Globe Life (NYSE:GL) EVP Michael Clay Majors Sells 14,377 Shares of Stock

Globe Life Inc. (NYSE:GL) EVP Michael Majors sold 14,377 shares of the company’s stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $154.48, for a total value of $2,220,958.96. Following the completion of the sale, the executive vice president owned 39,141 shares in the company, valued at $6,046,501.68. This represents a 26.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Michael Clay Majors also recently made the following trade(s):

• On Wednesday, July 29th, Michael Majors sold 37,000 shares of Globe Life stock. The shares were sold at an average price of $178.64, for a total value of $6,609,680.00.

Globe Life Stock Performance

Shares of NYSE GL traded up $2.08 during midday trading on Monday, hitting $156.87. 949,403 shares of the company’s stock were exchanged, compared to its average volume of 550,744. 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 12 month low of $127.85 and a 12 month high of $191.55. The company’s 50 day moving average price is $169.95 and its 200 day moving average price is $167.33. The firm has a market capitalization of $12.06 billion, a PE ratio of 10.49 and a beta of 0.44.

Globe Life (NYSE:GL) last posted its earnings results on Wednesday, October 21st. The company reported $4.84 earnings per share for the quarter, missing analysts’ consensus estimates of $4.90 by ($0.06). Globe Life had a return on equity of 19.95% and a net margin of 18.89%. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period in the previous year, the firm posted $4.81 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. As a group, analysts predict that Globe Life Inc. will post 15.61 earnings per share for the current fiscal year.

Globe Life declared that its board has approved a share repurchase program on Monday, August 10th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 17.7% of its shares through open market purchases. Share repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Globe Life Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Monday, October 5th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Monday, October 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.8%. Globe Life’s dividend payout ratio is 8.83%.

Institutional Trading of Globe Life

Several institutional investors and hedge funds have recently made changes to their positions in GL. Johnson Financial Group Inc. bought a new position in Globe Life in the second quarter valued at $39,000. AdvisorNet Financial Inc raised its position in Globe Life by 41.1% during the first quarter. AdvisorNet Financial Inc now owns 316 shares of the company’s stock valued at $44,000 after purchasing an additional 92 shares in the last quarter. Fortitude Family Office LLC lifted its stake in Globe Life by 94.6% during the third quarter. Fortitude Family Office LLC now owns 327 shares of the company’s stock worth $54,000 after purchasing an additional 159 shares during the last quarter. Root Financial Partners LLC lifted its stake in Globe Life by 23.3% during the first quarter. Root Financial Partners LLC now owns 439 shares of the company’s stock worth $61,000 after purchasing an additional 83 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in Globe Life by 42.0% during the second quarter. Assetmark Inc. now owns 426 shares of the company’s stock worth $76,000 after purchasing an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GL. Wells Fargo & Company reduced their price target on shares of Globe Life from $191.00 to $180.00 and set an “overweight” rating for the company in a report on Monday. UBS Group set a $165.00 price objective on shares of Globe Life in a report on Friday. Piper Sandler cut shares of Globe Life from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $200.00 to $165.00 in a research report on Friday. Morgan Stanley cut their price objective on shares of Globe Life from $208.00 to $197.00 and set an “overweight” rating on the stock in a research report on Monday, October 5th. Finally, Weiss Ratings upgraded Globe Life from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.50.

Globe Life Company Profile

Globe Life Inc (NYSE: GL) is an insurance holding company that provides individual life and supplemental health insurance products through a network of wholly owned subsidiaries. Its offerings are designed primarily for middle-income households and include term and whole life insurance, mortgage protection coverage, accident and supplemental health insurance, Medicare supplement policies, and annuities.

The company markets its products through several distribution channels, including exclusive and independent agency networks, direct-to-consumer sales, and workplace or union-affiliated programs.