USA Financial Formulas Invests $1.18 Million in Globe Life Inc. (NYSE:GL)

USA Financial Formulas acquired a new position in Globe Life Inc. (NYSE:GL - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,934 shares of the company's stock, valued at approximately $1,177,000.

Several other hedge funds have also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Globe Life in the 4th quarter valued at about $112,454,000. GAMMA Investing LLC boosted its stake in Globe Life by 15,553.5% during the 1st quarter. GAMMA Investing LLC now owns 781,890 shares of the company's stock valued at $102,991,000 after purchasing an additional 776,895 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Globe Life during the 4th quarter valued at about $61,238,000. Freestone Grove Partners LP acquired a new position in Globe Life during the 4th quarter valued at about $52,178,000. Finally, Marshall Wace LLP boosted its stake in Globe Life by 1,702.5% during the 4th quarter. Marshall Wace LLP now owns 484,692 shares of the company's stock valued at $54,053,000 after purchasing an additional 457,802 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

Globe Life Price Performance

NYSE:GL traded down $1.07 during midday trading on Friday, hitting $119.70. The company had a trading volume of 485,391 shares, compared to its average volume of 745,371. Globe Life Inc. has a 52-week low of $77.94 and a 52-week high of $133.76. The stock's fifty day moving average price is $120.95 and its 200-day moving average price is $119.32. The company has a market capitalization of $9.88 billion, a PE ratio of 10.02 and a beta of 0.56. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50.

Globe Life (NYSE:GL - Get Free Report) last announced its 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 return on equity of 22.32% and a net margin of 18.53%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter last year, the firm posted $2.78 earnings per share. The firm's revenue was up 4.5% on a year-over-year basis. As a group, research analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be given a $0.27 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.08 annualized dividend and a yield of 0.90%. Globe Life's dividend payout ratio (DPR) is presently 8.79%.

Insider Buying and Selling

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total transaction of $737,387.69. Following the completion of the sale, the chief executive officer now directly owns 31,298 shares in the company, valued at $3,834,317.98. This represents a 16.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.51% of the stock is owned by company insiders.

Analyst Ratings Changes

GL has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Globe Life from $136.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Morgan Stanley lifted their target price on shares of Globe Life from $117.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Wells Fargo & Company dropped their target price on shares of Globe Life from $140.00 to $139.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Piper Sandler lowered 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. Finally, Wall Street Zen raised shares of Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $137.73.

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.