Mitsubishi UFJ Asset Management Co. Ltd. Acquires 14,546 Shares of Globe Life Inc. (NYSE:GL)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Globe Life Inc. (NYSE:GL) by 20.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 86,309 shares of the company’s stock after purchasing an additional 14,546 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.10% of Globe Life worth $11,369,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP lifted its position in Globe Life by 22.0% during the first quarter. Allworth Financial LP now owns 571 shares of the company’s stock valued at $71,000 after buying an additional 103 shares during the period. Versant Capital Management Inc increased its holdings in shares of Globe Life by 140.2% during the first quarter. Versant Capital Management Inc now owns 586 shares of the company’s stock valued at $77,000 after acquiring an additional 342 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Globe Life by 42.4% during the first quarter. Blue Trust Inc. now owns 772 shares of the company’s stock valued at $102,000 after acquiring an additional 230 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in Globe Life by 56.7% in the 1st quarter. Cullen Frost Bankers Inc. now owns 970 shares of the company’s stock worth $128,000 after buying an additional 351 shares in the last quarter. Finally, Virtus Fund Advisers LLC bought a new stake in Globe Life in the 4th quarter worth about $116,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Stock Down 1.1%

GL stock opened at $139.01 on Tuesday. Globe Life Inc. has a twelve month low of $91.26 and a twelve month high of $144.00. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.43. The stock has a market cap of $11.26 billion, a P/E ratio of 11.11 and a beta of 0.56. The business’s 50-day moving average price is $125.62 and its 200-day moving average price is $123.88.

Globe Life (NYSE:GL) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating analysts’ consensus estimates of $3.25 by $0.02. Globe Life had a return on equity of 21.24% and a net margin of 18.11%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm earned $2.97 EPS. The business’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities research analysts forecast that Globe Life Inc. will post 13.87 EPS for the current year.

Globe Life Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, October 3rd. Globe Life’s payout ratio is presently 8.63%.

Insider Buying and Selling

In related news, CFO Thomas Peter Kalmbach sold 28,952 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $140.97, for a total value of $4,081,363.44. Following the transaction, the chief financial officer directly owned 30,665 shares of the company’s stock, valued at approximately $4,322,845.05. The trade was a 48.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Matthew Darden sold 33,270 shares of the business’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $135.59, for a total value of $4,511,079.30. Following the completion of the transaction, the chief executive officer directly owned 49,842 shares in the company, valued at approximately $6,758,076.78. This represents a 40.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,741 shares of company stock valued at $12,471,180 in the last 90 days. Corporate insiders own 1.97% of the company’s stock.

Wall Street Analyst Weigh In

GL has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on Globe Life from $145.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. Piper Sandler dropped their target price on Globe Life from $152.00 to $147.00 and set an “overweight” rating on the stock in a research report on Friday, May 2nd. Wall Street Zen raised Globe Life from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Wells Fargo & Company raised their target price on Globe Life from $144.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Finally, Cfra Research raised Globe Life to a “moderate buy” rating in a research report on Friday, July 25th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $152.00.

Globe Life Company 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.