Financial Management Professionals Inc. Decreases Stake in Globe Life Inc. (NYSE:GL)

Financial Management Professionals Inc. trimmed its holdings in shares of Globe Life Inc. (NYSE:GL) by 76.5% during the third quarter, Holdings Channel reports. The fund owned 4,097 shares of the company’s stock after selling 13,369 shares during the quarter. Financial Management Professionals Inc.’s holdings in Globe Life were worth $434,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Riverview Trust Co bought a new position in Globe Life during the 3rd quarter valued at $32,000. Keener Financial Planning LLC acquired a new stake in shares of Globe Life in the 1st quarter valued at about $49,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Globe Life by 88.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 599 shares of the company’s stock worth $50,000 after purchasing an additional 281 shares during the last quarter. LRI Investments LLC bought a new position in shares of Globe Life during the first quarter worth about $72,000. Finally, Family Firm Inc. acquired a new position in Globe Life in the second quarter worth about $54,000. Institutional investors and hedge funds own 81.61% of the company’s stock.

Globe Life Price Performance

Shares of NYSE:GL opened at $105.15 on Friday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $105.37 and its two-hundred day moving average is $90.77. The firm has a market capitalization of $9.47 billion, a P/E ratio of 10.04 and a beta of 0.81. Globe Life Inc. has a 52 week low of $38.95 and a 52 week high of $132.00.

Globe Life (NYSE:GL) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.06 by $0.43. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.71 EPS. Analysts anticipate that Globe Life Inc. will post 11.93 earnings per share for the current year.

Globe Life Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Globe Life’s dividend payout ratio (DPR) is 9.17%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GL. TD Cowen began coverage on Globe Life in a research note on Wednesday, October 9th. They set a “buy” rating and a $150.00 price objective on the stock. Truist Financial upped their price target on Globe Life from $90.00 to $105.00 and gave the company a “hold” rating in a research report on Friday. Piper Sandler lifted their price objective on shares of Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley increased their target price on shares of Globe Life from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Wells Fargo & Company lifted their price target on shares of Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Globe Life currently has an average rating of “Moderate Buy” and an average price target of $123.80.

Globe Life Company Profile

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.