CIBC Asset Management Inc Reduces Stock Holdings in Globe Life Inc. (NYSE:GL)

CIBC Asset Management Inc lessened its position in shares of Globe Life Inc. (NYSE:GL) by 3.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,377 shares of the company’s stock after selling 400 shares during the quarter. CIBC Asset Management Inc’s holdings in Globe Life were worth $1,380,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nuance Investments LLC raised its position in Globe Life by 155.6% during the third quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock worth $120,629,000 after acquiring an additional 693,346 shares during the last quarter. Swedbank AB purchased a new position in shares of Globe Life during the 4th quarter worth approximately $52,414,000. International Assets Investment Management LLC raised its position in shares of Globe Life by 15,398.7% during the 3rd quarter. International Assets Investment Management LLC now owns 336,631 shares of the company’s stock worth $356,530,000 after purchasing an additional 334,459 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Globe Life by 22.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,675 shares of the company’s stock valued at $160,949,000 after buying an additional 277,108 shares in the last quarter. Finally, Segall Bryant & Hamill LLC grew its holdings in Globe Life by 78.5% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 290,515 shares of the company’s stock valued at $30,768,000 after buying an additional 127,764 shares during the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Piper Sandler boosted their price target on Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Wells Fargo & Company lifted their price objective on Globe Life from $126.00 to $141.00 and gave the stock an “overweight” rating in a research report on Wednesday. BMO Capital Markets assumed coverage on shares of Globe Life in a report on Thursday, January 23rd. They issued a “market perform” rating and a $114.00 target price on the stock. Morgan Stanley lifted their price target on shares of Globe Life from $123.00 to $125.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 11th. Finally, Jefferies Financial Group upped their price objective on shares of Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.50.

Globe Life Stock Performance

NYSE:GL opened at $122.52 on Friday. The company has a market cap of $10.28 billion, a P/E ratio of 10.25 and a beta of 0.81. The firm’s 50 day moving average is $116.53 and its two-hundred day moving average is $109.07. Globe Life Inc. has a fifty-two week low of $38.95 and a fifty-two 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 0.50.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, February 5th. The company reported $3.14 earnings per share for the quarter, topping the consensus estimate of $3.12 by $0.02. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. Analysts expect that Globe Life Inc. will post 13.87 EPS for the current year.

Insider Activity

In other news, Director Mark A. Blinn sold 3,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.23, for a total value of $339,690.00. Following the transaction, the director now owns 5,122 shares of the company’s stock, valued at approximately $579,964.06. This trade represents a 36.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Jennifer Allison Haworth sold 9,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $112.91, for a total transaction of $1,016,190.00. Following the sale, the chief marketing officer now directly owns 13,485 shares of the company’s stock, valued at approximately $1,522,591.35. This trade represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,678 shares of company stock valued at $8,799,822 in the last three months. Corporate insiders own 1.51% of the company’s stock.

Globe Life Profile

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.