Lazard Asset Management LLC Raises Holdings in Globe Life Inc. (NYSE:GL)

Lazard Asset Management LLC lifted its holdings in shares of Globe Life Inc. (NYSE:GL) by 41.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 352,221 shares of the company’s stock after purchasing an additional 103,226 shares during the period. Lazard Asset Management LLC owned about 0.38% of Globe Life worth $40,987,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Private Wealth Management Group LLC purchased a new stake in Globe Life in the 4th quarter worth approximately $27,000. Private Trust Co. NA grew its stake in Globe Life by 270.0% in the 4th quarter. Private Trust Co. NA now owns 222 shares of the company’s stock worth $27,000 after acquiring an additional 162 shares during the period. Lindbrook Capital LLC grew its stake in Globe Life by 62.2% in the 4th quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock worth $29,000 after acquiring an additional 92 shares during the period. Benjamin F. Edwards & Company Inc. grew its stake in Globe Life by 177.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 277 shares of the company’s stock worth $34,000 after acquiring an additional 177 shares during the period. Finally, Keener Financial Planning LLC purchased a new stake in Globe Life in the 1st quarter worth approximately $49,000. 81.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Globe Life

In other Globe Life news, CFO Thomas Peter Kalmbach acquired 500 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $84.43 per share, with a total value of $42,215.00. Following the transaction, the chief financial officer now directly owns 18,080 shares in the company, valued at $1,526,494.40. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In other Globe Life news, CFO Thomas Peter Kalmbach acquired 500 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $84.43 per share, with a total value of $42,215.00. Following the transaction, the chief financial officer now directly owns 18,080 shares in the company, valued at $1,526,494.40. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Mary E. Thigpen acquired 3,000 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were acquired at an average cost of $90.20 per share, with a total value of $270,600.00. Following the transaction, the director now owns 15,605 shares in the company, valued at $1,407,571. The disclosure for this purchase can be found here. Insiders acquired a total of 8,000 shares of company stock valued at $687,880 in the last quarter. Insiders own 1.51% of the company’s stock.

Wall Street Analysts Forecast Growth

GL has been the subject of several recent analyst reports. Evercore ISI lifted their target price on shares of Globe Life from $83.00 to $86.00 and gave the stock an “in-line” rating in a research note on Wednesday, June 26th. Raymond James reissued a “strong-buy” rating on shares of Globe Life in a research note on Tuesday, May 21st. Jefferies Financial Group boosted their price objective on shares of Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a research note on Friday, June 28th. Keefe, Bruyette & Woods raised shares of Globe Life from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $130.00 to $110.00 in a research note on Wednesday, April 24th. Finally, Piper Sandler boosted their price objective on shares of Globe Life from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Friday. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $105.44.

Globe Life Stock Up 1.8 %

Shares of GL traded up $1.61 during midday trading on Friday, hitting $90.69. The company had a trading volume of 998,446 shares, compared to its average volume of 911,533. The company’s 50 day moving average price is $83.59 and its 200 day moving average price is $99.27. The stock has a market cap of $8.17 billion, a price-to-earnings ratio of 8.66 and a beta of 0.81. Globe Life Inc. has a 52 week low of $38.95 and a 52 week high of $132.00. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.32.

Globe Life (NYSE:GL) last released its earnings results on Wednesday, July 24th. The company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.07. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. Globe Life had a net margin of 18.47% and a return on equity of 22.53%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.61 EPS. On average, equities research analysts predict that Globe Life Inc. will post 11.92 EPS for the current year.

Globe Life Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Friday, July 5th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, July 5th. Globe Life’s dividend payout ratio is presently 9.17%.

About Globe Life

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.