Globe Life Inc. (NYSE:GL) was the recipient of a significant decline in short interest in March. As of March 31st, there was short interest totalling 730,600 shares, a decline of 26.9% from the March 15th total of 1,000,000 shares. Based on an average trading volume of 441,800 shares, the days-to-cover ratio is currently 1.7 days.
In other news, CEO Larry M. Hutchison sold 13,000 shares of the business’s stock in a transaction that occurred on Thursday, February 25th. The stock was sold at an average price of $96.43, for a total transaction of $1,253,590.00. Following the completion of the sale, the chief executive officer now owns 728,112 shares in the company, valued at $70,211,840.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider David Kendall Carlson sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 17th. The shares were sold at an average price of $100.10, for a total value of $1,801,800.00. Following the sale, the insider now owns 3,000 shares of the company’s stock, valued at approximately $300,300. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 120,150 shares of company stock valued at $11,921,669. Corporate insiders own 3.78% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. IFG Advisory LLC bought a new stake in shares of Globe Life during the 1st quarter valued at $436,000. Harbor Investment Advisory LLC bought a new position in Globe Life in the 1st quarter worth about $29,000. DnB Asset Management AS increased its stake in Globe Life by 7.0% in the 1st quarter. DnB Asset Management AS now owns 14,066 shares of the company’s stock worth $1,359,000 after acquiring an additional 926 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. increased its stake in Globe Life by 4.1% in the 1st quarter. Leith Wheeler Investment Counsel Ltd. now owns 102,152 shares of the company’s stock worth $9,871,000 after acquiring an additional 3,990 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its stake in Globe Life by 3.9% in the 1st quarter. Royal London Asset Management Ltd. now owns 41,849 shares of the company’s stock worth $4,044,000 after acquiring an additional 1,567 shares during the last quarter. Institutional investors own 72.47% of the company’s stock.
Globe Life (NYSE:GL) last issued its quarterly earnings results on Monday, February 1st. The company reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.02. Globe Life had a return on equity of 10.28% and a net margin of 15.38%. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the firm earned $1.70 EPS. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 30th. Investors of record on Monday, April 5th will be paid a dividend of $0.1975 per share. This represents a $0.79 dividend on an annualized basis and a dividend yield of 0.76%. This is a positive change from Globe Life’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Thursday, April 1st.
Several research analysts recently issued reports on the company. Morgan Stanley lifted their target price on Globe Life from $95.00 to $100.00 and gave the company an “underweight” rating in a research report on Thursday, April 1st. Piper Sandler lifted their target price on Globe Life from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, January 6th. Finally, JPMorgan Chase & Co. lifted their target price on Globe Life from $99.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, April 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $97.50.
Globe Life Company Profile
Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.
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