DAVENPORT & Co LLC Sells 431 Shares of Globe Life Inc. $GL

DAVENPORT & Co LLC decreased its stake in shares of Globe Life Inc. (NYSE:GL) by 11.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,315 shares of the company’s stock after selling 431 shares during the quarter. DAVENPORT & Co LLC’s holdings in Globe Life were worth $412,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Assets Advisory LLC bought a new position in shares of Globe Life during the 2nd quarter worth about $25,000. AdvisorNet Financial Inc increased its holdings in shares of Globe Life by 60.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $28,000 after purchasing an additional 84 shares during the period. TD Private Client Wealth LLC bought a new position in shares of Globe Life during the 2nd quarter worth about $39,000. SouthState Corp bought a new position in shares of Globe Life during the 1st quarter worth about $43,000. Finally, Ransom Advisory Ltd bought a new position in shares of Globe Life during the 1st quarter worth about $50,000. Institutional investors own 81.61% of the company’s stock.

Insider Activity

In other Globe Life news, CEO Frank M. Svoboda sold 12,500 shares of the company’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $141.38, for a total transaction of $1,767,250.00. Following the sale, the chief executive officer directly owned 32,747 shares of the company’s stock, valued at approximately $4,629,770.86. This represents a 27.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Matthew Darden sold 33,270 shares of the company’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the transaction, the chief executive officer owned 49,842 shares in the company, valued at $6,758,076.78. The trade was a 40.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,722 shares of company stock valued at $11,733,793 over the last three months. 1.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GL has been the topic of a number of analyst reports. BMO Capital Markets reissued a “market perform” rating and issued a $149.00 target price (up previously from $114.00) on shares of Globe Life in a research note on Wednesday, July 30th. Cfra Research raised shares of Globe Life to a “moderate buy” rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods upped their target price on shares of Globe Life from $145.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. Morgan Stanley set a $179.00 target price on shares of Globe Life and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Finally, Truist Financial initiated coverage on shares of Globe Life in a research note on Tuesday, July 15th. They issued a “buy” rating and a $150.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $155.70.

Globe Life Price Performance

Shares of Globe Life stock opened at $135.71 on Monday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $10.99 billion, a price-to-earnings ratio of 10.85 and a beta of 0.55. Globe Life Inc. has a 1-year low of $100.27 and a 1-year high of $147.83. The firm’s 50-day moving average price is $140.22 and its two-hundred day moving average price is $128.76.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, topping the consensus estimate of $3.25 by $0.02. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Globe Life had a net margin of 18.11% and a return on equity of 21.24%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.97 earnings per share. Globe Life has set its FY 2025 guidance at 14.250-14.650 EPS. On average, equities analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, October 3rd. Globe Life’s dividend payout ratio is currently 8.63%.

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.