Bank of New York Mellon Corp Reduces Holdings in Globe Life Inc. (NYSE:GL)

Bank of New York Mellon Corp cut its stake in shares of Globe Life Inc. (NYSE:GL) by 14.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,260,365 shares of the company’s stock after selling 210,984 shares during the quarter. Bank of New York Mellon Corp’s holdings in Globe Life were worth $140,556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of GL. Nuance Investments LLC lifted its holdings in Globe Life by 155.6% in the 3rd quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock worth $120,629,000 after buying an additional 693,346 shares during the period. Swedbank AB purchased a new stake in Globe Life in the 4th quarter worth approximately $52,414,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 worth $160,949,000 after buying an additional 277,108 shares during the period. Segall Bryant & Hamill LLC lifted its holdings in Globe Life by 78.5% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 290,515 shares of the company’s stock worth $30,768,000 after buying an additional 127,764 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Globe Life by 38.9% in the 3rd quarter. Victory Capital Management Inc. now owns 421,018 shares of the company’s stock worth $44,590,000 after buying an additional 117,839 shares during the period. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GL. Morgan Stanley increased their price objective on Globe Life from $125.00 to $126.00 and gave the stock an “equal weight” rating in a report on Friday. Jefferies Financial Group increased their target price on Globe Life from $107.00 to $114.00 and gave the stock a “hold” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods increased their target price on Globe Life from $137.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Evercore ISI raised Globe Life from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $132.00 to $143.00 in a research report on Wednesday, January 8th. Finally, BMO Capital Markets assumed coverage on Globe Life in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $114.00 target price for the company. 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $135.60.

Insider Activity at Globe Life

In other Globe Life news, CMO Jennifer Allison Haworth sold 9,000 shares of Globe Life stock in a transaction on Monday, January 6th. The stock was sold at an average price of $112.91, for a total value of $1,016,190.00. Following the completion of the sale, the chief marketing officer now 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark A. Blinn sold 3,000 shares of Globe Life stock in a transaction on Monday, January 6th. The stock was sold at an average price of $113.23, for a total value of $339,690.00. Following the completion of the sale, the director now directly owns 5,122 shares of the company’s stock, valued at approximately $579,964.06. The trade was a 36.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,678 shares of company stock valued at $8,799,822 in the last 90 days. Corporate insiders own 1.51% of the company’s stock.

Globe Life Stock Up 2.8 %

GL stock opened at $127.69 on Friday. Globe Life Inc. has a twelve month low of $38.95 and a twelve month high of $129.05. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. The firm has a market cap of $10.72 billion, a PE ratio of 10.68 and a beta of 0.81. The business has a 50 day moving average of $118.29 and a 200 day moving average of $110.23.

Globe Life (NYSE:GL) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $3.14 earnings per share for the quarter, beating analysts’ consensus estimates of $3.12 by $0.02. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. On average, research analysts forecast that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 3rd will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. Globe Life’s dividend payout ratio (DPR) is 8.03%.

Globe Life Company 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.