Torchmark Corp. (TMK) Shares Gap Up to $64.37
Torchmark Corp. (NYSE:TMK) gapped up before the market opened on Wednesday . The stock had previously closed at $64.15, but opened at $64.37. Torchmark Corp. shares last traded at $64.94, with a volume of 103,614 shares.
TMK has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Torchmark Corp. from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a report on Wednesday, June 29th. Evercore ISI initiated coverage on shares of Torchmark Corp. in a report on Wednesday, July 6th. They set a “hold” rating and a $63.00 price target for the company. Deutsche Bank AG lifted their price target on shares of Torchmark Corp. from $56.00 to $59.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Citigroup Inc. lifted their price target on shares of Torchmark Corp. from $58.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th. Finally, Bank of America Corp. upgraded shares of Torchmark Corp. from an “underperform” rating to a “neutral” rating in a report on Wednesday, June 29th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $57.91.
The firm has a market cap of $7.81 billion, a PE ratio of 15.00 and a beta of 1.08. The firm’s 50-day moving average price is $63.44 and its 200 day moving average price is $59.68.
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Torchmark Corp. (NYSE:TMK) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.02. The firm had revenue of $992 million for the quarter, compared to the consensus estimate of $979.43 million. Torchmark Corp. had a return on equity of 12.19% and a net margin of 13.85%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.05 EPS. Equities analysts predict that Torchmark Corp. will post $4.45 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.56 annualized dividend and a yield of 0.86%. Torchmark Corp.’s payout ratio is presently 12.84%.
In other Torchmark Corp. news, Chairman Gary L. Coleman sold 37,500 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $62.06, for a total transaction of $2,327,250.00. Following the sale, the chairman now owns 625,581 shares in the company, valued at approximately $38,823,556.86. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Vern D. Herbel sold 88,125 shares of the business’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $61.87, for a total value of $5,452,293.75. Following the sale, the executive vice president now owns 85,630 shares in the company, valued at approximately $5,297,928.10. The disclosure for this sale can be found here. Company insiders own 3.96% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Pillar Pacific Capital Management LLC increased its stake in Torchmark Corp. by 0.3% in the second quarter. Pillar Pacific Capital Management LLC now owns 6,446 shares of the company’s stock valued at $398,000 after buying an additional 17 shares during the last quarter. Veritable L.P. increased its position in shares of Torchmark Corp. by 0.8% in the second quarter. Veritable L.P. now owns 4,273 shares of the company’s stock worth $264,000 after buying an additional 33 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Torchmark Corp. by 0.9% in the second quarter. CIBC Asset Management Inc now owns 11,768 shares of the company’s stock worth $727,000 after buying an additional 100 shares in the last quarter. State Treasurer State of Michigan increased its position in shares of Torchmark Corp. by 0.3% in the second quarter. State Treasurer State of Michigan now owns 38,946 shares of the company’s stock worth $2,408,000 after buying an additional 100 shares in the last quarter. Finally, Balentine LLC increased its position in shares of Torchmark Corp. by 5.7% in the second quarter. Balentine LLC now owns 1,855 shares of the company’s stock worth $115,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 75.52% of the company’s stock.
Torchmark Corp. Company Profile
Torchmark Corporation is an insurance holding company. The Company, through its subsidiaries, provides a range of life and health insurance products and annuities to a broad base of customers. The Company’s segments include life insurance, health insurance, annuities and investment. The life insurance segment offers whole-life insurance and term life insurance.
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