 day moving average price is $126.33 and its 200-day moving average price is $124.09. Globe Life Inc. has a 52-week low of $95.09 and a 52-week high of $144.00.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating the consensus estimate of $3.25 by $0.02. The business 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 company's revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.97 EPS. As a group, sell-side analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Announces Dividend

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 given a $0.27 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.8%. Globe Life's dividend payout ratio is presently 8.63%.

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.