Heritage Wealth Management Inc. Invests $372,000 in Globe Life Inc. (NYSE:GL)

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

A number of other hedge funds have also modified their holdings of GL. Keener Financial Planning LLC acquired a new stake in Globe Life during the 1st quarter valued at $49,000. Benjamin F. Edwards & Company Inc. increased its holdings in Globe Life by 88.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 599 shares of the company’s stock valued at $50,000 after purchasing an additional 281 shares in the last quarter. LRI Investments LLC increased its holdings in Globe Life by 898.4% during the 2nd quarter. LRI Investments LLC now owns 619 shares of the company’s stock valued at $51,000 after purchasing an additional 557 shares in the last quarter. Family Firm Inc. acquired a new stake in Globe Life during the 2nd quarter valued at $54,000. Finally, Blue Trust Inc. increased its holdings in Globe Life by 249.5% during the 2nd quarter. Blue Trust Inc. now owns 776 shares of the company’s stock valued at $64,000 after purchasing an additional 554 shares in the last quarter. 81.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GL. Jefferies Financial Group raised their price target on Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a report on Friday, June 28th. Truist Financial lifted their target price on Globe Life from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, July 26th. Wells Fargo & Company lifted their target price on Globe Life from $105.00 to $108.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $118.00 target price (up from $110.00) on shares of Globe Life in a research note on Wednesday, July 31st. Finally, Evercore ISI lifted their target price 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 equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Globe Life currently has a consensus rating of “Moderate Buy” and an average target price of $109.67.

Globe Life Stock Performance

Shares of Globe Life stock opened at $105.20 on Thursday. The firm has a market cap of $9.47 billion, a price-to-earnings ratio of 10.05 and a beta of 0.81. The stock’s 50-day moving average is $99.93 and its 200-day moving average is $91.47. Globe Life Inc. has a one year low of $38.95 and a one year high of $132.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.05 and a quick ratio of 0.05.

Globe Life (NYSE:GL) last issued 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 company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.61 earnings per share. Equities analysts predict that Globe Life Inc. will post 11.93 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, November 1st. Investors of record on Friday, October 4th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, October 4th. This represents a $0.96 annualized dividend and a yield of 0.91%. Globe Life’s payout ratio is presently 9.17%.

Insider Buying and Selling

In related news, Director Mary E. Thigpen bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were acquired at an average price of $90.20 per share, for a total transaction of $270,600.00. Following the completion of the acquisition, the director now owns 15,605 shares of the company’s stock, valued at approximately $1,407,571. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.51% of the stock is currently owned by corporate insiders.

Globe Life Company 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.