241,721 Globe Life Inc. $GL Shares Sold by Equity Investment Corp

Equity Investment Corp lowered its holdings in Globe Life Inc. (NYSE:GL) by 35.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 446,495 shares of the company’s stock after selling 241,721 shares during the quarter. Equity Investment Corp’s holdings in Globe Life were worth $73,962,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Globe Life in the 2nd quarter worth approximately $987,901,000. State Street Corp increased its holdings in Globe Life by 2.1% during the second quarter. State Street Corp now owns 3,735,409 shares of the company’s stock valued at $667,443,000 after buying an additional 76,745 shares during the period. Pzena Investment Management LLC increased its holdings in Globe Life by 156.6% during the third quarter. Pzena Investment Management LLC now owns 3,479,093 shares of the company’s stock valued at $576,312,000 after buying an additional 2,123,282 shares during the period. Dimensional Fund Advisors LP increased its holdings in Globe Life by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 2,353,192 shares of the company’s stock valued at $327,479,000 after buying an additional 217,331 shares during the period. Finally, Bank of America Corp DE bought a new position in Globe Life in the second quarter worth approximately $121,638,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Insider Activity at Globe Life

In other news, EVP Robert Hensley sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $170.07, for a total transaction of $1,700,700.00. Following the transaction, the executive vice president directly owned 12,384 shares of the company’s stock, valued at approximately $2,106,146.88. This represents a 44.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael Majors sold 14,377 shares of the company’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $154.48, for a total value of $2,220,958.96. Following the transaction, the executive vice president directly owned 39,141 shares in the company, valued at approximately $6,046,501.68. The trade was a 26.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.11% of the stock is owned by company insiders.

Globe Life Stock Performance

GL stock opened at $163.56 on Wednesday. Globe Life Inc. has a one year low of $129.21 and a one year high of $191.55. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of 10.94 and a beta of 0.47. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.07 and a current ratio of 0.07. The firm has a 50-day simple moving average of $166.45 and a two-hundred day simple moving average of $160.34.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $4.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.90 by ($0.06). The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Globe Life had a return on equity of 19.51% and a net margin of 18.89%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $4.81 EPS. On average, equities analysts forecast that Globe Life Inc. will post 15.48 EPS for the current fiscal year.

Globe Life declared that its Board of Directors has authorized a stock buyback program on Monday, August 10th that allows the company to buy back $2.50 billion in shares. This buyback authorization allows the company to buy up to 17.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Globe Life Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 1st. Shareholders of record on Friday, January 8th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 0.8%. The ex-dividend date is Friday, January 8th. Globe Life’s dividend payout ratio (DPR) is 8.83%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. TD Cowen reduced their price objective on shares of Globe Life from $225.00 to $215.00 and set a “buy” rating for the company in a research note on Friday, October 23rd. Weiss Ratings raised Globe Life from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 21st. Morgan Stanley cut their price target on Globe Life from $208.00 to $197.00 and set an “overweight” rating on the stock in a report on Monday, October 5th. UBS Group set a $165.00 price target on Globe Life in a report on Friday, October 23rd. Finally, Keefe, Bruyette & Woods reduced their price target on Globe Life from $192.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $181.50.

Globe Life Company Profile

Globe Life Inc. is a U.S.-based insurance holding company that provides life and supplemental health insurance through its subsidiaries. Its products include term and whole life insurance, Medicare Supplement insurance, and supplemental health coverage such as accident, cancer, and critical illness policies. The company distributes insurance through a mix of exclusive agents, independent agents, and direct marketing. Its operating companies include Globe Life and Accident Insurance Company, American Income Life, Liberty National, Family Heritage Life, and United American.