Key Points
- Globe Life EVP Michael Clay Majors sold 14,377 shares at an average price of $154.48, generating approximately $2.22 million and reducing his direct ownership by 26.86%.
- Globe Life reported quarterly revenue of $1.60 billion, up 5.5% year over year, but earnings of $4.84 per share fell short of analysts’ $4.90 estimate.
- The company declared a quarterly dividend of $0.33 per share and authorized a $2.5 billion stock repurchase plan, while analysts maintained a generally positive “Moderate Buy” consensus with an average price target of $181.50.
Globe Life Inc. (NYSE:GL - Get Free Report) EVP Michael Majors sold 14,377 shares of the company's stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $154.48, for a total value of $2,220,958.96. Following the completion of the sale, the executive vice president directly owned 39,141 shares of the company's stock, valued at approximately $6,046,501.68. This trade represents a 26.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Michael Clay Majors also recently made the following trade(s):
- On Wednesday, July 29th, Michael Majors sold 37,000 shares of Globe Life stock. The stock was sold at an average price of $178.64, for a total value of $6,609,680.00.
Globe Life Stock Performance
Shares of GL opened at $156.87 on Tuesday. The stock has a market capitalization of $12.06 billion, a P/E ratio of 10.49 and a beta of 0.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. Globe Life Inc. has a 1 year low of $127.85 and a 1 year high of $191.55. The company's fifty day moving average is $169.61 and its two-hundred day moving average is $159.28.
Globe Life (NYSE:GL - Get Free Report) last issued its earnings results on Wednesday, October 21st. The company reported $4.84 EPS for the quarter, missing the consensus estimate of $4.90 by ($0.06). Globe Life had a return on equity of 19.95% and a net margin of 18.89%. The company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.56 billion. During the same quarter in the previous year, the firm posted $4.81 earnings per share. Globe Life's revenue for the quarter was up 5.5% on a year-over-year basis. On average, sell-side analysts predict that Globe Life Inc. will post 15.61 earnings per share for the current year.
Globe Life Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Monday, October 5th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, October 5th. Globe Life's payout ratio is currently 8.83%.
Globe Life declared that its Board of Directors has authorized a stock repurchase plan on Monday, August 10th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the company to purchase up to 17.7% of its shares through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on GL shares. TD Cowen reduced their price objective on Globe Life from $225.00 to $215.00 and set a "buy" rating on the stock in a research note on Friday. Jefferies Financial Group increased their price target on Globe Life from $147.00 to $166.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. UBS Group set a $165.00 target price on Globe Life in a research report on Friday. Keefe, Bruyette & Woods cut their target price on Globe Life from $192.00 to $190.00 and set an "outperform" rating on the stock in a research note on Friday, July 24th. Finally, Piper Sandler downgraded Globe Life from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $200.00 to $165.00 in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $181.50.
Get Our Latest Analysis on Globe Life
Institutional Investors Weigh In On Globe Life
A number of institutional investors have recently bought and sold shares of GL. Mather Group LLC. lifted its position in Globe Life by 9.5% during the third quarter. Mather Group LLC. now owns 773 shares of the company's stock worth $128,000 after buying an additional 67 shares during the period. NewEdge Advisors LLC grew its stake in Globe Life by 2.7% during the second quarter. NewEdge Advisors LLC now owns 2,562 shares of the company's stock worth $458,000 after buying an additional 68 shares during the period. Root Financial Partners LLC increased its holdings in Globe Life by 23.3% in the 1st quarter. Root Financial Partners LLC now owns 439 shares of the company's stock valued at $61,000 after purchasing an additional 83 shares in the last quarter. Empirical Finance LLC lifted its position in shares of Globe Life by 2.8% during the second quarter. Empirical Finance LLC now owns 3,228 shares of the company's stock worth $577,000 after purchasing an additional 87 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Globe Life by 4.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,366 shares of the company's stock worth $329,000 after buying an additional 91 shares during the period. 81.61% of the stock is currently owned by institutional investors and hedge funds.
About Globe Life
(
Get Free Report)
Globe Life Inc (NYSE: GL) is an insurance holding company that provides individual life and supplemental health insurance products through a network of wholly owned subsidiaries. Its offerings are designed primarily for middle-income households and include term and whole life insurance, mortgage protection coverage, accident and supplemental health insurance, Medicare supplement policies, and annuities.
The company markets its products through several distribution channels, including exclusive and independent agency networks, direct-to-consumer sales, and workplace or union-affiliated programs.
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