Moors & Cabot Inc. Boosts Stock Position in Globe Life Inc. (NYSE:GL)

Moors & Cabot Inc. increased its stake in Globe Life Inc. (NYSE:GL) by 45.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,543 shares of the company’s stock after purchasing an additional 1,104 shares during the quarter. Moors & Cabot Inc.’s holdings in Globe Life were worth $292,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

GL has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued 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 raised their price target on Globe Life from $80.00 to $90.00 and gave the company a “hold” rating in a report on Friday, July 26th. Wells Fargo & Company boosted 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. Morgan Stanley raised their target price on shares of Globe Life from $66.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Finally, Piper Sandler boosted their price target on shares of Globe Life from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $108.33.

Globe Life Price Performance

GL stock opened at $106.26 on Friday. The firm has a market cap of $9.57 billion, a P/E ratio of 10.15 and a beta of 0.81. The firm’s fifty day moving average is $96.61 and its 200 day moving average is $92.72. Globe Life Inc. has a 52 week low of $38.95 and a 52 week high of $132.00. 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 announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.90 by $0.07. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period last year, the firm earned $2.61 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Research analysts predict that Globe Life Inc. will post 11.93 earnings per share for the current year.

Globe Life Dividend Announcement

The business 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 0.90%. Globe Life’s payout ratio is currently 9.17%.

Insider Activity

In other news, Director Mary E. Thigpen purchased 3,000 shares of the stock in a transaction that occurred on 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 acquisition, the director now directly owns 15,605 shares of the company’s stock, valued at approximately $1,407,571. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.