Parsons Capital Management Inc. RI Has $2.30 Million Stake in Globe Life Inc. (NYSE:GL)

Parsons Capital Management Inc. RI reduced its holdings in shares of Globe Life Inc. (NYSE:GL) by 8.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,604 shares of the company’s stock after selling 2,020 shares during the period. Parsons Capital Management Inc. RI’s holdings in Globe Life were worth $2,298,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc grew its stake in Globe Life by 388.0% during the fourth quarter. Versant Capital Management Inc now owns 244 shares of the company’s stock worth $27,000 after purchasing an additional 194 shares during the period. Albion Financial Group UT bought a new position in shares of Globe Life during the 4th quarter worth approximately $28,000. Riverview Trust Co acquired a new stake in shares of Globe Life during the 3rd quarter worth approximately $32,000. True Wealth Design LLC bought a new stake in shares of Globe Life in the 3rd quarter valued at $59,000. Finally, Quarry LP lifted its position in shares of Globe Life by 47.5% during the 2nd quarter. Quarry LP now owns 838 shares of the company’s stock valued at $69,000 after acquiring an additional 270 shares during the period. 81.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GL has been the subject of a number of research reports. Truist Financial raised their price target on shares of Globe Life from $90.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, October 25th. TD Cowen initiated coverage on Globe Life in a research report on Wednesday, October 9th. They issued a “buy” rating and a $150.00 target price for the company. Wells Fargo & Company increased their price target on Globe Life from $108.00 to $117.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Raymond James boosted their price objective on Globe Life from $160.00 to $188.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley increased their target price on Globe Life from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.18.

Globe Life Trading Up 1.3 %

NYSE GL opened at $120.90 on Tuesday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $10.15 billion, a P/E ratio of 10.23 and a beta of 0.80. The business has a fifty day simple moving average of $111.10 and a 200 day simple moving average of $104.96. Globe Life Inc. has a 12 month low of $38.95 and a 12 month high of $132.00.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, January 6th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Monday, January 6th. Globe Life’s payout ratio is currently 8.12%.

Insider Buying and Selling

In related news, CEO Frank M. Svoboda sold 13,448 shares of Globe Life stock in a transaction on Monday, January 6th. The stock was sold at an average price of $112.56, for a total transaction of $1,513,706.88. Following the sale, the chief executive officer now directly owns 18,948 shares in the company, valued at approximately $2,132,786.88. This trade represents a 41.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Jennifer Allison Haworth sold 9,000 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $112.91, for a total value of $1,016,190.00. Following the completion of the transaction, the chief marketing officer now directly owns 13,485 shares in the company, valued at approximately $1,522,591.35. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,788 shares of company stock worth $4,429,779. 1.51% of the stock is owned by insiders.

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.