Raymond James Financial Inc. Sells 7,574 Shares of Globe Life Inc. $GL

Key Points

• Raymond James Financial Inc. reduced its stakes in Globe Life Inc. by 1.4%, now owning approximately 0.65% of the company, valued at $71.33 million.
• Globe Life has recently announced a quarterly dividend of $0.27 per share, payable on October 31st, with a current annualized yield of 0.8%.
• Equities analysts have positive sentiments towards Globe Life with an average rating of "Moderate Buy" and a consensus price target of $152.45.

Raymond James Financial Inc. lowered its position in shares of Globe Life Inc. (NYSE:GL - Free Report) by 1.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 541,547 shares of the company's stock after selling 7,574 shares during the period. Raymond James Financial Inc. owned approximately 0.65% of Globe Life worth $71,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. SouthState Corp purchased a new position in shares of Globe Life during the 1st quarter worth approximately $43,000. Allworth Financial LP boosted its position in shares of Globe Life by 22.0% during the 1st 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 boosted its position in Globe Life by 140.2% in the 1st quarter. Versant Capital Management Inc now owns 586 shares of the company's stock valued at $77,000 after buying an additional 342 shares during the period. Blue Trust Inc. boosted its position in Globe Life by 42.4% in the 1st quarter. Blue Trust Inc. now owns 772 shares of the company's stock valued at $102,000 after buying an additional 230 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its position in Globe Life by 25.4% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 774 shares of the company's stock valued at $100,000 after buying an additional 157 shares during the period. Institutional investors and hedge funds own 81.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GL. BMO Capital Markets reaffirmed a "market perform" rating and set a $149.00 price objective (up from $114.00) on shares of Globe Life in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Globe Life from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Keefe, Bruyette & Woods boosted their price target on shares of Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Truist Financial started coverage on shares of Globe Life in a report on Tuesday, July 15th. They set a "buy" rating and a $150.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $152.45.

Globe Life Trading Down 0.9%

Shares of Globe Life stock traded down $1.2190 during trading hours on Monday, hitting $140.0210. The company's stock had a trading volume of 211,362 shares, compared to its average volume of 651,981. Globe Life Inc. has a 1-year low of $99.04 and a 1-year high of $144.00. The business has a fifty day moving average of $128.81 and a 200 day moving average of $124.92. The company has a market capitalization of $11.34 billion, a PE ratio of 11.20 and a beta of 0.56. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.43.

Globe Life (NYSE:GL - Get Free Report) last announced its earnings results 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 during 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 21.24%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.97 earnings per share. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. As a group, equities analysts forecast that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Announces Dividend

The firm also recently declared 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. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, October 3rd. Globe Life's dividend payout ratio (DPR) is presently 8.63%.

Insider Buying and Selling at Globe Life

In related news, CEO Frank M. Svoboda sold 12,500 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $141.38, for a total value of $1,767,250.00. Following the sale, the chief executive officer owned 32,747 shares of the company's stock, valued at $4,629,770.86. This trade represents a 27.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Clay Majors sold 10,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $137.41, for a total transaction of $1,374,100.00. Following the transaction, the executive vice president directly owned 47,066 shares in the company, valued at approximately $6,467,339.06. The trade was a 17.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,722 shares of company stock valued at $11,733,793. Corporate insiders own 1.97% of the company's stock.

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.