Bank of Nova Scotia Sells 71,165 Shares of Globe Life Inc. (NYSE:GL)

by · The Markets Daily

Bank of Nova Scotia lessened its stake in shares of Globe Life Inc. (NYSE:GL – Free Report) by 67.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,801 shares of the company’s stock after selling 71,165 shares during the quarter. Bank of Nova Scotia’s holdings in Globe Life were worth $4,584,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC boosted its position in shares of Globe Life by 21.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 8,636 shares of the company’s stock valued at $963,000 after acquiring an additional 1,507 shares during the period. Franklin Resources Inc. lifted its stake in Globe Life by 35.7% in the 4th quarter. Franklin Resources Inc. now owns 152,157 shares of the company’s stock worth $16,969,000 after purchasing an additional 40,037 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in Globe Life in the 4th quarter valued at $68,000. Russell Investments Group Ltd. grew its position in shares of Globe Life by 4.7% during the 4th quarter. Russell Investments Group Ltd. now owns 203,109 shares of the company’s stock valued at $22,651,000 after purchasing an additional 9,028 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Globe Life by 1.8% during the 4th quarter. Federated Hermes Inc. now owns 32,007 shares of the company’s stock valued at $3,569,000 after purchasing an additional 552 shares in the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

Globe Life Price Performance

GL stock opened at $139.52 on Wednesday. The firm has a market cap of $11.52 billion, a P/E ratio of 11.15 and a beta of 0.56. The firm’s fifty day moving average is $124.10 and its 200 day moving average is $123.27. Globe Life Inc. has a 52 week low of $87.88 and a 52 week high of $144.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07.

Globe Life (NYSE:GL – Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.25 by $0.02. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Globe Life had a return on equity of 21.55% and a net margin of 18.11%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $2.97 earnings per share. Research analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current year.

Insiders Place Their Bets

In other Globe Life news, CEO Frank M. Svoboda sold 12,500 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $141.38, for a total value of $1,767,250.00. Following the completion of the sale, the chief executive officer owned 32,747 shares in the company, valued at approximately $4,629,770.86. This trade represents a 27.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael Clay Majors sold 10,000 shares of Globe Life stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $137.41, for a total value of $1,374,100.00. Following the completion of the sale, the executive vice president owned 47,066 shares in the company, valued at approximately $6,467,339.06. This represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,741 shares of company stock valued at $12,471,180 over the last three months. Company insiders own 1.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GL. JPMorgan Chase & Co. lifted their price objective on Globe Life from $145.00 to $160.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded Globe Life from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Truist Financial started coverage on Globe Life in a research report on Tuesday, July 15th. They set a “buy” rating and a $150.00 price target for the company. Morgan Stanley raised shares of Globe Life from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $135.00 to $166.00 in a research note on Tuesday. Finally, Wells Fargo & Company raised their target price on shares of Globe Life from $144.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Globe Life presently has an average rating of “Moderate Buy” and a consensus price target of $152.00.

Check Out Our Latest Report on GL

Globe Life Profile

(Free Report)

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.

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