Connor Clark & Lunn Investment Management Ltd. Sells 59,060 Shares of Globe Life Inc. (NYSE:GL)

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of Globe Life Inc. (NYSE:GL) by 26.8% during the 4th quarter, Holdings Channel reports. The fund owned 161,284 shares of the company’s stock after selling 59,060 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Globe Life were worth $17,986,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Private Trust Co. NA boosted its stake in Globe Life by 12.5% during the fourth quarter. Private Trust Co. NA now owns 754 shares of the company’s stock worth $84,000 after acquiring an additional 84 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its stake in shares of Globe Life by 4.0% in the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 2,293 shares of the company’s stock valued at $256,000 after buying an additional 88 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Globe Life by 32.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock valued at $41,000 after buying an additional 90 shares in the last quarter. New Mexico Educational Retirement Board lifted its stake in shares of Globe Life by 2.4% in the fourth quarter. New Mexico Educational Retirement Board now owns 4,233 shares of the company’s stock valued at $472,000 after buying an additional 100 shares in the last quarter. Finally, Ballentine Partners LLC lifted its stake in shares of Globe Life by 4.5% in the fourth quarter. Ballentine Partners LLC now owns 2,803 shares of the company’s stock valued at $313,000 after buying an additional 121 shares in the last quarter. 81.61% of the stock is owned by institutional investors.

Globe Life Price Performance

GL stock opened at $121.92 on Friday. The firm has a 50 day moving average of $120.57 and a 200-day moving average of $111.88. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. Globe Life Inc. has a 12 month low of $38.95 and a 12 month high of $131.39. The firm has a market capitalization of $10.22 billion, a P/E ratio of 10.20 and a beta of 0.77.

Globe Life (NYSE:GL) last announced its earnings results on Wednesday, February 5th. The company reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.12 by $0.02. Globe Life had a net margin of 18.53% and a return on equity of 22.32%. As a group, sell-side analysts predict that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Globe Life’s previous quarterly dividend of $0.24. This represents a $1.08 annualized dividend and a yield of 0.89%. Globe Life’s payout ratio is presently 9.04%.

Insider Transactions at Globe Life

In other news, Director Mark A. Blinn sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $113.23, for a total value of $339,690.00. Following the completion of the sale, the director now directly owns 5,122 shares in the company, valued at approximately $579,964.06. The trade was a 36.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO James Matthew Darden sold 24,890 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $121.52, for a total transaction of $3,024,632.80. Following the completion of the sale, the chief executive officer now owns 38,973 shares of the company’s stock, valued at approximately $4,735,998.96. The trade was a 38.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,338 shares of company stock worth $7,239,630. 1.51% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Globe Life from $126.00 to $141.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Jefferies Financial Group raised their price objective on shares of Globe Life from $107.00 to $114.00 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Morgan Stanley raised their price target on shares of Globe Life from $125.00 to $126.00 and gave the company an “equal weight” rating in a research report on Friday, February 28th. Keefe, Bruyette & Woods raised their price target on shares of Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Finally, BMO Capital Markets started coverage on shares of Globe Life in a report on Thursday, January 23rd. They set a “market perform” rating and a $114.00 price objective for the company. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Globe Life has a consensus rating of “Moderate Buy” and a consensus target price of $135.60.

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.