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Sun. Jul 14th, 2024

Hsbc Holdings PLC cuts stake in Globe Life Inc. (NYSE:GL)

By Vaseline May31,2024


Hsbc Holdings PLC has sold its stake in Globe Life Inc. (NYSE:GL – Free Report) fell 16.1% during the fourth quarter, the company said in its most recent Form 13F filing with the Securities and Exchange Commission. The company owned 221,141 shares of the company’s stock after selling 42,442 shares during the period. Hsbc Holdings PLC owned about 0.24% of Globe Life worth $26,902,000 at the end of the most recent quarter.

Other hedge funds have also recently changed their positions in the company. Private Wealth Management Group LLC acquired a new stake in shares of Globe Life valued at $27,000 in the fourth quarter. Private Trust Co. NA increased its position in Globe Life by 270.0% in the fourth quarter. Private Trust Co. NA now owns 222 shares of the company’s stock worth $27,000, after acquiring an additional 162 shares in the last quarter. BKM Wealth Management LLC acquired a new stake in shares of Globe Life during the fourth quarter worth approximately $28,000. Lindbrook Capital LLC increased its position in shares of Globe Life by 62.2% in the fourth quarter. Lindbrook Capital LLC now owns 240 shares of the company’s stock valued at $29,000 after purchasing an additional 92 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its position in Globe Life shares by 177.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 277 shares of the company worth $34,000, after purchasing an additional 177 shares in the last quarter. Institutional investors and hedge funds own 81.61% of the company’s shares.

Insider activity at Globe Life

In other news, EVP Robert Edward Hensley acquired 2,500 shares of Globe Life in a transaction dated Tuesday, May 28. The shares were acquired at an average cost of $82.17 per share, for a total transaction of $205,425.00. Following the completion of the purchase, the executive vice president now owns 7,290 shares of the company’s stock, valued at $599,019.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Robert Edward Hensley purchased 2,500 shares of stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average cost of $82.17 per share, for a total transaction of $205,425.00. Following the completion of the purchase, the executive vice president now directly owns 7,290 shares of the company’s stock, valued at approximately $599,019.30. The transaction was disclosed in a filing with the SEC, which can be accessed via this link. Director David A. Rodriguez also acquired 1,500 shares in a transaction dated Wednesday, April 24. The shares were purchased at an average price of $79.72 per share, for a total transaction of $119,580.00. Following the completion of the transaction, the director now owns 4,192 shares of the company’s stock, valued at approximately $334,186.24. The explanation for this purchase can be found here. In the last 90 days, insiders acquired 6,500 company shares worth $536,860. Insiders own 1.51% of the company’s shares.

Analysts set new price targets

Several research firms have recently weighed in on GL. Wells Fargo & Company lowered their price target on Globe Life from $132.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24. Truist Financial lowered their target price on shares of Globe Life from $125.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, April 24. Raymond James reiterated a “strong buy” rating on shares of Globe Life in a research note on Tuesday, May 21. Keefe, Bruyette & Woods upgraded Globe Life from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $130.00 to $110.00 in a report on Wednesday, April 24. Finally, JPMorgan Chase & Co. raised their price target for Globe Life from $133.00 to $136.00 and gave the stock an “overweight” rating in a report on Thursday, February 8. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Globe Life has a consensus rating of “Moderate Buy” and an average price target of $114.33.

Read our latest research report on GL

Globe Life shares fell 0.2%

GL shares opened at $82.22 on Friday. The company has a market cap of $7.59 billion, a price-to-earnings ratio of 7.85 and a beta of 0.78. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.32. Globe Life Inc. has a 52-week low of $38.95 and a 52-week high of $132.00. The company’s 50-day moving average is $87.26 and its two-hundred-day moving average is $110.14.

Globe Life (NYSE:GL – Get Free Report) posted its latest earnings results on Monday, April 22. The company reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by ($0.01). Globe Life had a return on equity of 23.01% and a net margin of 18.07%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. In the same quarter of the previous year, the company earned earnings per share of $2.53. The company’s revenue increased by 7.2% compared to the same quarter last year. On average, analysts predict that Globe Life Inc. will record a profit per share of 11.72 for the current financial year.

Dividend announcement from Globe Life

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1. Shareholders of record on Friday, July 5 will receive a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, July 3. This represents a dividend of $0.96 annually and a dividend yield of 1.17%. Globe Life’s dividend payout ratio currently stands at 9.17%.

Globe Life company profile

(Free report)

Globe Life Inc, through its subsidiaries, offers a variety of 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, supplementary health insurance, annuities and investments.

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Quarterly Institutional Ownership for Globe Life (NYSE:GL)



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