Pzena Investment Management LLC Buys 2,123,282 Shares of Globe Life Inc. $GL

Pzena Investment Management LLC lifted its stake in shares of Globe Life Inc. (NYSE:GL) by 156.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,479,093 shares of the company’s stock after purchasing an additional 2,123,282 shares during the period. Globe Life comprises about 1.7% of Pzena Investment Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Pzena Investment Management LLC owned about 4.53% of Globe Life worth $576,312,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Mather Group LLC. increased its holdings in Globe Life by 9.5% in the third quarter. Mather Group LLC. now owns 773 shares of the company’s stock valued at $128,000 after buying an additional 67 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Globe Life by 2.7% during the 2nd quarter. NewEdge Advisors LLC now owns 2,562 shares of the company’s stock worth $458,000 after buying an additional 68 shares during the last quarter. Empirical Finance LLC lifted its holdings in Globe Life by 2.8% during the 2nd quarter. Empirical Finance LLC now owns 3,228 shares of the company’s stock worth $577,000 after buying an additional 87 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Globe Life by 4.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,366 shares of the company’s stock worth $329,000 after buying an additional 91 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC grew its position in shares of Globe Life by 6.7% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 1,529 shares of the company’s stock worth $253,000 after acquiring an additional 96 shares in the last quarter. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Robert Hensley sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $170.07, for a total transaction of $1,700,700.00. Following the sale, the executive vice president directly owned 12,384 shares in the company, valued at approximately $2,106,146.88. This represents a 44.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Majors sold 14,377 shares of the firm’s stock in a transaction that occurred on Friday, October 23rd. The stock was 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 directly owned 39,141 shares in the company, valued at approximately $6,046,501.68. This trade represents a 26.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.11% of the stock is currently owned by corporate insiders.

Globe Life Price Performance

GL opened at $161.62 on Thursday. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 10.81 and a beta of 0.47. Globe Life Inc. has a fifty-two week low of $129.21 and a fifty-two week high of $191.55. The company’s 50-day moving average price is $167.55 and its 200 day moving average price is $159.90. 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 (NYSE:GL) last issued its earnings results on Wednesday, October 21st. The company reported $4.84 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.56 billion. During the same period in the prior year, the business earned $4.81 EPS. The business’s revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts expect that Globe Life Inc. will post 15.48 earnings per share for the current year.

Globe Life announced that its Board of Directors has authorized a stock buyback program on Monday, August 10th that authorizes the company to buy back $2.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 17.7% of its shares through open market purchases. Share repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently commented on GL. Keefe, Bruyette & Woods decreased their target price on Globe Life from $192.00 to $190.00 and set an “outperform” rating for the company in a research report on Friday, July 24th. Jefferies Financial Group upped their price target on Globe Life from $147.00 to $166.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Morgan Stanley reduced their price objective on Globe Life from $208.00 to $197.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Weiss Ratings raised shares of Globe Life from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 21st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Globe Life from $193.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. One equities research 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. According to MarketBeat.com, Globe Life 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.