M&T Bank Corp Sells 9,179 Shares of Globe Life Inc. (NYSE:GL)

Posted by Defense World Staff on Jun 5th, 2023

M&T Bank Corp lessened its position in Globe Life Inc. (NYSE:GL – Get Rating) by 74.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,166 shares of the company’s stock after selling 9,179 shares during the quarter. M&T Bank Corp’s holdings in Globe Life were worth $376,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in GL. Ronald Blue Trust Inc. grew its stake in shares of Globe Life by 72.6% during the fourth quarter. Ronald Blue Trust Inc. now owns 409 shares of the company’s stock valued at $41,000 after buying an additional 172 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of Globe Life during the fourth quarter worth about $53,000. Ellevest Inc. boosted its holdings in shares of Globe Life by 33.7% during the fourth quarter. Ellevest Inc. now owns 599 shares of the company’s stock worth $72,000 after purchasing an additional 151 shares during the period. Tobam purchased a new stake in shares of Globe Life during the fourth quarter worth about $102,000. Finally, CoreCap Advisors LLC purchased a new stake in shares of Globe Life during the fourth quarter worth about $116,000. Institutional investors own 81.04% of the company’s stock.

Globe Life Price Performance

Shares of NYSE GL opened at $107.04 on Monday. Globe Life Inc. has a fifty-two week low of $87.87 and a fifty-two week high of $123.85. The company has a 50 day simple moving average of $107.53 and a two-hundred day simple moving average of $114.43. The company has a market capitalization of $10.23 billion, a price-to-earnings ratio of 13.20 and a beta of 0.79. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.06 and a current ratio of 0.06.

Globe Life (NYSE:GL – Get Rating) last announced its earnings results on Wednesday, May 3rd. The company reported $2.53 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.06. Globe Life had a net margin of 15.28% and a return on equity of 19.20%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the firm earned $1.70 earnings per share. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. Analysts expect that Globe Life Inc. will post 10.4 EPS for the current fiscal year.

Insider Activity at Globe Life

In related news, Director Melissa Jane Buchan sold 1,900 shares of the firm’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $105.95, for a total transaction of $201,305.00. Following the completion of the sale, the director now owns 81,658 shares of the company’s stock, valued at $8,651,665.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Globe Life news, Director Melissa Jane Buchan sold 1,900 shares of Globe Life stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $105.95, for a total value of $201,305.00. Following the completion of the sale, the director now owns 81,658 shares of the company’s stock, valued at approximately $8,651,665.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Michael Shane Henrie sold 2,225 shares of Globe Life stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $110.29, for a total transaction of $245,395.25. Following the completion of the sale, the chief accounting officer now directly owns 700 shares of the company’s stock, valued at approximately $77,203. The disclosure for this sale can be found here. 4.33% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GL. Morgan Stanley dropped their target price on shares of Globe Life from $133.00 to $129.00 and set an “underweight” rating for the company in a report on Wednesday, April 12th. Piper Sandler lowered their price objective on shares of Globe Life from $135.00 to $130.00 in a report on Friday, May 5th. StockNews.com began coverage on shares of Globe Life in a report on Thursday, May 18th. They issued a “hold” rating for the company. Raymond James lowered their price objective on shares of Globe Life from $141.00 to $138.00 and set a “strong-buy” rating for the company in a report on Tuesday, March 14th. Finally, Wells Fargo & Company began coverage on shares of Globe Life in a report on Tuesday, April 25th. They issued an “equal weight” rating and a $120.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Globe Life presently has a consensus rating of “Moderate Buy” and an average target price of $127.50.

Globe Life Profile

(Get Rating)

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.