Globe Life (NYSE:GL) Trading Up 4.8% Following Insider Buying Activity

Globe Life Inc. (NYSE:GL)’s stock price was up 4.8% during mid-day trading on Monday following insider buying activity. The stock traded as high as $79.74 and last traded at $79.42. Approximately 526,765 shares traded hands during trading, a decline of 75% from the average daily volume of 2,111,711 shares. The stock had previously closed at $75.75.

Specifically, Director David A. Rodriguez purchased 1,500 shares of Globe Life stock in a transaction dated Wednesday, April 24th. The shares were acquired at an average price of $79.72 per share, with a total value of $119,580.00. Following the completion of the transaction, the director now owns 4,192 shares of the company’s stock, valued at $334,186.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Rebecca E. Zorn sold 2,320 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $77.30, for a total transaction of $179,336.00. Following the transaction, the executive vice president now directly owns 10,220 shares in the company, valued at $790,006. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Rodriguez purchased 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were bought at an average cost of $79.72 per share, with a total value of $119,580.00. Following the completion of the acquisition, the director now owns 4,192 shares of the company’s stock, valued at $334,186.24. The disclosure for this purchase can be found here. 1.51% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GL. Evercore ISI cut their price target on Globe Life from $125.00 to $75.00 and set an “in-line” rating for the company in a research note on Friday, April 12th. JPMorgan Chase & Co. boosted their price target on Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Wells Fargo & Company cut their target price on Globe Life from $132.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. StockNews.com downgraded Globe Life from a “buy” rating to a “hold” rating in a report on Saturday, April 20th. Finally, Keefe, Bruyette & Woods upgraded Globe Life from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $130.00 to $110.00 in a research note on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $114.33.

Globe Life Stock Performance

The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 7.23 and a beta of 0.69. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.36. The stock’s 50 day moving average is $106.65 and its two-hundred day moving average is $115.32.

Globe Life (NYSE:GL) last issued its earnings results on Monday, April 22nd. The company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.42 billion. Globe Life had a net margin of 18.07% and a return on equity of 23.91%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.53 earnings per share. Analysts expect that Globe Life Inc. will post 11.73 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, April 4th. This is a boost from Globe Life’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 1.22%. Globe Life’s dividend payout ratio (DPR) is currently 9.17%.

Institutional Trading of Globe Life

Several large investors have recently made changes to their positions in the company. Pacer Advisors Inc. lifted its holdings in shares of Globe Life by 488.6% during the fourth quarter. Pacer Advisors Inc. now owns 33,620 shares of the company’s stock worth $4,092,000 after purchasing an additional 27,908 shares during the period. Arizona State Retirement System raised its stake in Globe Life by 5.2% during the fourth quarter. Arizona State Retirement System now owns 26,061 shares of the company’s stock worth $3,172,000 after buying an additional 1,295 shares during the last quarter. AIA Group Ltd bought a new position in Globe Life during the fourth quarter worth $1,788,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Globe Life by 6.2% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 261,580 shares of the company’s stock worth $31,840,000 after buying an additional 15,329 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its stake in Globe Life by 72.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,637 shares of the company’s stock worth $443,000 after buying an additional 1,526 shares during the last quarter. Institutional investors and hedge funds own 81.61% of the company’s stock.

Globe Life Company 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.