Heritage Wealth Management Inc. Makes New Investment in Globe Life Inc. (NYSE:GL)

Heritage Wealth Management Inc. purchased a new position in shares of Globe Life Inc. (NYSE:GL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,562 shares of the company’s stock, valued at approximately $372,000.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Globe Life by 3.9% during the first quarter. Vanguard Group Inc. now owns 11,255,091 shares of the company’s stock worth $1,309,755,000 after buying an additional 425,993 shares during the last quarter. Boston Partners grew its position in shares of Globe Life by 6.4% in the first quarter. Boston Partners now owns 2,092,526 shares of the company’s stock valued at $243,200,000 after purchasing an additional 125,457 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Globe Life by 104.3% during the second quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company’s stock worth $132,577,000 after purchasing an additional 822,638 shares during the period. Millennium Management LLC lifted its holdings in Globe Life by 177.0% during the 2nd quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock worth $105,303,000 after purchasing an additional 817,760 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in Globe Life by 398.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company’s stock worth $88,420,000 after purchasing an additional 859,146 shares during the last quarter. Institutional investors and hedge funds own 81.61% of the company’s stock.

Analyst Upgrades and Downgrades

GL has been the subject of several research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $118.00 price target (up from $110.00) on shares of Globe Life in a report on Wednesday, July 31st. Jefferies Financial Group lifted their target price on Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, June 28th. Wells Fargo & Company lifted their target price on Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Truist Financial lifted their target price on Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Morgan Stanley lifted their target price on Globe Life from $66.00 to $83.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and an average target price of $109.67.

Globe Life Stock Up 1.4 %

GL stock opened at $105.20 on Thursday. The company has a market cap of $9.47 billion, a PE ratio of 10.05 and a beta of 0.81. The business has a 50-day simple moving average of $99.93 and a 200 day simple moving average of $91.47. Globe Life Inc. has a 52 week low of $38.95 and a 52 week high of $132.00. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.31.

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

Globe Life Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Friday, October 4th. Globe Life’s payout ratio is 9.17%.

Insiders Place Their Bets

In other Globe Life news, Director Mary E. Thigpen bought 3,000 shares of the stock in a transaction on Friday, July 26th. The stock was purchased at an average price 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 $1,407,571. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 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.