Bank of Montreal Can Decreases Stock Position in Globe Life Inc. (NYSE:GL)

Bank of Montreal Can cut its stake in Globe Life Inc. (NYSE:GLGet Rating) by 10.7% in the second quarter, HoldingsChannel reports. The firm owned 82,133 shares of the company’s stock after selling 9,853 shares during the quarter. Bank of Montreal Can’s holdings in Globe Life were worth $8,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GL. Prospera Financial Services Inc acquired a new stake in Globe Life in the first quarter valued at $31,000. First Horizon Advisors Inc. raised its stake in Globe Life by 216.9% in the second quarter. First Horizon Advisors Inc. now owns 507 shares of the company’s stock valued at $49,000 after buying an additional 347 shares in the last quarter. CWM LLC raised its stake in Globe Life by 40.6% in the second quarter. CWM LLC now owns 897 shares of the company’s stock valued at $87,000 after buying an additional 259 shares in the last quarter. Shell Asset Management Co. raised its stake in Globe Life by 75.2% in the first quarter. Shell Asset Management Co. now owns 1,079 shares of the company’s stock valued at $109,000 after buying an additional 463 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Globe Life by 22.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,285 shares of the company’s stock valued at $129,000 after buying an additional 232 shares in the last quarter. 81.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Globe Life

In related news, insider Jason A. Harvey sold 2,013 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $103.19, for a total value of $207,721.47. Following the transaction, the insider now owns 460 shares in the company, valued at approximately $47,467.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Globe Life news, insider Jason A. Harvey sold 2,013 shares of Globe Life stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $103.19, for a total value of $207,721.47. Following the sale, the insider now owns 460 shares of the company’s stock, valued at approximately $47,467.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason A. Harvey sold 12,000 shares of Globe Life stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $103.34, for a total value of $1,240,080.00. Following the completion of the sale, the insider now directly owns 460 shares in the company, valued at approximately $47,536.40. The disclosure for this sale can be found here. Insiders have sold 89,511 shares of company stock worth $10,075,219 in the last quarter. Company insiders own 4.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GL. Piper Sandler raised their price target on Globe Life to $127.00 in a research note on Tuesday, November 1st. StockNews.com began coverage on Globe Life in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Truist Financial lifted their target price on Globe Life from $100.00 to $112.00 and gave the stock a “hold” rating in a research report on Friday, October 28th. Morgan Stanley lifted their target price on Globe Life from $112.00 to $115.00 and gave the stock an “underweight” rating in a research report on Thursday, November 17th. Finally, Raymond James began coverage on Globe Life in a research report on Wednesday, September 21st. They set a “strong-buy” rating and a $138.00 target price on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $113.38.

Globe Life Stock Performance

Shares of GL stock opened at $116.77 on Friday. The stock has a market capitalization of $11.36 billion, a PE ratio of 16.47 and a beta of 0.85. Globe Life Inc. has a 52-week low of $85.25 and a 52-week high of $117.31. The stock’s 50-day moving average price is $109.41 and its 200 day moving average price is $102.13. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.37.

Globe Life Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 7th were given a $0.2075 dividend. This represents a $0.83 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, October 6th. Globe Life’s dividend payout ratio (DPR) is presently 11.71%.

About Globe Life

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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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Want to see what other hedge funds are holding GL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globe Life Inc. (NYSE:GLGet Rating).

Institutional Ownership by Quarter for Globe Life (NYSE:GL)

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