Globe Life Inc. (NYSE:GL) EVP Sells $1,374,100.00 in Stock

Key Points

• Michael Clay Majors, EVP of Globe Life Inc., sold 10,000 shares of the company's stock for a total of $1,374,100.00, reducing their ownership by 17.52%.
• Globe Life reported earnings of $3.27 EPS for the last quarter, beating estimates, with revenue of $1.48 billion but slightly below analyst expectations.
• Institutional investors hold 81.61% of Globe Life stock, indicating strong interest from larger financial entities.

Globe Life Inc. (NYSE:GL - Get Free Report) EVP Michael Clay Majors sold 10,000 shares of Globe Life stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $137.41, for a total transaction of $1,374,100.00. Following the transaction, the executive vice president directly owned 47,066 shares in the company, valued at $6,467,339.06. This represents a 17.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Globe Life Price Performance

Globe Life stock traded up $1.33 during trading on Tuesday, reaching $140.67. The company had a trading volume of 150,376 shares, compared to its average volume of 652,677. The firm's 50-day simple moving average is $123.75 and its 200 day simple moving average is $123.15. 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 firm has a market capitalization of $11.61 billion, a PE ratio of 11.23 and a beta of 0.56. Globe Life Inc. has a 1-year low of $87.88 and a 1-year high of $144.00.

Globe Life (NYSE:GL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.25 by $0.02. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Globe Life had a net margin of 18.11% and a return on equity of 21.55%. Globe Life's revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.97 EPS. As a group, equities research analysts anticipate that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globe Life

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Assets Advisory LLC purchased a new stake in Globe Life in the second quarter valued at approximately $25,000. AdvisorNet Financial Inc lifted its stake in 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 buying an additional 84 shares during the last quarter. Assetmark Inc. lifted its stake in Globe Life by 777.8% in the second quarter. Assetmark Inc. now owns 237 shares of the company's stock valued at $29,000 after buying an additional 210 shares during the last quarter. TD Private Client Wealth LLC purchased a new stake in shares of Globe Life during the second quarter worth approximately $39,000. Finally, SouthState Corp purchased a new stake in shares of Globe Life during the first quarter worth approximately $43,000. 81.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GL. 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. Truist Financial assumed coverage on shares of Globe Life in a report on Tuesday, July 15th. They issued a "buy" rating and a $150.00 target price on the stock. Wall Street Zen raised shares of Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. BMO Capital Markets reissued a "market perform" rating and issued a $149.00 target price (up previously from $114.00) on shares of Globe Life in a report on Wednesday, July 30th. Finally, Morgan Stanley raised shares of Globe Life from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $135.00 to $166.00 in a report on Tuesday. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $152.00.

About Globe Life

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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