Ballentine Partners LLC Acquires 724 Shares of Globe Life Inc. (NYSE:GL)

Ballentine Partners LLC raised its stake in shares of Globe Life Inc. (NYSE:GL) by 41.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,491 shares of the company’s stock after buying an additional 724 shares during the period. Ballentine Partners LLC’s holdings in Globe Life were worth $205,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Globe Life during the fourth quarter valued at about $123,682,000. Nordea Investment Management AB grew its holdings in Globe Life by 10,526.9% in the 1st quarter. Nordea Investment Management AB now owns 998,717 shares of the company’s stock valued at $116,061,000 after buying an additional 989,319 shares during the last quarter. Bank of New York Mellon Corp increased its position in Globe Life by 104.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock worth $132,577,000 after buying an additional 822,638 shares during the period. Pzena Investment Management LLC lifted its holdings in shares of Globe Life by 146.3% during the second quarter. Pzena Investment Management LLC now owns 930,378 shares of the company’s stock worth $76,552,000 after buying an additional 552,634 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Globe Life by 3.9% in the first quarter. Vanguard Group Inc. now owns 11,255,091 shares of the company’s stock valued at $1,309,755,000 after acquiring an additional 425,993 shares during the period. Institutional investors and hedge funds own 81.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GL. Piper Sandler boosted their price objective on shares of Globe Life from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $118.00 price target (up previously from $110.00) on shares of Globe Life in a report on Wednesday, July 31st. Wells Fargo & Company lifted their price objective on Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Evercore ISI boosted their price objective on Globe Life from $83.00 to $86.00 and gave the company an “in-line” rating in a research report on Wednesday, June 26th. Finally, Jefferies Financial Group raised their target price on Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a research report on Friday, June 28th. Five investment 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, Globe Life currently has a consensus rating of “Moderate Buy” and an average price target of $108.33.

Insiders Place Their Bets

In other Globe Life news, Director Mary E. Thigpen bought 3,000 shares of the stock in a transaction dated Friday, July 26th. The stock was bought at an average cost of $90.20 per share, for a total transaction 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.51% of the company’s stock.

Globe Life Stock Up 1.0 %

GL opened at $102.32 on Friday. Globe Life Inc. has a twelve month low of $38.95 and a twelve month high of $132.00. The firm has a market cap of $9.21 billion, a price-to-earnings ratio of 9.77 and a beta of 0.81. The firm’s 50-day simple moving average is $94.26 and its 200-day simple moving average is $93.46. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.05 and a current ratio of 0.05.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.07. Globe Life had a net margin of 18.47% and a return on equity of 21.93%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the prior year, the firm earned $2.61 earnings per share. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. Equities research analysts anticipate that Globe Life Inc. will post 11.93 EPS for the current fiscal year.

Globe Life Dividend Announcement

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

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.