The Manufacturers Life Insurance Company Reduces Holdings in Globe Life Inc. (NYSE:GL)

The Manufacturers Life Insurance Company trimmed its holdings in Globe Life Inc. (NYSE:GL) by 1.2% in the 3rd quarter, Holdings Channel reports. The fund owned 69,647 shares of the company’s stock after selling 813 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Globe Life were worth $7,376,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp increased its stake in shares of 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 acquiring an additional 822,638 shares in the last quarter. Millennium Management LLC increased its stake in Globe Life by 177.0% during the 2nd quarter. Millennium Management LLC now owns 1,279,818 shares of the company’s stock valued at $105,303,000 after purchasing an additional 817,760 shares in the last quarter. Nuance Investments LLC increased its stake in Globe Life by 155.6% during the 3rd quarter. Nuance Investments LLC now owns 1,138,978 shares of the company’s stock valued at $120,629,000 after purchasing an additional 693,346 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake 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 valued at $88,420,000 after purchasing an additional 859,146 shares in the last quarter. Finally, Equity Investment Corp grew its stake in shares of Globe Life by 21.9% in the second quarter. Equity Investment Corp now owns 1,036,389 shares of the company’s stock worth $85,274,000 after acquiring an additional 185,859 shares during the period. 81.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of Globe Life from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Piper Sandler lifted their price target on shares of Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Wells Fargo & Company lifted their price target on shares of Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Keefe, Bruyette & Woods lifted their price target on shares of Globe Life from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Truist Financial lifted their price target on shares of Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $124.50.

Insider Activity at Globe Life

In related news, CEO Frank M. Svoboda sold 14,340 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $108.80, for a total transaction of $1,560,192.00. Following the transaction, the chief executive officer now directly owns 16,396 shares in the company, valued at approximately $1,783,884.80. This represents a 46.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.51% of the stock is owned by insiders.

Globe Life Stock Performance

GL opened at $106.05 on Thursday. The firm has a market cap of $8.90 billion, a P/E ratio of 8.97 and a beta of 0.81. Globe Life Inc. has a 1-year low of $38.95 and a 1-year high of $132.00. The company has a 50 day simple moving average of $108.23 and a two-hundred day simple moving average of $96.97. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life (NYSE:GL) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the prior year, the business posted $2.71 earnings per share. The company’s revenue was up 5.1% on a year-over-year basis. Equities analysts forecast that Globe Life Inc. will post 12.31 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 8th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, January 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Globe Life’s dividend payout ratio is 8.12%.

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.