Crestline Management LP Makes New Investment in Globe Life Inc. (NYSE:GL)
Crestline Management LP has acquired a new stake in Globe Life Inc. (NYSE:GL), purchasing 8,770 shares valued at approximately $978,000 during the 4th quarter. Other institutional investors have also increased their holdings in Globe Life. Recent insider sales include CEO Frank M. Svoboda selling 11,000 shares and CEO James Matthew Darden selling 24,890 shares. Analysts have varied opinions on the stock, with price targets ranging from $114.00 to $145.00, and an average rating of "Moderate Buy." Globe Life's stock opened at $121.35, with a market cap of $10.10 billion.
Crestline Management LP purchased a new stake in shares of Globe Life Inc. (NYSE:GL - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 8,770 shares of the company's stock, valued at approximately $978,000.
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A number of other institutional investors and hedge funds have also recently modified their holdings of GL. Albion Financial Group UT bought a new position in Globe Life in the fourth quarter valued at about $28,000. Rakuten Securities Inc. purchased a new stake in shares of Globe Life during the 4th quarter valued at about $28,000. Avalon Trust Co bought a new position in shares of Globe Life in the 4th quarter worth approximately $41,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Globe Life by 32.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company's stock worth $41,000 after buying an additional 90 shares during the last quarter. Finally, Platinum Investment Management Ltd. bought a new stake in Globe Life during the fourth quarter valued at approximately $45,000. 81.61% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other Globe Life news, CEO Frank M. Svoboda sold 11,000 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $122.31, for a total transaction of $1,345,410.00. Following the sale, the chief executive officer now directly owns 18,948 shares of the company's stock, valued at $2,317,529.88. The trade was a 36.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James Matthew Darden sold 24,890 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $121.52, for a total value of $3,024,632.80. Following the completion of the sale, the chief executive officer now directly owns 38,973 shares of the company's stock, valued at $4,735,998.96. The trade was a 38.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.51% of the company's stock.
Analyst Upgrades and Downgrades
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Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Globe Life from $136.00 to $145.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 2nd. BMO Capital Markets began coverage on Globe Life in a report on Thursday, January 23rd. They set a "market perform" rating and a $114.00 price target for the company. Morgan Stanley reduced their price target on Globe Life from $126.00 to $117.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company cut their price objective on Globe Life from $140.00 to $139.00 and set an "overweight" rating for the company in a research note on Tuesday. Finally, Keefe, Bruyette & Woods raised their target price on shares of Globe Life from $137.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Globe Life currently has an average rating of "Moderate Buy" and a consensus price target of $137.00.
Check Out Our Latest Stock Analysis on GL
Globe Life Price Performance
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GL stock opened at $121.35 on Friday. The company has a market capitalization of $10.10 billion, a PE ratio of 10.16 and a beta of 0.56. The company's fifty day moving average price is $123.66 and its 200-day moving average price is $117.05. Globe Life Inc. has a one year low of $76.55 and a one year high of $133.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.05 and a current ratio of 0.05.
Globe Life (NYSE:GL - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $3.07 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.17). Globe Life had a net margin of 18.53% and a return on equity of 22.32%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company earned $2.78 EPS. The firm's revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities analysts anticipate that Globe Life Inc. will post 13.87 EPS for the current fiscal year.
Globe Life Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.27 per share. The ex-dividend date is Thursday, July 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. Globe Life's dividend payout ratio (DPR) is 8.79%.
About Globe Life
(Free Report)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.
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Want to see what other hedge funds are holding GL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globe Life Inc. (NYSE:GL - Free Report).
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