Lecap Asset Management Ltd. Takes $2.23 Million Position in Globe Life Inc. (NYSE:GL)

Lecap Asset Management Ltd. purchased a new position in Globe Life Inc. (NYSE:GL) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 16,951 shares of the company’s stock, valued at approximately $2,233,000.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Globe Life in the fourth quarter worth about $112,454,000. GAMMA Investing LLC boosted its position in shares of Globe Life by 15,553.5% in the 1st quarter. GAMMA Investing LLC now owns 781,890 shares of the company’s stock worth $102,991,000 after purchasing an additional 776,895 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Globe Life in the 4th quarter worth approximately $61,238,000. Freestone Grove Partners LP bought a new position in Globe Life during the 4th quarter valued at approximately $52,178,000. Finally, Marshall Wace LLP increased its position in Globe Life by 1,702.5% during the 4th quarter. Marshall Wace LLP now owns 484,692 shares of the company’s stock valued at $54,053,000 after buying an additional 457,802 shares in the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.

Globe Life Stock Up 0.7%

GL opened at $123.00 on Wednesday. Globe Life Inc. has a twelve month low of $80.36 and a twelve month high of $133.76. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average price of $121.03 and a 200-day moving average price of $119.90. The stock has a market capitalization of $10.15 billion, a price-to-earnings ratio of 10.01 and a beta of 0.56.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, April 30th. The company reported $3.07 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.17). The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Globe Life had a net margin of 18.33% and a return on equity of 21.44%. Globe Life’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.78 earnings per share. Equities research analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd will be given a $0.27 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $1.08 annualized dividend and a yield of 0.88%. Globe Life’s payout ratio is 8.79%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GL. Wall Street Zen raised Globe Life from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Piper Sandler dropped their price target on shares of Globe Life from $152.00 to $147.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. JPMorgan Chase & Co. increased their price objective on shares of Globe Life from $136.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. Morgan Stanley raised their price objective on shares of Globe Life from $117.00 to $125.00 and gave the company an “equal weight” rating in a research note on Monday, May 19th. Finally, Wells Fargo & Company dropped their target price on shares of Globe Life from $140.00 to $139.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $137.73.

Insiders Place Their Bets

In other Globe Life news, CEO Frank M. Svoboda sold 6,019 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total value of $737,387.69. Following the transaction, the chief executive officer now directly owns 31,298 shares in the company, valued at approximately $3,834,317.98. This trade represents a 16.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.97% of the company’s stock.

Globe Life 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.