Summit Asset Management LLC Buys New Stake in Globe Life Inc. $GL

Summit Asset Management LLC bought a new stake in shares of Globe Life Inc. (NYSE:GL) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 5,659 shares of the company’s stock, valued at approximately $1,011,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hilton Head Capital Partners LLC acquired a new stake in shares of Globe Life in the 4th quarter worth approximately $30,000. CYBER HORNET ETFs LLC acquired a new position in shares of Globe Life during the second quarter valued at approximately $28,000. MUFG Securities EMEA plc bought a new stake in Globe Life during the second quarter worth approximately $31,000. Torren Management LLC bought a new stake in Globe Life during the fourth quarter worth approximately $37,000. Finally, AdvisorNet Financial Inc lifted its position in Globe Life by 41.1% in the first quarter. AdvisorNet Financial Inc now owns 316 shares of the company’s stock worth $44,000 after purchasing an additional 92 shares during the period. 81.61% of the stock is currently owned by institutional investors.

Globe Life Stock Performance

GL opened at $180.87 on Friday. The firm has a market cap of $13.90 billion, a PE ratio of 12.01 and a beta of 0.48. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $177.16 and a 200-day simple moving average of $157.27. Globe Life Inc. has a fifty-two week low of $127.85 and a fifty-two week high of $191.55.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, July 22nd. The company reported $3.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.67 by ($0.06). The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.59 billion. Globe Life had a return on equity of 20.52% and a net margin of 19.58%.The business’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.05 earnings per share. Globe Life has set its FY 2026 guidance at 15.550-15.950 EPS. As a group, equities analysts predict that Globe Life Inc. will post 15.71 EPS for the current fiscal year.

Globe Life announced that its Board of Directors has initiated a stock repurchase plan on Monday, August 10th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 17.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Globe Life Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Monday, October 5th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, October 5th. Globe Life’s payout ratio is presently 8.76%.

Insider Activity

In other news, CEO Frank M. Svoboda sold 10,000 shares of Globe Life stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $166.68, for a total value of $1,666,800.00. Following the transaction, the chief executive officer directly owned 54,020 shares of the company’s stock, valued at $9,004,053.60. This trade represents a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cheryl Alston sold 8,258 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $179.24, for a total transaction of $1,480,163.92. Following the sale, the director owned 16,621 shares in the company, valued at $2,979,148.04. This represents a 33.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 191,747 shares of company stock worth $33,480,408. 2.11% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on Globe Life from $181.00 to $208.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Piper Sandler upped their price objective on Globe Life from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings cut Globe Life from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 20th. Truist Financial lifted their target price on Globe Life from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Globe Life from $181.00 to $201.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Globe Life has an average rating of “Moderate Buy” and a consensus target price of $191.67.

Globe Life Company Profile

Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company’s product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.