Golden State Equity Partners Purchases New Stake in Globe Life Inc. (NYSE:GL)

Golden State Equity Partners purchased a new stake in Globe Life Inc. (NYSE:GL) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,754 shares of the company’s stock, valued at approximately $890,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Globe Life during the fourth quarter worth $112,454,000. GAMMA Investing LLC raised its holdings in shares of Globe Life by 15,553.5% during the first quarter. GAMMA Investing LLC now owns 781,890 shares of the company’s stock worth $102,991,000 after purchasing an additional 776,895 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Globe Life during the fourth quarter worth $61,238,000. Freestone Grove Partners LP acquired a new stake in shares of Globe Life during the fourth quarter worth $52,178,000. Finally, Marshall Wace LLP raised its holdings in shares of Globe Life by 1,702.5% during the fourth quarter. Marshall Wace LLP now owns 484,692 shares of the company’s stock worth $54,053,000 after purchasing an additional 457,802 shares during the period. 81.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Frank M. Svoboda sold 6,019 shares of the firm’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 transaction, the chief executive officer now owns 31,298 shares in the company, valued at approximately $3,834,317.98. This trade represents a 16.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.51% of the company’s stock.

Globe Life Stock Performance

Shares of GL opened at $121.49 on Thursday. The firm has a 50-day moving average price of $121.03 and a 200 day moving average price of $119.92. The firm has a market capitalization of $10.03 billion, a PE ratio of 9.89 and a beta of 0.56. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. Globe Life Inc. has a 52-week low of $80.36 and a 52-week high of $133.76.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 18.33% and a return on equity of 21.44%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.78 EPS. On average, sell-side analysts anticipate that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.27 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. Globe Life’s dividend payout ratio (DPR) is 8.79%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GL. Wall Street Zen raised shares of Globe Life from a “hold” rating to a “buy” rating in a report on Friday, May 16th. JPMorgan Chase & Co. upped their price target 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. Wells Fargo & Company lowered their price target on shares of Globe Life from $140.00 to $139.00 and set an “overweight” rating for the company 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 for the company in a research report on Friday, May 2nd. Finally, Morgan Stanley upped their price target 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. Four equities research 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.