State Street Corp Buys 76,745 Shares of Globe Life Inc. $GL

Key Points

• State Street increased its Globe Life stake by 2.1% in the second quarter, purchasing 76,745 shares to bring its holdings to 3.74 million shares worth approximately $667.4 million. Institutional investors collectively own 81.61% of the company.
• Globe Life reported quarterly revenue of $1.60 billion, up 8% year over year, but earnings per share of $3.61 fell short of analysts’ $3.67 estimate. The company also authorized a $2.5 billion share-buyback program covering up to 17.7% of outstanding shares.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $191.67 versus the reported share price of $168.82. Insiders, however, sold 143,650 shares worth $25.8 million over the past 90 days.

State Street Corp increased its position in Globe Life Inc. (NYSE:GL - Free Report) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,735,409 shares of the company's stock after purchasing an additional 76,745 shares during the quarter. State Street Corp owned approximately 4.86% of Globe Life worth $667,443,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Jupiter Asset Management Ltd. bought a new position in shares of Globe Life during the fourth quarter valued at $2,073,000. Amundi grew its holdings in shares of Globe Life by 307.4% during the second quarter. Amundi now owns 162,223 shares of the company's stock valued at $28,986,000 after buying an additional 122,402 shares during the last quarter. Norges Bank bought a new stake in shares of Globe Life during the fourth quarter valued at approximately $155,617,000. Sei Investments Co. raised its holdings in Globe Life by 49.1% in the 1st quarter. Sei Investments Co. now owns 71,795 shares of the company's stock worth $9,993,000 after acquiring an additional 23,632 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Globe Life by 11.3% in the 4th quarter. Legal & General Group Plc now owns 178,297 shares of the company's stock valued at $24,937,000 after acquiring an additional 18,104 shares in the last quarter. Institutional investors own 81.61% of the company's stock.

Insider Buying and Selling at Globe Life

In other news, EVP Robert Hensley sold 10,000 shares of the business's stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $170.07, for a total transaction of $1,700,700.00. Following the completion of the sale, the executive vice president owned 12,384 shares of the company's stock, valued at $2,106,146.88. The trade was a 44.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Majors sold 37,000 shares of the company's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.64, for a total value of $6,609,680.00. Following the completion of the sale, the executive vice president owned 53,518 shares of the company's stock, valued at $9,560,455.52. This trade represents a 40.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 143,650 shares of company stock valued at $25,793,717 in the last ninety days. Corporate insiders own 2.11% of the company's stock.

Globe Life Stock Down 0.4%

GL stock opened at $168.82 on Thursday. The company has a market cap of $12.97 billion, a price-to-earnings ratio of 11.21 and a beta of 0.46. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. The business's 50-day moving average is $176.65 and its two-hundred day moving average is $163.20. Globe Life Inc. has a fifty-two week low of $127.85 and a fifty-two week high of $191.55.

Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $3.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.67 by ($0.06). Globe Life had a net margin of 19.58% and a return on equity of 20.52%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the firm earned $3.05 earnings per share. The company's revenue for the quarter was up 8.0% compared to the same quarter last year. Globe Life has set its FY 2026 guidance at 15.550-15.950 EPS. As a group, analysts forecast that Globe Life Inc. will post 15.71 earnings per share for the current year.

Globe Life announced that its board has initiated a stock buyback plan on Monday, August 10th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the company to buy up to 17.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Globe Life Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Monday, October 5th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, October 5th. Globe Life's payout ratio is 8.76%.

Analyst Upgrades and Downgrades

Several analysts have commented on GL shares. Wells Fargo & Company increased their target price on Globe Life from $172.00 to $193.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Piper Sandler upped their price target on Globe Life from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Morgan Stanley increased their price objective on Globe Life from $181.00 to $208.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. TD Cowen lifted their price objective on Globe Life from $215.00 to $225.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Globe Life from $181.00 to $201.00 and gave the company an "overweight" rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Globe Life has an average rating of "Moderate Buy" and an average price target of $191.67.

About Globe Life

Globe Life Inc is an insurance holding company headquartered in McKinney, Texas. Through its subsidiaries, the company markets and distributes individual life insurance and supplemental health insurance products to middle-income households and other consumer segments.

Its product offerings include term and whole life insurance, mortgage protection and final expense coverage, accident and supplemental health insurance, Medicare supplement policies, and annuity products. Globe Life distributes these products through multiple channels, including direct-to-consumer marketing, agency networks, and independent agents.

The company's principal insurance businesses include Globe Life and Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, United American Insurance Company, and Family Heritage Life Insurance Company of America.

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