Park Avenue Securities LLC Purchases Shares of 2,623 Globe Life Inc. $GL

Park Avenue Securities LLC purchased a new stake in Globe Life Inc. (NYSE:GL) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,623 shares of the company’s stock, valued at approximately $326,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kaufman Rossin Wealth LLC purchased a new stake in Globe Life in the second quarter valued at about $259,000. Livforsakringsbolaget Skandia Omsesidigt raised its stake in Globe Life by 248.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 59,300 shares of the company’s stock valued at $7,370,000 after buying an additional 42,300 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Globe Life by 45.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 33,071 shares of the company’s stock valued at $4,008,000 after buying an additional 10,272 shares during the last quarter. Pallas Capital Advisors LLC raised its stake in Globe Life by 58.3% in the second quarter. Pallas Capital Advisors LLC now owns 11,766 shares of the company’s stock valued at $1,462,000 after buying an additional 4,334 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. purchased a new stake in Globe Life in the second quarter valued at about $734,000. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Frank M. Svoboda sold 12,500 shares of Globe Life stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $141.38, for a total value of $1,767,250.00. Following the sale, the chief executive officer directly owned 32,747 shares of the company’s stock, valued at $4,629,770.86. The trade was a 27.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Clay Majors sold 10,000 shares of Globe Life stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $137.41, for a total value of $1,374,100.00. Following the completion of the sale, the executive vice president directly owned 47,066 shares in the company, valued at $6,467,339.06. This represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,722 shares of company stock valued at $11,733,793 in the last three months. 1.97% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GL shares. Truist Financial started coverage on Globe Life in a research note on Tuesday, July 15th. They issued a “buy” rating and a $150.00 price objective for the company. Keefe, Bruyette & Woods raised their price objective on Globe Life from $145.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, July 28th. BMO Capital Markets restated a “market perform” rating and issued a $149.00 price objective (up from $114.00) on shares of Globe Life in a research note on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on Globe Life from $145.00 to $160.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Finally, Morgan Stanley raised their price objective on Globe Life from $166.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Globe Life presently has an average rating of “Moderate Buy” and an average target price of $152.45.

Globe Life Stock Down 0.4%

Globe Life stock opened at $142.99 on Wednesday. The firm has a market cap of $11.58 billion, a price-to-earnings ratio of 11.43 and a beta of 0.56. Globe Life Inc. has a 52 week low of $100.27 and a 52 week high of $147.83. The business’s 50-day moving average price is $140.04 and its 200 day moving average price is $128.31. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.43.

Globe Life (NYSE:GL) last posted its earnings results on Wednesday, July 23rd. The company reported $3.27 EPS for the quarter, topping the consensus estimate of $3.25 by $0.02. Globe Life had a return on equity of 21.24% and a net margin of 18.11%.The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $2.97 earnings per share. Globe Life’s revenue for the quarter was up 2.9% compared to the same quarter last year. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. As a group, sell-side analysts anticipate that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, October 3rd. Globe Life’s dividend payout ratio (DPR) is presently 8.63%.

About Globe Life

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.