Bank of New York Mellon Corp Decreases Stock Position in Globe Life Inc. $GL

Bank of New York Mellon Corp trimmed its holdings in Globe Life Inc. (NYSE:GL) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 558,911 shares of the company’s stock after selling 10,905 shares during the period. Bank of New York Mellon Corp owned 0.71% of Globe Life worth $77,784,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Globe Life during the fourth quarter worth approximately $155,617,000. Northwestern Mutual Wealth Management Co. grew its stake in Globe Life by 34,786.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 881,919 shares of the company’s stock worth $123,345,000 after acquiring an additional 879,391 shares during the period. AQR Capital Management LLC raised its holdings in Globe Life by 98.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,402,690 shares of the company’s stock valued at $174,340,000 after acquiring an additional 696,548 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in Globe Life in the 3rd quarter valued at $80,925,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Globe Life by 32.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,435,247 shares of the company’s stock worth $200,734,000 after purchasing an additional 355,399 shares during the period. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Globe Life Trading Up 0.1%

NYSE:GL opened at $184.38 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.07 and a current ratio of 0.07. Globe Life Inc. has a one year low of $120.05 and a one year high of $191.55. The business’s 50-day simple moving average is $167.76 and its 200 day simple moving average is $152.23. The stock has a market cap of $14.32 billion, a price-to-earnings ratio of 12.75 and a beta of 0.47.

Globe Life (NYSE:GL) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $3.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.46 by ($0.03). The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.56 billion. Globe Life had a return on equity of 20.94% and a net margin of 19.38%.The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $3.07 EPS. As a group, sell-side analysts predict that Globe Life Inc. will post 15.64 earnings per share for the current fiscal year.

Globe Life Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be paid a dividend of $0.33 per share. The ex-dividend date is Monday, July 6th. This represents a $1.32 annualized dividend and a yield of 0.7%. Globe Life’s dividend payout ratio is 9.13%.

Insider Transactions at Globe Life

In related news, Director Cheryl Alston sold 8,258 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $179.24, for a total value of $1,480,163.92. Following the sale, the director directly owned 16,621 shares in the company, valued at $2,979,148.04. This trade represents a 33.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Matthew Darden sold 4,663 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $153.88, for a total value of $717,542.44. Following the transaction, the chief executive officer directly owned 58,451 shares in the company, valued at $8,994,439.88. This trade represents a 7.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 124,187 shares of company stock valued at $19,529,414 over the last ninety days. Insiders own 2.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Jefferies Financial Group lifted their price objective on Globe Life from $147.00 to $166.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Weiss Ratings downgraded Globe Life from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday. TD Cowen raised their price target on Globe Life from $199.00 to $215.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Morgan Stanley raised their price target on Globe Life from $181.00 to $208.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Piper Sandler lifted their price target on Globe Life from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $186.60.

About Globe Life

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.