Montgomery Investment Management Inc. lowered its position in shares of Globe Life Inc. (NYSE:GL) by 3.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,700 shares of the company’s stock after selling 300 shares during the quarter. Montgomery Investment Management Inc.’s holdings in Globe Life were worth $744,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its holdings in shares of Globe Life by 2.1% during the first quarter. Oregon Public Employees Retirement Fund now owns 7,975 shares of the company’s stock valued at $771,000 after acquiring an additional 167 shares during the period. WCM Investment Management LLC increased its stake in Globe Life by 2.9% in the 4th quarter. WCM Investment Management LLC now owns 6,013 shares of the company’s stock valued at $571,000 after buying an additional 171 shares during the period. Stratos Wealth Partners LTD. increased its stake in Globe Life by 7.5% in the 1st quarter. Stratos Wealth Partners LTD. now owns 2,556 shares of the company’s stock valued at $247,000 after buying an additional 178 shares during the period. Busey Wealth Management increased its stake in Globe Life by 0.3% in the 4th quarter. Busey Wealth Management now owns 54,973 shares of the company’s stock valued at $5,220,000 after buying an additional 190 shares during the period. Finally, IFP Advisors Inc increased its stake in Globe Life by 6.4% in the 4th quarter. IFP Advisors Inc now owns 3,328 shares of the company’s stock valued at $319,000 after buying an additional 201 shares during the period. Institutional investors and hedge funds own 72.47% of the company’s stock.
Several research firms have weighed in on GL. JPMorgan Chase & Co. upped their price objective on shares of Globe Life from $99.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, April 5th. Piper Sandler boosted their target price on shares of Globe Life from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 6th. Finally, Morgan Stanley boosted their target price on shares of Globe Life from $95.00 to $100.00 and gave the stock an “underweight” rating in a research report on Thursday, April 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Globe Life presently has an average rating of “Hold” and an average target price of $101.20.
Globe Life (NYSE:GL) last issued its quarterly earnings results on Tuesday, April 20th. The company reported $1.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.12). Globe Life had a net margin of 15.38% and a return on equity of 10.28%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the company earned $1.73 earnings per share. Globe Life’s revenue for the quarter was up 11.8% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 30th. Shareholders of record on Monday, July 5th will be issued a $0.1975 dividend. This represents a $0.79 dividend on an annualized basis and a yield of 0.76%.
In other news, insider David Kendall Carlson sold 18,000 shares of the stock in a transaction on Wednesday, March 17th. The shares were sold at an average price of $100.10, for a total value of $1,801,800.00. Following the completion of the transaction, the insider now owns 3,000 shares in the company, valued at approximately $300,300. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Carol A. Mccoy sold 15,000 shares of the stock in a transaction on Wednesday, March 10th. The shares were sold at an average price of $100.44, for a total transaction of $1,506,600.00. Following the completion of the transaction, the insider now owns 127,589 shares of the company’s stock, valued at approximately $12,815,039.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 164,150 shares of company stock valued at $16,455,919. Insiders own 3.78% of the company’s stock.
Globe Life Profile
Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.
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