Pallas Capital Advisors LLC Purchases Shares of 2,933 Globe Life Inc. (NYSE:GL)

Pallas Capital Advisors LLC bought a new stake in shares of Globe Life Inc. (NYSE:GL) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,933 shares of the company’s stock, valued at approximately $259,000.

Other institutional investors have also made changes to their positions in the company. Cerity Partners LLC bought a new position in Globe Life during the fourth quarter worth about $244,000. Louisiana State Employees Retirement System bought a new stake in shares of Globe Life during the 4th quarter worth approximately $633,000. Vontobel Holding Ltd. lifted its position in shares of Globe Life by 243.1% in the fourth quarter. Vontobel Holding Ltd. now owns 7,590 shares of the company’s stock valued at $924,000 after buying an additional 5,378 shares during the last quarter. abrdn plc raised its holdings in Globe Life by 97.2% in the 4th quarter. abrdn plc now owns 46,160 shares of the company’s stock valued at $5,619,000 after acquiring an additional 22,755 shares during the period. Finally, Lindbrook Capital LLC increased its holdings in shares of Globe Life by 62.2% during the fourth quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock worth $29,000 after purchasing an additional 92 shares during the period. 81.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Globe Life news, EVP Robert Edward Hensley bought 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $82.17 per share, for a total transaction of $205,425.00. Following the completion of the acquisition, the executive vice president now directly owns 7,290 shares in the company, valued at $599,019.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Robert Edward Hensley bought 2,500 shares of the stock in a transaction on Tuesday, May 28th. The shares were acquired at an average price of $82.17 per share, for a total transaction of $205,425.00. Following the purchase, the executive vice president now owns 7,290 shares of the company’s stock, valued at $599,019.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mary E. Thigpen acquired 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was purchased at an average cost of $90.20 per share, with a total value of $270,600.00. Following the acquisition, the director now directly owns 15,605 shares of the company’s stock, valued at $1,407,571. The disclosure for this purchase can be found here. 1.51% of the stock is owned by insiders.

Globe Life Price Performance

Shares of GL traded down $0.62 during midday trading on Tuesday, reaching $97.52. The stock had a trading volume of 316,432 shares, compared to its average volume of 1,829,978. Globe Life Inc. has a 12-month low of $38.95 and a 12-month high of $132.00. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average is $86.79 and its 200 day moving average is $95.85. The company has a market capitalization of $8.78 billion, a price-to-earnings ratio of 9.33 and a beta of 0.80.

Globe Life (NYSE:GL) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.07. Globe Life had a net margin of 18.47% and a return on equity of 22.53%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period in the previous year, the firm posted $2.61 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities analysts predict that Globe Life Inc. will post 11.92 EPS for the current fiscal year.

Globe Life Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Friday, October 4th. Globe Life’s dividend payout ratio is 9.17%.

Analyst Ratings Changes

GL has been the subject of several recent analyst reports. Raymond James restated a “strong-buy” rating on shares of Globe Life in a research report on Tuesday, May 21st. Morgan Stanley raised their price target 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. Keefe, Bruyette & Woods restated an “outperform” rating and set a $118.00 price target (up previously from $110.00) on shares of Globe Life in a report on Wednesday, July 31st. Wells Fargo & Company raised their target price on Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Piper Sandler boosted their target price on shares of Globe Life from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Friday, July 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $108.33.

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.