Victory Capital Management Inc. raised its position in Globe Life Inc. (NYSE:GL – Get Rating) by 20.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 330,670 shares of the company’s stock after purchasing an additional 56,647 shares during the quarter. Victory Capital Management Inc. owned about 0.33% of Globe Life worth $33,255,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in GL. Westpac Banking Corp acquired a new stake in shares of Globe Life during the 4th quarter worth about $29,000. Johnson Financial Group Inc. purchased a new position in Globe Life during the fourth quarter worth about $42,000. National Bank of Canada FI acquired a new stake in shares of Globe Life during the fourth quarter valued at about $50,000. CWM LLC acquired a new stake in shares of Globe Life during the fourth quarter valued at about $54,000. Finally, Lloyd Advisory Services LLC. acquired a new position in shares of Globe Life in the 1st quarter worth approximately $90,000. Hedge funds and other institutional investors own 75.72% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently weighed in on GL shares. JPMorgan Chase & Co. lifted their target price on shares of Globe Life from $108.00 to $112.00 in a report on Monday, July 11th. Morgan Stanley reiterated a “maintains” rating and issued a $109.00 price objective (up previously from $107.00) on shares of Globe Life in a report on Thursday, July 28th. Piper Sandler increased their target price on Globe Life from $119.00 to $121.00 and gave the stock an “overweight” rating in a research note on Friday, July 8th. Finally, Evercore ISI raised Globe Life from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $105.00 to $112.00 in a research report on Wednesday, June 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Globe Life currently has an average rating of “Hold” and an average price target of $110.71.
Globe Life Stock Down 1.3 %
Globe Life (NYSE:GL – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.03. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.33 billion. Globe Life had a return on equity of 9.06% and a net margin of 13.68%. Globe Life’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.85 EPS.
Globe Life Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Tuesday, July 5th were paid a $0.2075 dividend. The ex-dividend date of this dividend was Friday, July 1st. This represents a $0.83 dividend on an annualized basis and a yield of 0.85%. Globe Life’s dividend payout ratio is currently 11.81%.
Insiders Place Their Bets
In other news, CAO Michael Shane Henrie sold 800 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $100.64, for a total value of $80,512.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Steven John Dichiaro sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $98.84, for a total transaction of $98,840.00. Following the sale, the insider now owns 8,372 shares of the company’s stock, valued at approximately $827,488.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michael Shane Henrie sold 800 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $100.64, for a total value of $80,512.00. The disclosure for this sale can be found here. 4.62% of the stock is currently owned by company insiders.
About Globe Life
Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.
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