Mirae Asset Global Investments Co. Ltd. Makes New $3.21 Million Investment in Globe Life Inc. $GL

Mirae Asset Global Investments Co. Ltd. purchased a new position in Globe Life Inc. (NYSE:GL) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 19,384 shares of the company’s stock, valued at approximately $3,211,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of GL. BlackRock Inc. acquired a new stake in shares of Globe Life during the second quarter valued at approximately $987,901,000. State Street Corp grew its position in Globe Life by 2.1% during the 2nd quarter. State Street Corp now owns 3,735,409 shares of the company’s stock worth $667,443,000 after purchasing an additional 76,745 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Globe Life by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,353,192 shares of the company’s stock valued at $327,479,000 after purchasing an additional 217,331 shares during the period. Pzena Investment Management LLC acquired a new stake in Globe Life during the 2nd quarter valued at $242,256,000. Finally, Equity Investment Corp acquired a new stake in Globe Life during the 2nd quarter valued at $122,971,000. Institutional investors and hedge funds own 81.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Weiss Ratings upgraded Globe Life from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, October 21st. Jefferies Financial Group lifted their price target on Globe Life from $147.00 to $166.00 and gave the company a “hold” rating in a report on Friday, July 10th. Morgan Stanley dropped their price target on Globe Life from $208.00 to $197.00 and set an “overweight” rating on the stock in a research report on Monday, October 5th. Wells Fargo & Company decreased their price objective on Globe Life from $191.00 to $180.00 and set an “overweight” rating for the company in a research report on Monday, October 26th. Finally, Piper Sandler cut Globe Life from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $200.00 to $165.00 in a research note on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $181.50.

Insider Buying and Selling

In other Globe Life news, EVP Michael Majors sold 14,377 shares of the firm’s stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $154.48, for a total value of $2,220,958.96. Following the sale, the executive vice president directly owned 39,141 shares in the company, valued at $6,046,501.68. This trade represents a 26.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Robert Hensley sold 10,000 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $170.07, for a total transaction of $1,700,700.00. Following the completion of the sale, the executive vice president owned 12,384 shares of the company’s stock, valued at approximately $2,106,146.88. The trade was a 44.67% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.11% of the stock is currently owned by company insiders.

Globe Life Stock Down 1.2%

Shares of GL traded down $1.94 during midday trading on Friday, reaching $157.27. 475,445 shares of the stock were exchanged, compared to its average volume of 619,668. The company has a market cap of $12.09 billion, a price-to-earnings ratio of 10.52 and a beta of 0.47. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43. Globe Life Inc. has a 12-month low of $129.21 and a 12-month high of $191.55. The firm has a 50 day simple moving average of $166.85 and a 200-day simple moving average of $160.10.

Globe Life (NYSE:GL) last released its quarterly earnings data on Wednesday, October 21st. The company reported $4.84 EPS for the quarter, missing analysts’ consensus estimates of $4.90 by ($0.06). The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.56 billion. Globe Life had a return on equity of 19.95% and a net margin of 18.89%. The company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.81 EPS. Research analysts forecast that Globe Life Inc. will post 15.48 EPS for the current year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Stockholders of record on Friday, January 8th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Friday, January 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.8%. Globe Life’s dividend payout ratio is currently 8.83%.

Globe Life announced that its Board of Directors has approved a stock buyback plan on Monday, August 10th that authorizes the company to buy back $2.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 17.7% of its stock through open market purchases. Share repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Globe Life Company Profile

Globe Life Inc (NYSE: GL) is an insurance holding company that provides individual life and supplemental health insurance products through a network of wholly owned subsidiaries. Its offerings are designed primarily for middle-income households and include term and whole life insurance, mortgage protection coverage, accident and supplemental health insurance, Medicare supplement policies, and annuities.

The company markets its products through several distribution channels, including exclusive and independent agency networks, direct-to-consumer sales, and workplace or union-affiliated programs.