Globe Life Inc. (NYSE:GL) Shares Sold by State of Alaska Department of Revenue

Posted by Defense World Staff on Oct 16th, 2023

State of Alaska Department of Revenue trimmed its position in Globe Life Inc. (NYSE:GL – Free Report) by 11.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,014 shares of the company’s stock after selling 1,438 shares during the period. State of Alaska Department of Revenue’s holdings in Globe Life were worth $1,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in GL. Great Valley Advisor Group Inc. purchased a new stake in Globe Life in the first quarter valued at $214,000. New York State Teachers Retirement System boosted its holdings in Globe Life by 1.6% in the first quarter. New York State Teachers Retirement System now owns 114,192 shares of the company’s stock valued at $12,563,000 after purchasing an additional 1,786 shares during the last quarter. Guggenheim Capital LLC boosted its holdings in Globe Life by 74.2% in the first quarter. Guggenheim Capital LLC now owns 5,424 shares of the company’s stock valued at $597,000 after purchasing an additional 2,310 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Globe Life by 1.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 20,522 shares of the company’s stock valued at $2,258,000 after purchasing an additional 249 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Globe Life by 74.6% in the first quarter. Tower Research Capital LLC TRC now owns 3,719 shares of the company’s stock valued at $409,000 after purchasing an additional 1,589 shares during the last quarter. 80.04% of the stock is owned by institutional investors and hedge funds.

Globe Life Stock Down 0.0 %

GL stock opened at $113.32 on Monday. The company has a market cap of $10.73 billion, a price-to-earnings ratio of 13.24 and a beta of 0.78. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.45. Globe Life Inc. has a 12 month low of $102.23 and a 12 month high of $123.85. The firm has a 50-day moving average of $111.33 and a two-hundred day moving average of $109.68.

Globe Life (NYSE:GL – Get Free Report) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $2.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.04. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. Globe Life had a net margin of 15.91% and a return on equity of 21.82%. The business’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.07 EPS. As a group, analysts forecast that Globe Life Inc. will post 10.49 earnings per share for the current fiscal year.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Friday, October 6th will be issued a dividend of $0.225 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 0.79%. Globe Life’s dividend payout ratio is currently 10.51%.

Insider Transactions at Globe Life

In other news, CEO Frank M. Svoboda sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $113.57, for a total transaction of $1,419,625.00. Following the completion of the sale, the chief executive officer now owns 3,370 shares in the company, valued at approximately $382,730.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Robert Brian Mitchell sold 16,217 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $111.97, for a total transaction of $1,815,817.49. Following the completion of the transaction, the executive vice president now owns 36,635 shares of the company’s stock, valued at approximately $4,102,020.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $113.57, for a total transaction of $1,419,625.00. Following the transaction, the chief executive officer now directly owns 3,370 shares of the company’s stock, valued at approximately $382,730.90. The disclosure for this sale can be found here. Insiders sold 33,542 shares of company stock worth $3,770,767 in the last 90 days. Insiders own 4.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on GL. Jefferies Financial Group upped their price target on shares of Globe Life from $115.00 to $118.00 and gave the company a “hold” rating in a report on Thursday, September 14th. JPMorgan Chase & Co. raised their price target on shares of Globe Life from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Friday, October 6th. StockNews.com assumed coverage on shares of Globe Life in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Morgan Stanley raised shares of Globe Life from an “underweight” rating to an “equal weight” rating and set a $131.00 price target on the stock in a research note on Friday, August 18th. Finally, Piper Sandler raised their price target on shares of Globe Life from $130.00 to $131.00 in a research note on Friday, July 28th. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $129.38.

Read Our Latest Stock Analysis on Globe Life

Globe Life 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.