Synergy Asset Management LLC Takes $1.11 Million Position in Globe Life Inc. $GL

Key Points

• Synergy Asset Management LLC has acquired a new stake in Globe Life Inc., purchasing 8,961 shares valued at approximately $1.11 million during the second quarter.
• Globe Life reported an EPS of $3.27 for the last quarter, surpassing expectations, but missed revenue estimates with $1.48 billion.
• The company recently announced a quarterly dividend of $0.27 per share, with an ex-dividend date set for October 3rd.

Synergy Asset Management LLC acquired a new stake in Globe Life Inc. (NYSE:GL - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,961 shares of the company's stock, valued at approximately $1,114,000.

Other large investors have also made changes to their positions in the company. AdvisorNet Financial Inc lifted its position in shares of Globe Life by 60.0% in the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company's stock valued at $28,000 after acquiring an additional 84 shares in the last quarter. TD Private Client Wealth LLC purchased a new stake in shares of Globe Life in the second quarter worth about $39,000. SouthState Corp purchased a new stake in shares of Globe Life in the first quarter worth about $43,000. Ransom Advisory Ltd purchased a new stake in shares of Globe Life in the first quarter worth about $50,000. Finally, SVB Wealth LLC purchased a new stake in shares of Globe Life in the first quarter worth about $63,000. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Globe Life Stock Down 1.0%

Shares of NYSE:GL opened at $139.63 on Friday. Globe Life Inc. has a 52-week low of $100.27 and a 52-week high of $147.83. The stock has a market cap of $11.31 billion, a P/E ratio of 11.16 and a beta of 0.55. The business's 50 day moving average is $140.53 and its 200 day moving average is $128.48. 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 quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.02. Globe Life had a return on equity of 21.24% and a net margin of 18.11%.The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the prior year, the firm earned $2.97 earnings per share. Globe Life's revenue was up 2.9% compared to the same quarter last year. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. Sell-side analysts predict that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders 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 yield of 0.8%. Globe Life's dividend payout ratio is currently 8.63%.

Wall Street Analyst Weigh In

GL has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Morgan Stanley boosted their price objective on Globe Life from $166.00 to $171.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Keefe, Bruyette & Woods boosted their price objective on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. BMO Capital Markets reissued a "market perform" rating and set a $149.00 price objective (up from $114.00) on shares of Globe Life in a research note on Wednesday, July 30th. Finally, Truist Financial assumed coverage on Globe Life in a research note on Tuesday, July 15th. They set a "buy" rating and a $150.00 price objective on the stock. One equities research 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 company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $152.45.

Insider Buying and Selling

In other Globe Life news, CFO Thomas Peter Kalmbach sold 28,952 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $140.97, for a total transaction of $4,081,363.44. Following the completion of the sale, the chief financial officer owned 30,665 shares in the company, valued at $4,322,845.05. This represents a 48.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Matthew Darden sold 33,270 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $135.59, for a total value of $4,511,079.30. Following the sale, the chief executive officer owned 49,842 shares of the company's stock, valued at approximately $6,758,076.78. This represents a 40.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,722 shares of company stock worth $11,733,793 in the last three months. Corporate insiders own 1.51% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.