Eaton Vance Management decreased its stake in Globe Life Inc. (NYSE:GL) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 416,005 shares of the company’s stock after selling 6,639 shares during the quarter. Eaton Vance Management owned approximately 0.40% of Globe Life worth $39,504,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in GL. Perigon Wealth Management LLC acquired a new position in Globe Life in the fourth quarter worth $29,000. Inspire Advisors LLC acquired a new position in Globe Life in the fourth quarter worth $44,000. Neo Ivy Capital Management acquired a new position in Globe Life in the third quarter worth $54,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Globe Life in the fourth quarter worth $78,000. Finally, Vantage Consulting Group Inc acquired a new position in Globe Life in the fourth quarter worth $80,000. 72.47% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on GL shares. JPMorgan Chase & Co. boosted their price objective on Globe Life from $99.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday. Piper Sandler boosted their price objective on Globe Life from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 6th. Finally, Morgan Stanley boosted their price objective on Globe Life from $95.00 to $100.00 and gave the stock an “underweight” rating in a research note on Thursday, April 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $97.50.
Globe Life (NYSE:GL) last released its earnings results on Monday, February 1st. The company reported $1.74 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.02. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.17 billion. Globe Life had a return on equity of 10.28% and a net margin of 15.38%. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.70 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 30th. Stockholders of record on Monday, April 5th will be given a dividend of $0.1975 per share. The ex-dividend date is Thursday, April 1st. This represents a $0.79 dividend on an annualized basis and a dividend yield of 0.80%. This is an increase from Globe Life’s previous quarterly dividend of $0.19.
In related news, insider David Kendall Carlson sold 18,000 shares of the company’s stock in a transaction dated Wednesday, March 17th. The stock was sold at an average price of $100.10, for a total value of $1,801,800.00. Following the completion of the sale, the insider now owns 3,000 shares in the company, valued at $300,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Larry M. Hutchison sold 12,000 shares of the company’s stock in a transaction dated Wednesday, March 17th. The shares were sold at an average price of $100.42, for a total value of $1,205,040.00. Following the completion of the sale, the chief executive officer now owns 727,112 shares of the company’s stock, valued at approximately $73,016,587.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 120,150 shares of company stock valued at $11,921,669. 3.78% of the stock is currently owned by corporate insiders.
About Globe Life
Globe Life, Inc is a holding company, which engages in the provision of individual life and supplemental health insurance products and services. It operates through the following segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurances.
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