Globe Life Inc. (NYSE:GL) CFO Sells $646,012.50 in Stock

Globe Life Inc. (NYSE:GL) CFO Frank M. Svoboda sold 8,050 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $80.25, for a total transaction of $646,012.50. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $802,500. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

NYSE:GL traded down $0.33 during trading hours on Friday, reaching $79.41. The company’s stock had a trading volume of 22,505 shares, compared to its average volume of 511,455. The firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of 11.94 and a beta of 1.10. The firm has a 50-day simple moving average of $75.17 and a 200-day simple moving average of $83.14. Globe Life Inc. has a 1 year low of $56.74 and a 1 year high of $111.43. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.07 and a current ratio of 0.07.

Globe Life (NYSE:GL) last issued its earnings results on Wednesday, July 22nd. The company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.12. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Globe Life had a net margin of 15.84% and a return on equity of 10.60%. During the same quarter last year, the company earned $1.67 EPS. Equities analysts anticipate that Globe Life Inc. will post 6.88 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Thursday, July 2nd. Globe Life’s payout ratio is presently 11.11%.

A number of large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Globe Life in the fourth quarter valued at about $120,501,000. Schroder Investment Management Group increased its position in shares of Globe Life by 51.0% in the first quarter. Schroder Investment Management Group now owns 1,496,175 shares of the company’s stock valued at $107,530,000 after acquiring an additional 505,132 shares during the period. BlackRock Inc. increased its position in shares of Globe Life by 6.0% in the first quarter. BlackRock Inc. now owns 8,689,046 shares of the company’s stock valued at $625,349,000 after acquiring an additional 488,007 shares during the period. JPMorgan Chase & Co. increased its position in shares of Globe Life by 261.1% in the first quarter. JPMorgan Chase & Co. now owns 405,624 shares of the company’s stock valued at $29,193,000 after acquiring an additional 293,282 shares during the period. Finally, NWQ Investment Management Company LLC purchased a new position in shares of Globe Life in the first quarter valued at about $19,820,000. Institutional investors own 74.04% of the company’s stock.

Several brokerages have commented on GL. ValuEngine downgraded shares of Globe Life from a “hold” rating to a “sell” rating in a report on Thursday, April 30th. Piper Sandler cut their price target on shares of Globe Life from $87.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, July 2nd. Morgan Stanley lifted their price objective on shares of Globe Life from $78.00 to $80.00 and gave the stock an “underweight” rating in a report on Thursday, July 23rd. Credit Suisse Group reaffirmed a “buy” rating on shares of Globe Life in a report on Thursday, July 23rd. Finally, Zacks Investment Research downgraded shares of Globe Life from a “hold” rating to a “sell” rating and set a $76.00 price objective for the company. in a report on Friday, June 26th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Globe Life presently has a consensus rating of “Hold” and a consensus target price of $84.86.

About Globe Life

Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.

Further Reading: How are Outstanding Shares Different from Authorized Shares?

Insider Buying and Selling by Quarter for Globe Life (NYSE:GL)

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