Globe Life Inc. $GL Stock: Pzena Investment Management LLC Raises Stake

Pzena Investment Management LLC raised its position in shares of Globe Life Inc. (NYSE:GL) by 156.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,479,093 shares of the company’s stock after purchasing an additional 2,123,282 shares during the period. Globe Life accounts for approximately 1.7% of Pzena Investment Management LLC’s holdings, making the stock its 23rd biggest position. Pzena Investment Management LLC’s holdings in Globe Life were worth $576,312,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Johnson Financial Group Inc. acquired a new stake in shares of Globe Life in the second quarter valued at approximately $39,000. Fortitude Family Office LLC raised its holdings in shares of Globe Life by 94.6% during the third quarter. Fortitude Family Office LLC now owns 327 shares of the company’s stock valued at $54,000 after buying an additional 159 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Globe Life by 42.0% during the second quarter. Assetmark Inc. now owns 426 shares of the company’s stock valued at $76,000 after buying an additional 126 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Globe Life during the third quarter valued at approximately $92,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in shares of Globe Life during the second quarter valued at approximately $103,000. 81.61% of the stock is owned by institutional investors and hedge funds.

Globe Life Stock Performance

Shares of GL opened at $161.62 on Thursday. The firm’s 50 day moving average is $167.55 and its 200-day moving average is $159.90. The stock has a market capitalization of $12.42 billion, a P/E ratio of 10.81 and a beta of 0.47. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.07 and a quick ratio of 0.07. Globe Life Inc. has a 12-month low of $129.21 and a 12-month high of $191.55.

Globe Life (NYSE:GL) last released its earnings results on Wednesday, October 21st. The company reported $4.84 EPS for the quarter, missing the consensus estimate of $4.90 by ($0.06). Globe Life had a net margin of 18.89% and a return on equity of 19.95%. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period in the prior year, the company earned $4.81 earnings per share. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities research analysts anticipate that Globe Life Inc. will post 15.48 EPS for the current fiscal year.

Globe Life declared that its Board of Directors has initiated a share buyback program on Monday, August 10th that authorizes the company to buy back $2.50 billion in shares. This repurchase authorization authorizes the company to purchase up to 17.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GL. Jefferies Financial Group boosted their price objective on Globe Life from $147.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. TD Cowen lowered their target price on Globe Life from $225.00 to $215.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. Piper Sandler downgraded Globe Life from an “overweight” rating to a “neutral” rating and cut their target price for the company from $200.00 to $165.00 in a research note on Friday, October 23rd. 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. Finally, UBS Group set a $165.00 price target on Globe Life in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and an average price target of $181.50.

Insider Activity at Globe Life

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

About Globe Life

Globe Life Inc (NYSE: GL) is an insurance holding company that provides individual life and supplemental health insurance products through a network of wholly owned subsidiaries. Its offerings are designed primarily for middle-income households and include term and whole life insurance, mortgage protection coverage, accident and supplemental health insurance, Medicare supplement policies, and annuities.

The company markets its products through several distribution channels, including exclusive and independent agency networks, direct-to-consumer sales, and workplace or union-affiliated programs.