Verition Fund Management LLC Reduces Holdings in Globe Life Inc. (NYSE:GL)

Verition Fund Management LLC reduced its position in Globe Life Inc. (NYSE:GL) by 79.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,243 shares of the company’s stock after selling 12,650 shares during the period. Verition Fund Management LLC’s holdings in Globe Life were worth $343,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Hantz Financial Services Inc. boosted its holdings in Globe Life by 15.3% in the third quarter. Hantz Financial Services Inc. now owns 12,048 shares of the company’s stock valued at $1,276,000 after purchasing an additional 1,595 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Globe Life by 9.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 15,675 shares of the company’s stock valued at $1,660,000 after purchasing an additional 1,400 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Globe Life by 22.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,675 shares of the company’s stock valued at $160,949,000 after buying an additional 277,108 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Globe Life by 12.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,098 shares of the company’s stock worth $1,811,000 after buying an additional 1,919 shares in the last quarter. Finally, Fiduciary Trust Co increased its stake in shares of Globe Life by 2.3% in the third quarter. Fiduciary Trust Co now owns 6,329 shares of the company’s stock worth $670,000 after buying an additional 144 shares during the last quarter. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Globe Life

In other news, CEO Frank M. Svoboda sold 14,340 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $108.80, for a total value of $1,560,192.00. Following the completion of the sale, the chief executive officer now directly owns 16,396 shares of the company’s stock, valued at approximately $1,783,884.80. This represents a 46.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GL shares. Keefe, Bruyette & Woods raised their price objective on shares of Globe Life from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. TD Cowen started coverage on Globe Life in a research note on Wednesday, October 9th. They issued a “buy” rating and a $150.00 price target for the company. Morgan Stanley upped their price objective on Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Wells Fargo & Company lifted their target price on Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Truist Financial upped their price target on Globe Life from $90.00 to $105.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Globe Life has a consensus rating of “Moderate Buy” and an average price target of $127.10.

Globe Life Price Performance

Shares of GL opened at $105.42 on Friday. Globe Life Inc. has a 12 month low of $38.95 and a 12 month high of $132.00. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.05 and a quick ratio of 0.05. The stock has a fifty day moving average price of $108.06 and a 200 day moving average price of $98.00. The company has a market cap of $8.85 billion, a P/E ratio of 8.92 and a beta of 0.81.

Globe Life (NYSE:GL) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.06 by $0.43. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.71 earnings per share. On average, research analysts forecast that Globe Life Inc. will post 12.31 earnings per share for the current year.

Globe Life Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 8th will be issued 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 (DPR) is presently 8.12%.

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.