Globe Life Inc. (NYSE:GL) Stake Lowered by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP decreased its stake in Globe Life Inc. (NYSE:GL) by 55.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,809 shares of the company’s stock after selling 20,802 shares during the period. Brevan Howard Capital Management LP’s holdings in Globe Life were worth $1,875,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Retirement Systems of Alabama lifted its stake in Globe Life by 6.4% in the third quarter. Retirement Systems of Alabama now owns 19,702 shares of the company’s stock valued at $2,087,000 after buying an additional 1,179 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Globe Life by 9.0% in the 3rd quarter. Principal Financial Group Inc. now owns 105,315 shares of the company’s stock worth $11,154,000 after acquiring an additional 8,663 shares during the period. Versant Capital Management Inc lifted its position in Globe Life by 388.0% in the 4th quarter. Versant Capital Management Inc now owns 244 shares of the company’s stock valued at $27,000 after purchasing an additional 194 shares during the last quarter. Pensionfund Sabic boosted its stake in Globe Life by 20.4% during the 4th quarter. Pensionfund Sabic now owns 11,800 shares of the company’s stock valued at $1,316,000 after purchasing an additional 2,000 shares during the period. Finally, Diversified Trust Co bought a new position in Globe Life in the 4th quarter worth about $356,000. Institutional investors own 81.61% of the company’s stock.

Globe Life Stock Performance

Shares of GL opened at $120.44 on Wednesday. Globe Life Inc. has a 12-month low of $76.55 and a 12-month high of $133.76. The stock has a market capitalization of $10.03 billion, a P/E ratio of 10.08 and a beta of 0.56. The firm’s 50 day moving average is $123.93 and its 200-day moving average is $116.95. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life (NYSE:GL) last posted its quarterly 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). The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. Globe Life had a net margin of 18.53% and a return on equity of 22.32%. Globe Life’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.78 EPS. Equities research analysts anticipate that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Announces Dividend

The business also recently declared 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 is Thursday, July 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.90%. Globe Life’s dividend payout ratio (DPR) is 8.79%.

Insider Buying and Selling

In related news, CEO James Matthew Darden sold 24,890 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $121.52, for a total value of $3,024,632.80. Following the completion of the transaction, the chief executive officer now owns 38,973 shares of the company’s stock, valued at approximately $4,735,998.96. This trade represents a 38.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Frank M. Svoboda sold 11,000 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the sale, the chief executive officer now directly owns 18,948 shares in the company, valued at approximately $2,317,529.88. This trade represents a 36.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. BMO Capital Markets assumed coverage on Globe Life in a research report on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price objective for the company. Keefe, Bruyette & Woods boosted their price target on Globe Life from $137.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Morgan Stanley lowered their price target on Globe Life from $126.00 to $117.00 and set an “equal weight” rating on the stock in a report on Thursday, April 10th. JPMorgan Chase & Co. upped their price objective on shares of Globe Life from $136.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, April 2nd. Finally, Piper Sandler lowered their target price on shares of Globe Life from $152.00 to $147.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Globe Life currently has an average rating of “Moderate Buy” and an average target price of $137.00.

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.