Cibc World Markets Corp Sells 2,749 Shares of Globe Life Inc. (NYSE:GL)

Cibc World Markets Corp lowered its stake in Globe Life Inc. (NYSE:GL) by 22.6% during the 4th quarter, Holdings Channel reports. The firm owned 9,424 shares of the company’s stock after selling 2,749 shares during the quarter. Cibc World Markets Corp’s holdings in Globe Life were worth $1,051,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc lifted its position in shares of Globe Life by 388.0% in the fourth quarter. Versant Capital Management Inc now owns 244 shares of the company’s stock worth $27,000 after buying an additional 194 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Globe Life in the fourth quarter valued at $28,000. Albion Financial Group UT purchased a new position in shares of Globe Life in the fourth quarter valued at $28,000. Avalon Trust Co bought a new stake in Globe Life in the fourth quarter worth $41,000. Finally, EverSource Wealth Advisors LLC raised its stake in Globe Life by 32.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock valued at $41,000 after purchasing an additional 90 shares in the last quarter. Institutional investors own 81.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. BMO Capital Markets initiated coverage on shares of Globe Life in a report on Thursday, January 23rd. They issued a “market perform” rating and a $114.00 price target for the company. Jefferies Financial Group raised their price objective on Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Morgan Stanley boosted their target price on Globe Life from $125.00 to $126.00 and gave the company an “equal weight” rating in a research report on Friday, February 28th. Keefe, Bruyette & Woods raised their price target on Globe Life from $137.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Evercore ISI upgraded shares of Globe Life from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $132.00 to $143.00 in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Globe Life has an average rating of “Moderate Buy” and a consensus price target of $135.60.

Insider Activity

In other news, CEO Frank M. Svoboda sold 13,448 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $112.56, for a total value of $1,513,706.88. Following the completion of the transaction, the chief executive officer now directly owns 18,948 shares in the company, valued at $2,132,786.88. This trade represents a 41.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark A. Blinn sold 3,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.23, for a total transaction of $339,690.00. Following the completion of the sale, the director now directly owns 5,122 shares in the company, valued at $579,964.06. This trade represents a 36.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 61,338 shares of company stock worth $7,239,630 over the last 90 days. 1.51% of the stock is currently owned by corporate insiders.

Globe Life Price Performance

Shares of GL opened at $126.86 on Friday. The company has a 50 day moving average of $122.53 and a two-hundred day moving average of $112.93. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. Globe Life Inc. has a twelve month low of $38.95 and a twelve month high of $131.39. The company has a market cap of $10.64 billion, a price-to-earnings ratio of 10.62 and a beta of 0.77.

Globe Life (NYSE:GL) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $3.14 earnings per share for the quarter, topping analysts’ consensus estimates of $3.12 by $0.02. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. As a group, analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.27 per share. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.85%. Globe Life’s payout ratio is presently 9.04%.

Globe Life 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.