Fifth Third Bancorp Has $2.44 Million Stake in Globe Life Inc. $GL

Fifth Third Bancorp increased its holdings in shares of Globe Life Inc. (NYSE:GL) by 148.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 17,506 shares of the company’s stock after acquiring an additional 10,451 shares during the period. Fifth Third Bancorp’s holdings in Globe Life were worth $2,436,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Globe Life in the fourth quarter valued at about $155,617,000. Northwestern Mutual Wealth Management Co. boosted its position in Globe Life by 34,786.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 881,919 shares of the company’s stock valued at $123,345,000 after purchasing an additional 879,391 shares during the last quarter. AQR Capital Management LLC grew its stake in Globe Life by 98.6% in the second quarter. AQR Capital Management LLC now owns 1,402,690 shares of the company’s stock valued at $174,340,000 after purchasing an additional 696,548 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Globe Life in the third quarter valued at approximately $80,925,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Globe Life by 32.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,435,247 shares of the company’s stock worth $200,734,000 after purchasing an additional 355,399 shares during the last quarter. Institutional investors own 81.61% of the company’s stock.

Globe Life Stock Up 0.1%

GL opened at $184.38 on Wednesday. The stock’s fifty day simple moving average is $167.76 and its 200 day simple moving average is $152.23. Globe Life Inc. has a 1-year low of $120.05 and a 1-year high of $191.55. The stock has a market cap of $14.32 billion, a PE ratio of 12.75 and a beta of 0.47. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.38.

Globe Life (NYSE:GL) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $3.43 earnings per share for the quarter, missing the consensus estimate of $3.46 by ($0.03). The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.56 billion. Globe Life had a net margin of 19.38% and a return on equity of 20.94%. Globe Life’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $3.07 earnings per share. As a group, research analysts expect that Globe Life Inc. will post 15.64 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be paid a $0.33 dividend. The ex-dividend date is Monday, July 6th. This represents a $1.32 dividend on an annualized basis and a yield of 0.7%. Globe Life’s dividend payout ratio is 9.13%.

Insiders Place Their Bets

In other news, CEO James Matthew Darden sold 4,663 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $153.88, for a total value of $717,542.44. Following the transaction, the chief executive officer owned 58,451 shares of the company’s stock, valued at approximately $8,994,439.88. This represents a 7.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Clay Majors sold 34,000 shares of the company’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $153.81, for a total value of $5,229,540.00. Following the completion of the transaction, the executive vice president directly owned 53,518 shares in the company, valued at $8,231,603.58. The trade was a 38.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 124,187 shares of company stock worth $19,529,414 in the last 90 days. Corporate insiders own 2.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GL shares. Truist Financial increased their price objective on Globe Life from $180.00 to $185.00 and gave the company a “buy” rating in a report on Friday, April 24th. Keefe, Bruyette & Woods boosted their target price on shares of Globe Life from $180.00 to $192.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Wells Fargo & Company upped their price target on shares of Globe Life from $172.00 to $193.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Morgan Stanley increased their price target on shares of Globe Life from $181.00 to $208.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, Piper Sandler lifted their price objective on shares of Globe Life from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $186.60.

Globe Life Company Profile

Globe Life, traded on the NYSE under the symbol GL, is a U.S.-based insurance holding company that underwrites and distributes a range of life and supplemental health insurance products. Through its subsidiary brands—Globe Life, American Income Life, Liberty National Life, United American Insurance Company and Family Heritage Life—it offers term life, whole life, fixed annuities and supplemental health coverage designed to meet the needs of individuals and families across various socioeconomic segments.

The company’s product suite includes low-cost, easy-to-understand life insurance policies, accidental death and dismemberment coverage, hospital indemnity plans and specified disease insurance.