Globe Life (NYSE:GL) Shares Down 7.3% on Insider Selling

Globe Life Inc. (NYSE:GL)’s stock price dropped 7.3% on Wednesday after an insider sold shares in the company. The company traded as low as $100.27 and last traded at $101.48. Approximately 630,141 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 1,474,596 shares. The stock had previously closed at $109.49.

Specifically, CEO Frank M. Svoboda sold 14,340 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $108.80, for a total transaction of $1,560,192.00. Following the transaction, the chief executive officer now directly owns 16,396 shares of the company’s stock, valued at $1,783,884.80. This represents a 46.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

GL has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on Globe Life from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Morgan Stanley increased their price target on Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Truist Financial boosted their price objective on shares of Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. TD Cowen assumed coverage on shares of Globe Life in a report on Wednesday, October 9th. They set a “buy” rating and a $150.00 price target for the company. Finally, Piper Sandler increased their target price on Globe Life from $118.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $124.50.

Globe Life Stock Performance

The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 9.02 and a beta of 0.81. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. The firm has a fifty day simple moving average of $108.12 and a 200 day simple moving average of $97.10.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.06 by $0.43. Globe Life had a net margin of 19.04% and a return on equity of 22.91%. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company posted $2.71 EPS. The business’s revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts expect that Globe Life Inc. will post 12.31 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 8th will be issued a $0.24 dividend. The ex-dividend date is Monday, January 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. Globe Life’s payout ratio is presently 8.12%.

Institutional Trading of Globe Life

Institutional investors have recently bought and sold shares of the stock. Savant Capital LLC increased its holdings in shares of Globe Life by 951.5% during the second quarter. Savant Capital LLC now owns 75,214 shares of the company’s stock worth $6,189,000 after buying an additional 68,061 shares in the last quarter. Achmea Investment Management B.V. increased its holdings in Globe Life by 151.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 29,684 shares of the company’s stock valued at $2,443,000 after purchasing an additional 17,878 shares in the last quarter. WINTON GROUP Ltd bought a new position in Globe Life in the 2nd quarter valued at $15,483,000. Wealth Enhancement Advisory Services LLC boosted its stake in Globe Life by 85.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,779 shares of the company’s stock worth $2,095,000 after purchasing an additional 9,141 shares in the last quarter. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Globe Life during the second quarter worth $4,018,000. Institutional investors and hedge funds own 81.61% of the company’s stock.

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.