Synovus Financial Corp Has $3.12 Million Stock Position in Globe Life Inc. (NYSE:GL)

Synovus Financial Corp lowered its holdings in shares of Globe Life Inc. (NYSE:GL) by 1.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 29,416 shares of the company’s stock after selling 513 shares during the period. Synovus Financial Corp’s holdings in Globe Life were worth $3,116,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GL. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Globe Life by 12.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 10,638 shares of the company’s stock worth $875,000 after acquiring an additional 1,206 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Globe Life by 27.7% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 19,631 shares of the company’s stock valued at $1,615,000 after purchasing an additional 4,255 shares in the last quarter. Blue Trust Inc. boosted its holdings in Globe Life by 249.5% during the 2nd quarter. Blue Trust Inc. now owns 776 shares of the company’s stock worth $64,000 after acquiring an additional 554 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Globe Life by 15.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 195,089 shares of the company’s stock valued at $16,052,000 after acquiring an additional 25,562 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Globe Life during the second quarter worth $1,439,000. Institutional investors and hedge funds own 81.61% of the company’s stock.

Globe Life Stock Performance

Shares of GL stock opened at $105.42 on Friday. Globe Life Inc. has a 12 month low of $38.95 and a 12 month high of $132.00. The stock has a market capitalization of $8.85 billion, a P/E ratio of 8.92 and a beta of 0.81. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. The firm’s 50 day moving average is $108.06 and its 200 day moving average is $98.10.

Globe Life (NYSE:GL) last posted its earnings results on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.06 by $0.43. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.71 earnings per share. On average, sell-side analysts anticipate that Globe Life Inc. will post 12.31 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Monday, January 6th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.96 annualized dividend and a yield of 0.91%. Globe Life’s dividend payout ratio is currently 8.12%.

Insider Buying and Selling at Globe Life

In other Globe Life news, CEO Frank M. Svoboda sold 14,340 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $108.80, for a total value of $1,560,192.00. Following the completion of the transaction, the chief executive officer now directly owns 16,396 shares of the company’s stock, valued at $1,783,884.80. This trade represents a 46.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on GL shares. 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 note on Tuesday, October 15th. Wells Fargo & Company raised their price objective on shares of Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods boosted their target price on shares of Globe Life from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. TD Cowen initiated coverage on shares of Globe Life in a research report on Wednesday, October 9th. They set a “buy” rating and a $150.00 target price for the company. Finally, Morgan Stanley lifted their price target on shares of Globe Life from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Globe Life presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.10.

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.