Insider Selling: Globe Life (NYSE:GL) EVP Sells $2,220,958.96 in Stock

Globe Life Inc. (NYSE:GL) EVP Michael Majors sold 14,377 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 39,141 shares of the company’s stock, valued at $6,046,501.68. This represents a 26.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Michael Clay Majors also recently made the following trade(s):

• On Wednesday, July 29th, Michael Majors sold 37,000 shares of Globe Life stock. The stock was sold at an average price of $178.64, for a total transaction of $6,609,680.00.

Globe Life Stock Performance

Shares of GL opened at $158.42 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. Globe Life Inc. has a twelve month low of $127.85 and a twelve month high of $191.55. The firm’s 50 day moving average price is $168.76 and its two-hundred day moving average price is $159.45. The firm has a market cap of $12.17 billion, a P/E ratio of 10.60 and a beta of 0.44.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $4.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.90 by ($0.06). Globe Life had a return on equity of 19.95% and a net margin of 18.89%. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same period in the prior year, the company earned $4.81 EPS. The firm’s revenue was up 5.5% on a year-over-year basis. On average, analysts forecast that Globe Life Inc. will post 15.51 EPS for the current fiscal year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Monday, October 5th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, October 5th. Globe Life’s payout ratio is currently 8.83%.

Globe Life declared that its Board of Directors has authorized a share buyback program on Monday, August 10th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 17.7% of its stock through open market purchases. Share repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GL shares. Wells Fargo & Company dropped their price target on Globe Life from $191.00 to $180.00 and set an “overweight” rating on the stock in a research note on Monday. Weiss Ratings raised Globe Life from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 21st. Jefferies Financial Group boosted their target price on Globe Life from $147.00 to $166.00 and gave the company a “hold” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. upped their price target on Globe Life from $193.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Finally, Morgan Stanley reduced their price target on Globe Life from $208.00 to $197.00 and set an “overweight” rating for the company in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.50.

Institutional Investors Weigh In On Globe Life

Several institutional investors and hedge funds have recently added to or reduced their stakes in GL. Johnson Financial Group Inc. bought a new stake in Globe Life in the 2nd quarter valued at $39,000. AdvisorNet Financial Inc boosted its position in Globe Life by 41.1% during the first quarter. AdvisorNet Financial Inc now owns 316 shares of the company’s stock worth $44,000 after purchasing an additional 92 shares during the period. Fortitude Family Office LLC increased its holdings in shares of Globe Life by 94.6% in the third quarter. Fortitude Family Office LLC now owns 327 shares of the company’s stock valued at $54,000 after purchasing an additional 159 shares during the last quarter. Assetmark Inc. raised its position in shares of Globe Life by 42.0% in the second quarter. Assetmark Inc. now owns 426 shares of the company’s stock valued at $76,000 after purchasing an additional 126 shares during the period. Finally, Root Financial Partners LLC lifted its stake in shares of Globe Life by 23.3% during the 1st quarter. Root Financial Partners LLC now owns 439 shares of the company’s stock worth $61,000 after buying an additional 83 shares during the last quarter. 81.61% of the stock is owned by institutional investors.

About Globe Life

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.