Segall Bryant & Hamill LLC cut its stake in shares of Globe Life Inc. (NYSE:GL - Free Report) by 11.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 242,583 shares of the company's stock after selling 32,667 shares during the period. Segall Bryant & Hamill LLC owned about 0.29% of Globe Life worth $31,953,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Globe Life in the 4th quarter worth $112,454,000. GAMMA Investing LLC increased its stake in shares of Globe Life by 15,553.5% in the 1st quarter. GAMMA Investing LLC now owns 781,890 shares of the company's stock worth $102,991,000 after purchasing an additional 776,895 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Globe Life in the 4th quarter worth $52,178,000. Marshall Wace LLP increased its stake in shares of Globe Life by 1,702.5% in the 4th quarter. Marshall Wace LLP now owns 484,692 shares of the company's stock worth $54,053,000 after purchasing an additional 457,802 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Globe Life by 58.6% in the 4th quarter. Ameriprise Financial Inc. now owns 917,994 shares of the company's stock worth $102,376,000 after purchasing an additional 339,162 shares in the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.
Globe Life Price Performance
Shares of GL traded up $0.60 during midday trading on Friday, hitting $122.20. 591,766 shares of the company traded hands, compared to its average volume of 700,838. The firm has a 50 day moving average of $120.87 and a 200-day moving average of $121.51. Globe Life Inc. has a 52 week low of $86.10 and a 52 week high of $133.76. The stock has a market cap of $10.09 billion, a price-to-earnings ratio of 9.94 and a beta of 0.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07.
Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.07 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.17). Globe Life had a net margin of 18.33% and a return on equity of 21.44%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company earned $2.78 EPS. The firm's revenue for the quarter was up 4.5% on a year-over-year basis. On average, analysts forecast that Globe Life Inc. will post 13.87 EPS for the current fiscal year.
Globe Life Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Thursday, July 3rd. Globe Life's payout ratio is 8.79%.
Insider Activity at Globe Life
In related news, CEO Frank M. Svoboda sold 6,019 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total value of $737,387.69. Following the completion of the transaction, the chief executive officer owned 31,298 shares of the company's stock, valued at approximately $3,834,317.98. This trade represents a 16.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.51% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on GL. Piper Sandler reduced their price objective on Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a research note on Friday, May 2nd. Morgan Stanley set a $127.00 price target on Globe Life and gave the stock an "equal weight" rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded Globe Life from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Truist Financial initiated coverage on Globe Life in a research note on Tuesday. They issued a "buy" rating and a $150.00 price target for the company. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Globe Life presently has a consensus rating of "Moderate Buy" and an average target price of $143.82.
Get Our Latest Research Report on GL
Globe Life Company Profile
(
Free Report)
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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