Amalgamated Bank Increases Position in Globe Life Inc. (NYSE:GL)

Amalgamated Bank lifted its position in Globe Life Inc. (NYSE:GL) by 0.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,348 shares of the company’s stock after acquiring an additional 85 shares during the period. Amalgamated Bank’s holdings in Globe Life were worth $2,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Globe Life during the 4th quarter valued at about $112,454,000. GAMMA Investing LLC lifted its holdings in shares of Globe Life by 15,553.5% during the first quarter. GAMMA Investing LLC now owns 781,890 shares of the company’s stock worth $102,991,000 after purchasing an additional 776,895 shares during the period. Raymond James Financial Inc. purchased a new stake in Globe Life in the fourth quarter valued at approximately $61,238,000. Freestone Grove Partners LP purchased a new stake in Globe Life in the fourth quarter valued at approximately $52,178,000. Finally, Marshall Wace LLP increased its holdings in Globe Life by 1,702.5% in the 4th quarter. Marshall Wace LLP now owns 484,692 shares of the company’s stock worth $54,053,000 after buying an additional 457,802 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on GL shares. Piper Sandler decreased their price objective on shares of Globe Life from $152.00 to $147.00 and set an “overweight” rating for the company in a research note on Friday, May 2nd. Wall Street Zen raised shares of Globe Life from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Wells Fargo & Company lowered their price target on shares of Globe Life from $140.00 to $139.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price target on Globe Life from $136.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley boosted their price objective on Globe Life from $117.00 to $125.00 and gave the company an “equal weight” rating in a report on Monday, May 19th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Globe Life has a consensus rating of “Moderate Buy” and an average price target of $137.73.

Insider Buying and Selling

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total transaction of $737,387.69. Following the transaction, the chief executive officer directly owned 31,298 shares of the company’s stock, valued at $3,834,317.98. This trade represents a 16.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.51% of the company’s stock.

Globe Life Price Performance

NYSE:GL opened at $121.20 on Friday. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. Globe Life Inc. has a 52 week low of $80.36 and a 52 week high of $133.76. The stock’s 50-day moving average price is $121.21 and its 200-day moving average price is $120.88. The stock has a market capitalization of $10.00 billion, a PE ratio of 9.86 and a beta of 0.56.

Globe Life (NYSE:GL) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.17). The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Globe Life had a return on equity of 21.44% and a net margin of 18.33%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.78 EPS. As a group, equities analysts expect that Globe Life Inc. will post 13.87 EPS for the current fiscal year.

Globe Life Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Thursday, July 3rd. Globe Life’s payout ratio is presently 8.79%.

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.