Globe Life (NYSE:GL) Trading Down 7.3% After Insider Selling

Globe Life Inc. (NYSE:GL) shares dropped 7.3% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $100.27 and last traded at $101.48. Approximately 630,141 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 1,474,596 shares. The stock had previously closed at $109.49.

Specifically, CEO Frank M. Svoboda sold 14,340 shares of Globe Life stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $108.80, for a total value of $1,560,192.00. Following the completion of the sale, the chief executive officer now owns 16,396 shares of the company’s stock, valued at approximately $1,783,884.80. This trade represents a 46.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GL. TD Cowen assumed coverage on shares of Globe Life in a report on Wednesday, October 9th. They set a “buy” rating and a $150.00 price objective for the company. Morgan Stanley boosted their target price on shares of Globe Life from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Truist Financial raised their price target on Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Raymond James upped their price objective on Globe Life from $160.00 to $188.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Piper Sandler raised their target price on Globe Life from $118.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $124.50.

Globe Life Stock Performance

The firm has a market capitalization of $8.95 billion, a PE ratio of 9.02 and a beta of 0.81. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.05 and a current ratio of 0.05. The business’s fifty day simple moving average is $108.12 and its 200-day simple moving average is $97.10.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.06 by $0.43. The firm 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 22.91% and a net margin of 19.04%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.71 earnings per share. As a group, equities research analysts expect that Globe Life Inc. will post 12.31 EPS for the current year.

Globe Life Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 8th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. Globe Life’s payout ratio is currently 8.12%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Riverview Trust Co purchased a new stake in Globe Life during the 3rd quarter valued at $32,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Globe Life by 88.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 599 shares of the company’s stock valued at $50,000 after acquiring an additional 281 shares during the period. LRI Investments LLC grew its holdings in Globe Life by 898.4% during the 2nd quarter. LRI Investments LLC now owns 619 shares of the company’s stock valued at $51,000 after purchasing an additional 557 shares during the last quarter. Family Firm Inc. bought a new stake in Globe Life in the second quarter worth about $54,000. Finally, True Wealth Design LLC purchased a new position in shares of Globe Life during the third quarter valued at approximately $59,000. Institutional investors own 81.61% of the company’s stock.

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.