Nuance Investments LLC Sells 679,548 Shares of Globe Life Inc. (NYSE:GL)

Key Points

• Nuance Investments LLC reduced its stake in Globe Life Inc. by 55.1%, selling 679,548 shares in the first quarter, which now represents 4.8% of their holdings and makes Globe Life their 6th largest position.
• Analysts have upgraded Globe Life's stock ratings, with significant price target increases; for example, JPMorgan raised its target from $145 to $160, while BMO Capital increased it from $114 to $149.
• Globe Life announced a quarterly dividend of $0.27 per share, payable on October 31st, reflecting an annualized dividend of $1.08 and a yield of 0.8%.

Nuance Investments LLC cut its stake in shares of Globe Life Inc. (NYSE:GL - Free Report) by 55.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 554,521 shares of the company's stock after selling 679,548 shares during the period. Globe Life accounts for 4.8% of Nuance Investments LLC's holdings, making the stock its 6th largest position. Nuance Investments LLC owned about 0.67% of Globe Life worth $73,042,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. SouthState Corp acquired a new position in shares of Globe Life in the first quarter valued at about $43,000. Allworth Financial LP boosted its holdings 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 purchasing an additional 103 shares during the period. Versant Capital Management Inc grew its position in shares of Globe Life by 140.2% during the 1st quarter. Versant Capital Management Inc now owns 586 shares of the company's stock worth $77,000 after purchasing an additional 342 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Globe Life by 42.4% during the first quarter. Blue Trust Inc. now owns 772 shares of the company's stock worth $102,000 after purchasing an additional 230 shares during the period. Finally, Virtus Fund Advisers LLC acquired a new stake in shares of Globe Life in the fourth quarter valued at approximately $116,000. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GL. Wall Street Zen raised Globe Life from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. BMO Capital Markets restated a "market perform" rating and issued a $149.00 price target (up previously from $114.00) on shares of Globe Life in a research report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on shares of Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods raised their target price on shares of Globe Life from $145.00 to $155.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, Wells Fargo & Company upped their price target on shares of Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $152.00.

Insider Transactions at Globe Life

In other news, CEO James Matthew Darden sold 33,270 shares of the firm's stock in a transaction 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 transaction, the chief executive officer 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of Globe Life stock in a transaction 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 owned 32,747 shares in the company, valued at approximately $4,629,770.86. This trade represents a 27.63% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,741 shares of company stock worth $12,471,180. 1.97% of the stock is owned by corporate insiders.

Globe Life Price Performance

Shares of NYSE:GL opened at $139.01 on Tuesday. The firm has a 50 day simple moving average of $125.62 and a 200 day simple moving average of $123.88. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 11.11 and a beta of 0.56. Globe Life Inc. has a one year low of $91.26 and a one year high of $144.00. 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 (NYSE:GL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $3.27 EPS for the quarter, beating analysts' consensus estimates of $3.25 by $0.02. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.50 billion. Globe Life had a return on equity of 21.24% and a net margin of 18.11%. Globe Life's revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 EPS. Research analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 3rd will be paid 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 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.

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