MidFirst Bank acquired a new position in shares of Globe Life Inc. (NYSE:GL – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,150 shares of the company’s stock, valued at approximately $563,000.
A number of other large investors have also recently bought and sold shares of GL. Compound Planning Inc. raised its position in shares of Globe Life by 4.3% during the 4th quarter. Compound Planning Inc. now owns 1,968 shares of the company’s stock worth $275,000 after purchasing an additional 82 shares during the period. Root Financial Partners LLC boosted its position in Globe Life by 23.3% during the 1st quarter. Root Financial Partners LLC now owns 439 shares of the company’s stock valued at $61,000 after purchasing an additional 83 shares during the period. Parallel Advisors LLC grew its stake in Globe Life by 5.6% during the 4th quarter. Parallel Advisors LLC now owns 1,651 shares of the company’s stock worth $231,000 after buying an additional 87 shares during the last quarter. First United Bank & Trust grew its stake in Globe Life by 2.1% during the 1st quarter. First United Bank & Trust now owns 4,355 shares of the company’s stock worth $606,000 after buying an additional 90 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Globe Life by 4.0% in the first quarter. EverSource Wealth Advisors LLC now owns 2,366 shares of the company’s stock worth $329,000 after buying an additional 91 shares during the period. Institutional investors own 81.61% of the company’s stock.
Globe Life Stock Down 0.6%
GL opened at $180.00 on Tuesday. Globe Life Inc. has a 12 month low of $127.85 and a 12 month high of $191.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.07 and a quick ratio of 0.07. The stock has a market cap of $13.83 billion, a P/E ratio of 11.95 and a beta of 0.48. The stock’s 50 day moving average price is $177.61 and its 200 day moving average price is $157.71.
Globe Life Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Monday, October 5th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, October 5th. Globe Life’s dividend payout ratio is currently 8.76%.
Globe Life announced that its board has approved a share buyback program on Monday, August 10th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 17.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Analyst Ratings Changes
A number of equities research analysts have issued reports on GL shares. JPMorgan Chase & Co. raised their target price on Globe Life from $181.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. TD Cowen upped their price target on shares of Globe Life from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings cut shares of Globe Life from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 20th. Morgan Stanley lifted their price objective on shares of Globe Life from $181.00 to $208.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Wells Fargo & Company boosted their target price on shares of Globe Life from $172.00 to $193.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $191.67.
Read Our Latest Analysis on Globe Life
Insider Activity
In other news, CEO Frank M. Svoboda sold 20,000 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $156.68, for a total value of $3,133,600.00. Following the completion of the transaction, the chief executive officer directly owned 54,020 shares in the company, valued at $8,463,853.60. This trade represents a 27.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Clay Majors sold 37,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.64, for a total value of $6,609,680.00. Following the sale, the executive vice president directly owned 53,518 shares in the company, valued at approximately $9,560,455.52. The trade was a 40.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 179,844 shares of company stock worth $31,616,279 in the last 90 days. 2.11% of the stock is currently owned by corporate insiders.
Globe Life 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.
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