Envestnet Portfolio Solutions Inc. Sells 4,429 Shares of Globe Life Inc. $GL

Envestnet Portfolio Solutions Inc. reduced its position in Globe Life Inc. (NYSE:GL) by 20.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,310 shares of the company’s stock after selling 4,429 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Globe Life were worth $2,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GL. Synergy Asset Management LLC lifted its stake in shares of Globe Life by 1,022.7% in the 3rd quarter. Synergy Asset Management LLC now owns 100,603 shares of the company’s stock worth $14,240,000 after purchasing an additional 91,642 shares during the period. SteelPeak Wealth LLC purchased a new stake in Globe Life during the third quarter valued at approximately $2,985,000. Inspire Investing LLC purchased a new stake in Globe Life during the third quarter valued at approximately $1,062,000. Rakuten Investment Management Inc. bought a new position in Globe Life in the third quarter worth approximately $9,064,000. Finally, MGO One Seven LLC purchased a new position in shares of Globe Life during the 3rd quarter worth $1,364,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Insider Activity

In other news, CEO Frank M. Svoboda sold 9,379 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $140.43, for a total transaction of $1,317,092.97. Following the completion of the transaction, the chief executive officer directly owned 35,868 shares in the company, valued at approximately $5,036,943.24. This represents a 20.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.97% of the stock is owned by company insiders.

Globe Life Trading Up 1.2%

Shares of Globe Life stock opened at $138.13 on Tuesday. The firm has a market cap of $11.00 billion, a price-to-earnings ratio of 10.01 and a beta of 0.48. The business has a 50-day moving average price of $137.72 and a 200-day moving average price of $136.82. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.41. Globe Life Inc. has a twelve month low of $109.38 and a twelve month high of $147.83.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Monday, January 5th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Monday, January 5th. This represents a $1.08 dividend on an annualized basis and a yield of 0.8%. Globe Life’s payout ratio is presently 7.83%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wells Fargo & Company decreased their target price on Globe Life from $172.00 to $170.00 and set an “overweight” rating on the stock in a report on Friday, October 24th. Piper Sandler reaffirmed an “overweight” rating and issued a $167.00 price objective on shares of Globe Life in a research note on Friday, November 21st. Morgan Stanley reaffirmed an “overweight” rating and set a $176.00 price objective on shares of Globe Life in a research report on Monday, December 15th. Truist Financial raised their target price on shares of Globe Life from $150.00 to $158.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Globe Life from $160.00 to $162.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $166.22.

Globe Life Profile

Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company’s product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.