First Trust Advisors LP Sells 64,955 Shares of Globe Life Inc. (NYSE:GL)

First Trust Advisors LP reduced its position in shares of Globe Life Inc. (NYSE:GL – Get Rating) by 48.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,253 shares of the company’s stock after selling 64,955 shares during the quarter. First Trust Advisors LP’s holdings in Globe Life were worth $6,805,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Globe Life by 1.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 873,160 shares of the company’s stock valued at $87,053,000 after acquiring an additional 14,154 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Globe Life by 7.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 34,121 shares of the company’s stock valued at $3,401,000 after acquiring an additional 2,409 shares during the last quarter. Horizon Investments LLC bought a new stake in shares of Globe Life in the 3rd quarter valued at about $428,000. AlphaCrest Capital Management LLC increased its stake in shares of Globe Life by 41.1% in the 3rd quarter. AlphaCrest Capital Management LLC now owns 9,208 shares of the company’s stock valued at $918,000 after acquiring an additional 2,684 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in shares of Globe Life by 0.8% in the 3rd quarter. Macquarie Group Ltd. now owns 159,382 shares of the company’s stock valued at $15,891,000 after acquiring an additional 1,260 shares during the last quarter. 81.04% of the stock is owned by institutional investors.

Globe Life Trading Down 6.3 %

NYSE:GL opened at $106.78 on Tuesday. Globe Life Inc. has a twelve month low of $87.87 and a twelve month high of $123.85. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.33. The business has a 50 day moving average price of $120.11 and a two-hundred day moving average price of $113.90. The company has a market cap of $10.30 billion, a P/E ratio of 14.29 and a beta of 0.80.

Globe Life (NYSE:GL – Get Rating) last released its quarterly earnings data on Wednesday, February 1st. The company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.17 by $0.07. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. Globe Life had a return on equity of 15.03% and a net margin of 14.18%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.70 EPS. As a group, analysts expect that Globe Life Inc. will post 10.37 EPS for the current fiscal year.

Globe Life Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Stockholders of record on Monday, April 3rd will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 0.84%. The ex-dividend date is Friday, March 31st. This is an increase from Globe Life’s previous quarterly dividend of $0.21. Globe Life’s dividend payout ratio is presently 11.11%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Raymond James upped their price target on Globe Life from $138.00 to $141.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 15th. JPMorgan Chase & Co. boosted their price objective on Globe Life from $112.00 to $126.00 and gave the company an “overweight” rating in a research report on Friday, January 6th. Morgan Stanley boosted their price objective on Globe Life from $132.00 to $133.00 and gave the company an “underweight” rating in a research report on Friday, February 24th. StockNews.com lowered Globe Life from a “buy” rating to a “hold” rating in a research report on Tuesday, March 7th. Finally, Truist Financial boosted their price objective on Globe Life from $112.00 to $125.00 and gave the company a “hold” rating in a research report on Friday, February 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Globe Life has a consensus rating of “Moderate Buy” and a consensus target price of $129.57.

Insider Activity

In other news, EVP Robert Brian Mitchell sold 38,000 shares of the stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $121.45, for a total value of $4,615,100.00. Following the completion of the sale, the executive vice president now owns 4,310 shares of the company’s stock, valued at approximately $523,449.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Larry M. Hutchison sold 12,000 shares of the stock in a transaction on Friday, December 30th. The stock was sold at an average price of $102.98, for a total value of $1,235,760.00. Following the sale, the chief executive officer now owns 730,792 shares in the company, valued at approximately $75,256,960.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Brian Mitchell sold 38,000 shares of the stock in a transaction on Monday, February 27th. The shares were sold at an average price of $121.45, for a total value of $4,615,100.00. Following the completion of the sale, the executive vice president now owns 4,310 shares in the company, valued at approximately $523,449.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,000 shares of company stock valued at $12,392,220. 4.62% of the stock is owned by insiders.

Globe Life Profile

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Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.