Envestnet Asset Management Inc. Acquires 1,371 Shares of Globe Life Inc. (NYSE:GL)

Envestnet Asset Management Inc. increased its holdings in Globe Life Inc. (NYSE:GL) by 1.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,203 shares of the company’s stock after purchasing an additional 1,371 shares during the period. Envestnet Asset Management Inc. owned approximately 0.10% of Globe Life worth $11,355,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Resona Asset Management Co. Ltd. acquired a new position in Globe Life during the 4th quarter worth $68,000. Lee Danner & Bass Inc. acquired a new position in shares of Globe Life during the fourth quarter valued at about $70,000. Versant Capital Management Inc raised its position in shares of Globe Life by 140.2% during the first quarter. Versant Capital Management Inc now owns 586 shares of the company’s stock valued at $77,000 after buying an additional 342 shares during the last quarter. Blue Trust Inc. raised its position in shares of Globe Life by 42.4% during the first quarter. Blue Trust Inc. now owns 772 shares of the company’s stock valued at $102,000 after buying an additional 230 shares during the last quarter. Finally, Virtus Fund Advisers LLC acquired a new position in shares of Globe Life during the fourth quarter valued at about $116,000. 81.61% of the stock is currently owned by institutional investors.

Globe Life Stock Up 0.5%

Shares of NYSE GL opened at $122.20 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 $86.10 and a 52 week high of $133.76. The firm’s fifty day moving average is $120.87 and its 200 day moving average is $121.58. The company has a market cap of $10.09 billion, a price-to-earnings ratio of 9.94 and a beta of 0.56.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, April 30th. The company reported $3.07 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 the consensus estimate of $1.49 billion. Globe Life had a net margin of 18.33% and a return on equity of 21.44%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.78 EPS. On average, equities research analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, July 3rd. Globe Life’s dividend payout ratio is currently 8.79%.

Analyst Upgrades and Downgrades

GL has been the subject of several recent analyst reports. Truist Financial initiated coverage on shares of Globe Life in a report on Tuesday, July 15th. They set a “buy” rating and a $150.00 price objective for the company. Morgan Stanley set a $127.00 price objective on shares of Globe Life and gave the stock an “equal weight” rating in a report on Monday, July 14th. Wall Street Zen raised shares of Globe Life from a “hold” rating to a “buy” rating in a report on Friday, May 16th. JPMorgan Chase & Co. raised their price objective on shares of Globe Life from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company raised their price objective on shares of Globe Life from $139.00 to $144.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Globe Life has a consensus rating of “Moderate Buy” and a consensus target price of $143.82.

Insider Transactions at Globe Life

In other news, CEO Frank M. Svoboda sold 6,019 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total transaction of $737,387.69. Following the completion of the sale, the chief executive officer owned 31,298 shares of the company’s stock, valued at $3,834,317.98. This represents a 16.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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.