Northern Trust Corp Lowers Stock Holdings in Globe Life Inc. $GL

Key Points

• Northern Trust Corp has reduced its stake in Globe Life Inc. by 0.9%, owning approximately 810,250 shares valued at around $106.7 million after selling 7,239 shares in the first quarter.
• Globe Life's stock has received recent analyst upgrades, with JPMorgan raising its price target from $145.00 to $160.00 and multiple firms maintaining or increasing their rating on the stock.
• The company announced a quarterly dividend of $0.27 per share, with the payout scheduled for October 31st, reflecting an annualized yield of 0.8%.

Northern Trust Corp lowered its stake in Globe Life Inc. (NYSE:GL - Free Report) by 0.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 810,250 shares of the company's stock after selling 7,239 shares during the period. Northern Trust Corp owned approximately 0.97% of Globe Life worth $106,726,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. SouthState Corp bought a new position in shares of Globe Life in the first quarter worth $43,000. Allworth Financial LP increased its position in shares of Globe Life by 22.0% in the first quarter. Allworth Financial LP now owns 571 shares of the company's stock worth $71,000 after purchasing an additional 103 shares during the period. Versant Capital Management Inc increased its position 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 purchasing an additional 342 shares during the period. Brooklyn Investment Group increased its position in shares of Globe Life by 792.7% in the first quarter. Brooklyn Investment Group now owns 732 shares of the company's stock worth $96,000 after purchasing an additional 650 shares during the period. Finally, Blue Trust Inc. grew its position in 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 during the last quarter. Institutional investors own 81.61% of the company's stock.

Insiders Place Their Bets

In related news, CFO Thomas Peter Kalmbach sold 28,952 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 30,665 shares of the company's stock, valued at approximately $4,322,845.05. This represents a 48.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Clay Majors sold 10,000 shares of the company'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 sale, the executive vice president owned 47,066 shares in the company, valued at approximately $6,467,339.06. This trade represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,722 shares of company stock worth $11,733,793. 1.51% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on GL. Piper Sandler decreased their target price on Globe Life from $152.00 to $147.00 and set an "overweight" rating on the stock in a research report on Friday, May 2nd. JPMorgan Chase & Co. boosted their price objective on Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price target on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. 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 for the company. 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 research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $152.45.

Globe Life Trading Down 0.1%

GL traded down $0.09 on Thursday, hitting $140.40. 163,870 shares of the company were exchanged, compared to its average volume of 648,542. The firm has a fifty day simple moving average of $130.01 and a two-hundred day simple moving average of $125.24. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.06 and a current ratio of 0.06. Globe Life Inc. has a 12 month low of $99.04 and a 12 month high of $144.00. The stock has a market capitalization of $11.37 billion, a PE ratio of 11.22 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share 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 analyst estimates of $1.50 billion. Globe Life had a return on equity of 21.24% and a net margin of 18.11%.The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $2.97 EPS. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. Sell-side analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, October 3rd. Globe Life's payout ratio is currently 8.63%.

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.