Bank of New York Mellon Corp Boosts Position in Globe Life Inc. (NYSE:GL)

Bank of New York Mellon Corp raised its stake in shares of Globe Life Inc. (NYSE:GL) by 104.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,611,294 shares of the company’s stock after buying an additional 822,638 shares during the quarter. Bank of New York Mellon Corp owned about 1.79% of Globe Life worth $132,577,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. NBC Securities Inc. grew its holdings in Globe Life by 2.7% during the 1st quarter. NBC Securities Inc. now owns 5,803 shares of the company’s stock valued at $675,000 after buying an additional 153 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Globe Life by 0.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 35,081 shares of the company’s stock valued at $4,082,000 after acquiring an additional 167 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of Globe Life by 177.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 277 shares of the company’s stock valued at $34,000 after acquiring an additional 177 shares during the last quarter. Perigon Wealth Management LLC boosted its position in shares of Globe Life by 7.6% during the 1st quarter. Perigon Wealth Management LLC now owns 2,619 shares of the company’s stock valued at $305,000 after acquiring an additional 184 shares during the last quarter. Finally, Bruce G. Allen Investments LLC boosted its position in shares of Globe Life by 33.2% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 806 shares of the company’s stock valued at $66,000 after acquiring an additional 201 shares during the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Jefferies Financial Group lifted their price target on Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a research report on Friday, June 28th. Morgan Stanley lifted their price target on Globe Life from $66.00 to $83.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Raymond James reiterated a “strong-buy” rating on shares of Globe Life in a research report on Tuesday, May 21st. Wells Fargo & Company boosted their target price on Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $118.00 target price (up previously from $110.00) on shares of Globe Life in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $108.33.

Globe Life Price Performance

GL opened at $102.17 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.05 and a current ratio of 0.05. Globe Life Inc. has a 52-week low of $38.95 and a 52-week high of $132.00. The stock has a market capitalization of $9.20 billion, a PE ratio of 9.76 and a beta of 0.80. The stock’s 50 day moving average price is $88.75 and its 200-day moving average price is $95.05.

Globe Life (NYSE:GL) last posted its earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.07. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. Globe Life had a return on equity of 22.53% and a net margin of 18.47%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.61 earnings per share. On average, equities research analysts predict that Globe Life Inc. will post 11.92 EPS for the current year.

Globe Life Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.94%. Globe Life’s dividend payout ratio is currently 9.17%.

Insider Transactions at Globe Life

In related news, Director Mary E. Thigpen bought 3,000 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were purchased at an average cost of $90.20 per share, with a total value of $270,600.00. Following the completion of the purchase, the director now owns 15,605 shares in the company, valued at approximately $1,407,571. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.51% of the company’s stock.

About Globe Life

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.