Seven Eight Capital LP Makes New $242,000 Investment in Globe Life Inc. (NYSE:GL)

Seven Eight Capital LP acquired a new stake in Globe Life Inc. (NYSE:GL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,944 shares of the company’s stock, valued at approximately $242,000.

A number of other hedge funds also recently made changes to their positions in the business. Keener Financial Planning LLC acquired a new position in Globe Life in the 1st quarter valued at about $49,000. LRI Investments LLC acquired a new position in shares of Globe Life in the first quarter valued at approximately $72,000. Family Firm Inc. acquired a new position in shares of Globe Life in the second quarter valued at approximately $54,000. Central Pacific Bank Trust Division bought a new position in shares of Globe Life during the first quarter worth approximately $82,000. Finally, Blue Trust Inc. lifted 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 purchasing an additional 554 shares during the last quarter. 81.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Mary E. Thigpen bought 3,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were purchased at an average price of $90.20 per share, for a total transaction of $270,600.00. Following the completion of the transaction, the director now directly owns 15,605 shares of the company’s stock, valued at approximately $1,407,571. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.51% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on GL. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $118.00 price objective (up previously from $110.00) on shares of Globe Life in a research report on Wednesday, July 31st. Truist Financial raised their price target on shares of Globe Life from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, July 26th. Morgan Stanley boosted their price objective on shares of Globe Life from $66.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Wells Fargo & Company raised their target price on shares of Globe Life from $105.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group boosted their price target on Globe Life from $85.00 to $88.00 and gave the company a “hold” rating in a research note on Friday, June 28th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.33.

Globe Life Stock Up 1.4 %

Shares of GL opened at $107.71 on Tuesday. The firm has a 50 day simple moving average of $97.43 and a two-hundred day simple moving average of $91.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.05 and a quick ratio of 0.05. Globe Life Inc. has a one year low of $38.95 and a one year high of $132.00. The company has a market cap of $9.70 billion, a P/E ratio of 10.29 and a beta of 0.81.

Globe Life (NYSE:GL) last announced its quarterly earnings data 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. Globe Life had a return on equity of 21.93% and a net margin of 18.47%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period in the prior year, the company earned $2.61 EPS. Globe Life’s revenue for the quarter was up 8.6% on a year-over-year basis. Research analysts forecast that Globe Life Inc. will post 11.93 EPS for the current fiscal year.

Globe Life Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Friday, October 4th. Globe Life’s dividend payout ratio (DPR) 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.