Penobscot Investment Management Company Inc. Invests $226,000 in Globe Life Inc. $GL

Penobscot Investment Management Company Inc. acquired a new position in shares of Globe Life Inc. (NYSE:GL) in the 2nd quarter, Holdings Channel reports. The fund acquired 1,815 shares of the company’s stock, valued at approximately $226,000.

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

Analyst Upgrades and Downgrades

GL has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on shares of Globe Life from $144.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Truist Financial initiated coverage on shares of Globe Life in a research report on Tuesday, July 15th. They set a “buy” rating and a $150.00 target price for the company. BMO Capital Markets restated a “market perform” rating and set a $149.00 target price (up from $114.00) on shares of Globe Life in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods boosted their target price on shares of Globe Life from $145.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Globe Life in a research report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $152.45.

Globe Life Stock Down 1.4%

GL opened at $137.46 on Friday. Globe Life Inc. has a fifty-two week low of $100.27 and a fifty-two week high of $147.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.06 and a current ratio of 0.06. The company has a fifty day moving average of $140.58 and a two-hundred day moving average of $128.56. The stock has a market capitalization of $11.13 billion, a price-to-earnings ratio of 10.99 and a beta of 0.55.

Globe Life (NYSE:GL) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating analysts’ consensus estimates of $3.25 by $0.02. Globe Life had a net margin of 18.11% and a return on equity of 21.24%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company earned $2.97 earnings per share. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, research analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 0.8%. Globe Life’s payout ratio is presently 8.63%.

Insider Activity at Globe Life

In other news, CFO Thomas Peter Kalmbach sold 28,952 shares of the business’s stock in a transaction dated Tuesday, July 29th. The shares were 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 of the company’s stock, valued at $4,322,845.05. The trade was a 48.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Frank M. Svoboda sold 12,500 shares of the business’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $141.38, for a total transaction of $1,767,250.00. Following the sale, the chief executive officer directly owned 32,747 shares of the company’s stock, valued at $4,629,770.86. This represents a 27.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,722 shares of company stock worth $11,733,793 over the last three months. Company insiders own 1.51% of the company’s stock.

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.