Victory Capital Management Inc. Boosts Stock Holdings in Globe Life Inc. (NYSE:GL)

Victory Capital Management Inc. raised its holdings in shares of Globe Life Inc. (NYSE:GL) by 4.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 386,934 shares of the company’s stock after buying an additional 16,127 shares during the period. Victory Capital Management Inc. owned about 0.46% of Globe Life worth $50,967,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GL. Norges Bank purchased a new position in shares of Globe Life during the 4th quarter worth approximately $112,454,000. GAMMA Investing LLC grew its holdings in shares of Globe Life by 15,553.5% during the 1st quarter. GAMMA Investing LLC now owns 781,890 shares of the company’s stock worth $102,991,000 after acquiring an additional 776,895 shares during the period. Freestone Grove Partners LP purchased a new position in shares of Globe Life during the 4th quarter worth approximately $52,178,000. Marshall Wace LLP grew its holdings in shares of Globe Life by 1,702.5% during the 4th quarter. Marshall Wace LLP now owns 484,692 shares of the company’s stock worth $54,053,000 after acquiring an additional 457,802 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of Globe Life by 58.6% during the 4th quarter. Ameriprise Financial Inc. now owns 917,994 shares of the company’s stock worth $102,376,000 after acquiring an additional 339,162 shares during the period. 81.61% of the stock is owned by institutional investors.

Insider Activity at Globe Life

In other news, CEO Frank M. Svoboda sold 6,019 shares of the company’s stock in a transaction 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 sale, the chief executive officer directly owned 31,298 shares of the company’s stock, valued at $3,834,317.98. This represents a 16.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

GL has been the subject of several analyst reports. Morgan Stanley set a $127.00 price target on shares of Globe Life and gave the company an “equal weight” rating in a research report on Monday, July 14th. Wall Street Zen raised shares of Globe Life from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Wells Fargo & Company raised their price target on shares of Globe Life from $139.00 to $144.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. raised their target price on shares of Globe Life from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, Truist Financial assumed coverage on shares of Globe Life in a report on Tuesday. They issued a “buy” rating and a $150.00 target price on the stock. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.82.

Globe Life Trading Up 0.5%

NYSE GL opened at $122.20 on Friday. 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 market cap of $10.09 billion, a PE ratio of 9.94 and a beta of 0.56. The company has a 50 day moving average price of $120.87 and a 200 day moving average price of $121.51. Globe Life Inc. has a 52 week low of $86.10 and a 52 week high of $133.76.

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

Globe Life Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Thursday, July 3rd. Globe Life’s dividend payout ratio (DPR) is currently 8.79%.

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.