JPMorgan Chase & Co. Sells 105,273 Shares of Globe Life Inc. (NYSE:GL)

JPMorgan Chase & Co. lowered its holdings in shares of Globe Life Inc. (NYSE:GL) by 38.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 170,301 shares of the company’s stock after selling 105,273 shares during the period. JPMorgan Chase & Co.’s holdings in Globe Life were worth $18,037,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp raised its position in shares of Globe Life by 3.4% in the 3rd quarter. State Street Corp now owns 3,545,272 shares of the company’s stock worth $375,480,000 after purchasing an additional 115,432 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Globe Life by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,618,764 shares of the company’s stock worth $276,994,000 after buying an additional 89,299 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Globe Life by 22.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,675 shares of the company’s stock worth $160,949,000 after buying an additional 277,108 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Globe Life by 177.0% during the second quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock valued at $105,303,000 after buying an additional 817,760 shares during the last quarter. Finally, Nuance Investments LLC raised its holdings in Globe Life by 155.6% in the 3rd quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock worth $120,629,000 after acquiring an additional 693,346 shares during the last quarter. Institutional investors own 81.61% of the company’s stock.

Globe Life Stock Up 2.4 %

GL opened at $114.19 on Friday. The firm’s 50 day simple moving average is $108.89 and its two-hundred day simple moving average is $101.76. The company has a market capitalization of $9.59 billion, a PE ratio of 9.66 and a beta of 0.80. Globe Life Inc. has a 1-year low of $38.95 and a 1-year high of $132.00. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, October 23rd. The company reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a return on equity of 22.91% and a net margin of 19.04%. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the firm earned $2.71 EPS. Globe Life’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities analysts forecast that Globe Life Inc. will post 12.31 EPS for the current year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, January 6th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.84%. Globe Life’s payout ratio is currently 8.12%.

Insider Activity at Globe Life

In related news, CEO Frank M. Svoboda sold 13,448 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $112.56, for a total transaction of $1,513,706.88. Following the completion of the sale, the chief executive officer now owns 18,948 shares in the company, valued at approximately $2,132,786.88. This trade represents a 41.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark A. Blinn sold 3,000 shares of Globe Life stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $113.23, for a total value of $339,690.00. Following the sale, the director now directly owns 5,122 shares in the company, valued at $579,964.06. This trade represents a 36.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,788 shares of company stock worth $4,429,779. 1.51% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

GL has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price on Globe Life from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Wells Fargo & Company increased their price objective on Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Raymond James boosted their target price on Globe Life from $160.00 to $188.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 15th. Jefferies Financial Group upped their target price on shares of Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler boosted their price objective on shares of Globe Life from $118.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $132.80.

Globe Life 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.