Spire Wealth Management Cuts Stake in Globe Life Inc. (NYSE:GL)

Spire Wealth Management reduced its stake in Globe Life Inc. (NYSE:GL - Free Report) by 59.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,662 shares of the company's stock after selling 2,404 shares during the period. Spire Wealth Management's holdings in Globe Life were worth $219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Private Trust Co. NA grew its holdings in shares of Globe Life by 12.5% during the fourth quarter. Private Trust Co. NA now owns 754 shares of the company's stock valued at $84,000 after buying an additional 84 shares during the last quarter. SRS Capital Advisors Inc. grew its holdings in shares of Globe Life by 18.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 784 shares of the company's stock valued at $87,000 after buying an additional 124 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Globe Life by 685.1% during the fourth quarter. Jones Financial Companies Lllp now owns 1,209 shares of the company's stock valued at $135,000 after buying an additional 1,055 shares during the last quarter. Plato Investment Management Ltd acquired a new position in shares of Globe Life during the fourth quarter valued at about $84,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Globe Life by 61.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 24,665 shares of the company's stock valued at $2,751,000 after buying an additional 9,395 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

Globe Life Stock Performance

GL stock traded up $0.91 during mid-day trading on Friday, hitting $121.20. The company had a trading volume of 564,077 shares, compared to its average volume of 710,696. The firm has a market cap of $10.00 billion, a PE ratio of 9.86 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 Inc. has a 12 month low of $80.36 and a 12 month high of $133.76. The stock's fifty day moving average price is $121.25 and its two-hundred day moving average price is $120.66.

Globe Life (NYSE:GL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share (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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the firm earned $2.78 EPS. The business'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 earnings per share for the current fiscal year.

Globe Life Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Thursday, July 3rd. Globe Life's dividend payout ratio (DPR) is presently 8.79%.

Insiders Place Their Bets

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of the business's stock in a transaction that occurred on 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 $3,834,317.98. The trade was a 16.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.51% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on GL shares. Wall Street Zen upgraded shares of Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Wells Fargo & Company cut their price target on shares of Globe Life from $140.00 to $139.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Piper Sandler cut their price target on shares of Globe Life from $152.00 to $147.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. JPMorgan Chase & Co. boosted their price target on shares of Globe Life from $136.00 to $145.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Finally, Morgan Stanley boosted their price target on shares of Globe Life from $117.00 to $125.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Globe Life currently has an average rating of "Moderate Buy" and an average price target of $137.73.

Globe Life 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.