Cornerstone Management Inc. Cuts Stock Position in Globe Life Inc. (NYSE:GL)

Cornerstone Management Inc. lowered its stake in Globe Life Inc. (NYSE:GL) by 47.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,689 shares of the company’s stock after selling 21,019 shares during the quarter. Globe Life makes up 0.5% of Cornerstone Management Inc.’s investment portfolio, making the stock its 23rd largest position. Cornerstone Management Inc.’s holdings in Globe Life were worth $2,642,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of GL. Creative Planning grew its holdings in shares of Globe Life by 14.3% during the 2nd quarter. Creative Planning now owns 22,585 shares of the company’s stock worth $1,858,000 after acquiring an additional 2,827 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Globe Life in the second quarter worth approximately $1,021,000. Czech National Bank raised its position in shares of Globe Life by 14.3% during the third quarter. Czech National Bank now owns 18,297 shares of the company’s stock valued at $1,938,000 after buying an additional 2,296 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Globe Life by 51.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 21,500 shares of the company’s stock worth $2,277,000 after acquiring an additional 7,300 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Globe Life by 23.3% in the 3rd quarter. GAMMA Investing LLC now owns 4,333 shares of the company’s stock worth $459,000 after purchasing an additional 820 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Stock Up 0.2 %

Shares of NYSE GL opened at $122.38 on Tuesday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $10.27 billion, a PE ratio of 10.35 and a beta of 0.81. The firm has a fifty day moving average of $112.33 and a 200-day moving average of $106.17. Globe Life Inc. has a 52-week low of $38.95 and a 52-week high of $132.00.

Globe Life Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Monday, January 6th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Monday, January 6th. Globe Life’s dividend payout ratio is currently 8.12%.

Insider Transactions at Globe Life

In other news, Director Mark A. Blinn sold 3,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $113.23, for a total transaction of $339,690.00. Following the completion of the transaction, the director now directly owns 5,122 shares in the company, valued at approximately $579,964.06. This represents a 36.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Frank M. Svoboda sold 14,340 shares of Globe Life stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $108.80, for a total transaction of $1,560,192.00. Following the completion of the sale, the chief executive officer now owns 16,396 shares of the company’s stock, valued at approximately $1,783,884.80. This trade represents a 46.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,788 shares of company stock worth $4,429,779. 1.51% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GL has been the topic of several research reports. TD Cowen began coverage on Globe Life in a report on Wednesday, October 9th. They set a “buy” rating and a $150.00 price objective on the stock. Jefferies Financial Group lifted their price objective on Globe Life from $107.00 to $114.00 and gave the stock a “hold” rating in a report on Tuesday, December 10th. Piper Sandler upped their target price on shares of Globe Life from $118.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wells Fargo & Company increased their price objective on shares of Globe Life from $108.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Truist Financial upped their target price on Globe Life from $90.00 to $105.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Globe Life currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.18.

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.