Globe Life Inc. $GL Shares Acquired by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC increased its stake in Globe Life Inc. by 58.3% during the second quarter, acquiring an additional 4,334 shares, bringing their total to 11,766 shares worth approximately $1.46 million.
• Insider selling was notable, with CFO Thomas Peter Kalmbach and CEO Frank M. Svoboda selling significant shares, leading to a respective decrease of 48.56% and 27.63% in their positions.
• Globe Life declared a quarterly dividend of $0.27 to be paid on October 31st, which represents an annualized yield of 0.8%.

Pallas Capital Advisors LLC boosted its holdings in Globe Life Inc. (NYSE:GL - Free Report) by 58.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,766 shares of the company's stock after acquiring an additional 4,334 shares during the period. Pallas Capital Advisors LLC's holdings in Globe Life were worth $1,462,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in shares of Globe Life by 9.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,741,131 shares of the company's stock valued at $229,323,000 after purchasing an additional 148,397 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Globe Life by 35.9% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,025,984 shares of the company's stock valued at $135,143,000 after buying an additional 271,253 shares in the last quarter. Nuveen LLC acquired a new stake in Globe Life during the 1st quarter valued at $131,608,000. Swedbank AB increased its position in Globe Life by 77.0% during the first quarter. Swedbank AB now owns 832,000 shares of the company's stock worth $109,591,000 after buying an additional 362,000 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Globe Life by 15,553.5% during the first quarter. GAMMA Investing LLC now owns 781,890 shares of the company's stock worth $102,991,000 after buying an additional 776,895 shares in the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globe Life

In related news, CFO Thomas Peter Kalmbach sold 28,952 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $140.97, for a total value of $4,081,363.44. Following the transaction, the chief financial officer owned 30,665 shares in the company, valued at approximately $4,322,845.05. This trade represents a 48.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James Matthew Darden sold 33,270 shares of Globe Life stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 49,842 shares in the company, valued at approximately $6,758,076.78. This trade represents a 40.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,722 shares of company stock worth $11,733,793 in the last quarter. Company insiders own 1.97% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on GL shares. Morgan Stanley increased their price objective on Globe Life from $166.00 to $171.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Truist Financial began coverage on shares of Globe Life in a research note on Tuesday, July 15th. They set a "buy" rating and a $150.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. BMO Capital Markets reissued a "market perform" rating and set a $149.00 price objective (up previously from $114.00) on shares of Globe Life in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $152.45.

Globe Life Trading Down 0.2%

Shares of GL traded down $0.28 during mid-day trading on Monday, reaching $145.15. The company had a trading volume of 609,643 shares, compared to its average volume of 483,692. Globe Life Inc. has a fifty-two week low of $100.27 and a fifty-two week high of $146.18. The firm has a fifty day simple moving average of $137.27 and a 200-day simple moving average of $127.48. The stock has a market cap of $11.76 billion, a price-to-earnings ratio of 11.60 and a beta of 0.56. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.43.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data 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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the firm posted $2.97 EPS. The business's revenue for the quarter was up 2.9% on a year-over-year basis. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, sell-side analysts anticipate that Globe Life Inc. will post 13.87 EPS 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. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, October 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.7%. Globe Life's payout ratio is presently 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.