Seven Eight Capital LP Buys Shares of 2,944 Globe Life Inc. (NYSE:GL)

Seven Eight Capital LP purchased a new position in Globe Life Inc. (NYSE:GL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,944 shares of the company’s stock, valued at approximately $242,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake 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 purchasing an additional 425,993 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Globe Life by 7.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 101,607 shares of the company’s stock worth $11,824,000 after buying an additional 7,100 shares in the last quarter. Quadrature Capital Ltd grew its position in shares of Globe Life by 69.2% during the 4th quarter. Quadrature Capital Ltd now owns 38,785 shares of the company’s stock worth $4,724,000 after buying an additional 15,862 shares during the period. Savant Capital LLC grew its position in shares of Globe Life by 951.5% during the 2nd quarter. Savant Capital LLC now owns 75,214 shares of the company’s stock worth $6,189,000 after buying an additional 68,061 shares during the period. Finally, Achmea Investment Management B.V. increased its stake in shares of Globe Life by 151.4% in the 2nd quarter. Achmea Investment Management B.V. now owns 29,684 shares of the company’s stock valued at $2,443,000 after acquiring an additional 17,878 shares in the last quarter. Institutional investors and hedge funds own 81.61% of the company’s stock.

Globe Life Trading Up 1.4 %

Shares of Globe Life stock opened at $107.71 on Tuesday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $97.43 and a 200 day simple moving average of $91.96. Globe Life Inc. has a 12-month low of $38.95 and a 12-month high of $132.00. The company has a market capitalization of $9.70 billion, a P/E ratio of 10.29 and a beta of 0.81.

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

Globe Life Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Friday, October 4th. Globe Life’s payout ratio is 9.17%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GL. Jefferies Financial Group increased their target price on shares of Globe Life from $85.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, June 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $118.00 price objective (up previously from $110.00) on shares of Globe Life in a research report on Wednesday, July 31st. Truist Financial boosted their target price on Globe Life from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Piper Sandler upped their price target on Globe Life from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Evercore ISI raised their price objective on Globe Life from $83.00 to $86.00 and gave the company an “in-line” rating in a research note on Wednesday, June 26th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $108.33.

Insider Buying and Selling

In other Globe Life news, Director Mary E. Thigpen bought 3,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was purchased at an average cost of $90.20 per share, with a total value of $270,600.00. Following the transaction, the director now directly owns 15,605 shares in the company, valued at approximately $1,407,571. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.51% of the stock is currently owned by corporate insiders.

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.