Bank of America Corp DE, a prominent banking institution, has demonstrated a decrease of 6.2% of its shares in Globe Life Inc., a leading holding company that provides a plethora of individual life and supplemental health insurance products as well as services. During its fourth quarter, Bank of America Corp DE reportedly sold 44,974 shares which leaves the institution with ownership of 681,983 shares of Globe Life’s stock. This new disclosure was made through the Securities and Exchange Commission’s documents.
Globe Life operates through four distinct segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. Its focus includes traditional whole life insurance or interest-sensitive whole life insurance and term life insurances. The company aims to provide innovative products and quality service to help customers attain financial security for their future.
In light of this news on Globe Life’s shares ownership shift by Bank of America Corp DE – the chief accounting officer Michael Shane Henrie recently sold over 2,200 shares in Globe Life’s stocks totaling $245,395 – for an average price per share at $110.29; the director Melissa Jane Buchan also unloaded some shares in March when she sold 1,900 shares valued at approximately $201k.
This recent flurry of activity coming from Corporate insiders within Globe Life only adds fuel to the speculation surrounding why they might be selling off their holdings within the company at this point in time; given that corporate insider holds 4.33% stake in Globe Lifes’ current stock issuance that usually assumes they are privy to some premium information before the rest of the public can access it.
Despite these changes in share ownership and rumors floating surrounding director & CAO involvement within Globe Lifes’ operations may heighten conjecture about potential upheavals or adversities on the horizon for the company; however, most industry experts predict continued growth both short-term and long-term growth potential with responsible financial management as Glode Life Inc continues to refine its product offerings while pursuing expansion opportunities in different sectors.
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Globe Life Inc: Institutional Investors Show Interest Amid Mixed Analyst Ratings and Earnings Beat
Globe Life, Inc. is a holding company that specializes in providing both individual life and supplemental health insurance products. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. Globe Life’s products and services are aimed at individuals who are looking for protection against financial hardship or personal risk.
Recently, several institutional investors have made significant changes to their stock holdings in the company. According to a report by InvestingNews.com, Wellington Management Group added 37% to its stake during the first quarter of this year, while Impax Asset Management Group’s holdings increased by an astounding 41,273%. Invesco Ltd. also added 36% to its holdings during the first quarter.
The trend continued with Ensign Peak Advisors raising its position by 89% after the third quarter of last year; Eaton Vance Management lifted its holdings by more than 100% during the first quarter of this year; and finally, just over 81% of Globe Life’s stock is currently owned by institutional investors and hedge funds.
Despite these investments from major players in the finance industry, equity analysts have been mixed on their recommendations for GL shares. While Piper Sandler dropped its target price on shares from $135 to $130 earlier this year in a report on Globe Life’s earnings figures, StockNews.com assumed coverage with a “hold” rating.
Morgan Stanley decreased their price objective on shares from $133 to $129 earlier this year in a research report while Wells Fargo & Company has recently issued an “equal weight” rating along with a target price of $120.
In contrast, Raymond James has issued a “strong buy” rating for the company in March and maintained it thus far despite decreasing Globe Life’s price target from $141 to $138. Overall Bloomberg.com reports that Globe Life currently enjoys an “average rating of Moderate Buy” based upon eight analyst reports reviewed.
On May 3rd, Globe Life reported its latest earnings results, where it announced earnings per share of $2.53, which beat consensus estimates of $2.47 by six cents. The company had a revenue of just over $1.32 billion during the quarter.
Despite an average rating of “Moderate Buy” from equity analysts and institutional investors adding significant shares to their holdings, Globe Life Inc.’s stock has opened at $107.04 on Monday, below its 50-day moving average price of $107.53 and a two-hundred day average price of $114.43. Globe Life started trading for the day with a market capitalization of $10.23 billion and a P/E ratio of 13.20 while they continue their services aimed directly at people who prioritize protection against financial risks and personal hardships in life.