Globe Life Inc. (NYSE:GL) Shares Sold by Bank of Montreal Can

Bank of Montreal Can cut its stake in Globe Life Inc. (NYSE:GL) by 19.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,257 shares of the company’s stock after selling 18,302 shares during the period. Bank of Montreal Can owned 0.09% of Globe Life worth $8,616,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in Globe Life in the 4th quarter worth approximately $61,238,000. Principal Financial Group Inc. boosted its holdings in shares of Globe Life by 9.0% in the 3rd quarter. Principal Financial Group Inc. now owns 105,315 shares of the company’s stock valued at $11,154,000 after acquiring an additional 8,663 shares during the last quarter. Merit Financial Group LLC purchased a new position in shares of Globe Life during the fourth quarter worth $487,000. Prudential Financial Inc. raised its holdings in shares of Globe Life by 50.0% during the fourth quarter. Prudential Financial Inc. now owns 82,749 shares of the company’s stock worth $9,069,000 after purchasing an additional 27,590 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in Globe Life by 61.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 24,665 shares of the company’s stock valued at $2,751,000 after purchasing an additional 9,395 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Stock Up 0.7 %

GL opened at $119.46 on Monday. The company has a market cap of $9.94 billion, a PE ratio of 10.00 and a beta of 0.60. Globe Life Inc. has a twelve month low of $54.66 and a twelve month high of $133.76. The company has a 50-day moving average price of $124.30 and a 200 day moving average price of $115.26. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50.

Globe Life (NYSE:GL) last released its earnings results on Wednesday, February 5th. The company reported $3.14 earnings per share for the quarter, beating the consensus estimate of $3.12 by $0.02. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. Sell-side analysts expect that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.27 per share. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, April 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.90%. Globe Life’s dividend payout ratio is presently 9.04%.

Insider Activity

In other Globe Life news, CEO Frank M. Svoboda sold 11,000 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the transaction, the chief executive officer now owns 18,948 shares of the company’s stock, valued at approximately $2,317,529.88. The trade was a 36.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James Matthew Darden sold 24,890 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $121.52, for a total value of $3,024,632.80. Following the completion of the sale, the chief executive officer now directly owns 38,973 shares of the company’s stock, valued at $4,735,998.96. This trade represents a 38.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on GL. Keefe, Bruyette & Woods lifted their price objective on Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. BMO Capital Markets initiated coverage on Globe Life in a research report on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price target for the company. Piper Sandler upped their price objective on Globe Life from $140.00 to $152.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Evercore ISI raised shares of Globe Life from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $132.00 to $143.00 in a report on Wednesday, January 8th. Finally, Wells Fargo & Company lowered their price target on shares of Globe Life from $141.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Globe Life has a consensus rating of “Moderate Buy” and an average price target of $137.55.

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.