Globe Life Inc. (NYSE:GL) Position Reduced by OLD National Bancorp IN

Posted by Defense World Staff on Jul 4th, 2023

OLD National Bancorp IN decreased its stake in shares of Globe Life Inc. (NYSE:GL – Free Report) by 25.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,683 shares of the company’s stock after selling 1,626 shares during the period. OLD National Bancorp IN’s holdings in Globe Life were worth $515,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Globe Life by 7.2% during the first quarter. JPMorgan Chase & Co. now owns 93,908 shares of the company’s stock valued at $9,448,000 after acquiring an additional 6,299 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Globe Life by 3.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,549 shares of the company’s stock worth $1,464,000 after buying an additional 538 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Globe Life by 26.8% in the 1st quarter. American Century Companies Inc. now owns 13,456 shares of the company’s stock valued at $1,354,000 after purchasing an additional 2,848 shares in the last quarter. Cetera Advisor Networks LLC boosted its stake in shares of Globe Life by 3.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 4,740 shares of the company’s stock valued at $477,000 after purchasing an additional 137 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Globe Life by 23.9% in the 1st quarter. MetLife Investment Management LLC now owns 25,421 shares of the company’s stock valued at $2,557,000 after purchasing an additional 4,897 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

Insider Activity at Globe Life

In related news, Director Cheryl Alston sold 16,691 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $108.81, for a total value of $1,816,147.71. Following the completion of the transaction, the director now owns 6,238 shares of the company’s stock, valued at $678,756.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.33% of the stock is owned by insiders.

Globe Life Stock Up 0.8 %

GL opened at $110.26 on Tuesday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.42. The stock has a market cap of $10.54 billion, a PE ratio of 13.60 and a beta of 0.79. The stock’s fifty day simple moving average is $107.26 and its 200 day simple moving average is $113.03. Globe Life Inc. has a 1-year low of $95.65 and a 1-year high of $123.85.

Globe Life (NYSE:GL – Free Report) last posted its quarterly earnings data on Wednesday, May 3rd. The company reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.06. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Globe Life had a return on equity of 19.20% and a net margin of 15.28%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.70 EPS. As a group, research analysts expect that Globe Life Inc. will post 10.4 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Wednesday, July 5th will be paid a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date is Monday, July 3rd. Globe Life’s dividend payout ratio (DPR) is presently 11.10%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Piper Sandler cut their price target on Globe Life from $135.00 to $130.00 in a report on Friday, May 5th. StockNews.com started coverage on Globe Life in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Wells Fargo & Company started coverage on Globe Life in a research report on Tuesday, April 25th. They issued an “equal weight” rating and a $120.00 price objective for the company. Raymond James reduced their price target on Globe Life from $141.00 to $138.00 and set a “strong-buy” rating for the company in a research report on Tuesday, March 14th. Finally, Morgan Stanley cut their price objective on Globe Life from $133.00 to $129.00 and set an “underweight” rating for the company in a report on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $129.71.

Globe Life Company Profile

(Free Report)

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.