Intech Investment Management LLC Sells 23,416 Shares of Globe Life Inc. (NYSE:GL)

Intech Investment Management LLC lowered its holdings in shares of Globe Life Inc. (NYSE:GL) by 61.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 14,446 shares of the company’s stock after selling 23,416 shares during the period. Intech Investment Management LLC’s holdings in Globe Life were worth $1,681,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Cooke & Bieler LP raised its stake in Globe Life by 2.0% during the fourth quarter. Cooke & Bieler LP now owns 2,357,839 shares of the company’s stock worth $286,996,000 after buying an additional 45,227 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Globe Life by 2.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,200,369 shares of the company’s stock worth $146,109,000 after buying an additional 29,560 shares during the last quarter. Norges Bank bought a new position in Globe Life during the fourth quarter worth $123,682,000. Nordea Investment Management AB raised its stake in Globe Life by 10,526.9% during the first quarter. Nordea Investment Management AB now owns 998,717 shares of the company’s stock worth $116,061,000 after buying an additional 989,319 shares during the last quarter. Finally, Equity Investment Corp raised its stake in Globe Life by 16.8% during the first quarter. Equity Investment Corp now owns 850,530 shares of the company’s stock worth $98,976,000 after buying an additional 122,255 shares during the last quarter. Institutional investors own 81.61% of the company’s stock.

Insider Activity

In other Globe Life news, CEO James Matthew Darden acquired 2,000 shares of Globe Life stock in a transaction dated Thursday, May 16th. The stock was purchased at an average cost of $84.82 per share, for a total transaction of $169,640.00. Following the completion of the acquisition, the chief executive officer now directly owns 37,973 shares of the company’s stock, valued at $3,220,869.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Thomas Peter Kalmbach purchased 500 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were acquired at an average cost of $84.43 per share, for a total transaction of $42,215.00. Following the completion of the acquisition, the chief financial officer now owns 18,080 shares in the company, valued at $1,526,494.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Matthew Darden purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were purchased at an average price of $84.82 per share, for a total transaction of $169,640.00. Following the completion of the acquisition, the chief executive officer now owns 37,973 shares of the company’s stock, valued at approximately $3,220,869.86. The disclosure for this purchase can be found here. Insiders acquired 6,500 shares of company stock worth $536,860 over the last three months. 1.51% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GL shares. Evercore ISI lifted their target price on shares of Globe Life from $83.00 to $86.00 and gave the stock an “in-line” rating in a research note on Wednesday, June 26th. Keefe, Bruyette & Woods raised shares of Globe Life from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $130.00 to $110.00 in a research note on Wednesday, April 24th. Morgan Stanley lifted their target price on shares of Globe Life from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Piper Sandler decreased their price target on shares of Globe Life from $110.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, June 28th. Finally, Wells Fargo & Company decreased their price target on shares of Globe Life from $132.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $104.22.

Globe Life Stock Up 0.1 %

GL traded up $0.06 during midday trading on Friday, hitting $88.26. The company had a trading volume of 639,441 shares, compared to its average volume of 1,047,083. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 8.43 and a beta of 0.81. The stock’s 50 day moving average price is $83.29 and its 200 day moving average price is $100.39. Globe Life Inc. has a 52 week low of $38.95 and a 52 week high of $132.00. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.32.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. Globe Life had a net margin of 18.07% and a return on equity of 23.01%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.53 earnings per share. On average, research analysts anticipate that Globe Life Inc. will post 11.75 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Friday, July 5th. Globe Life’s dividend payout ratio is currently 9.17%.

About Globe Life

Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States. The company operates in four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.