Torchmark Corporation (TMK) Director Sells $729,259.16 in Stock
Torchmark Corporation (NYSE:TMK) Director Charles E. Adair sold 9,244 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $78.89, for a total value of $729,259.16. Following the completion of the sale, the director now directly owns 20,613 shares in the company, valued at approximately $1,626,159.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of Torchmark Corporation (NYSE TMK) traded down 0.14% during mid-day trading on Wednesday, hitting $78.75. The company’s stock had a trading volume of 351,257 shares. The company has a 50-day moving average of $78.11 and a 200 day moving average of $76.78. Torchmark Corporation has a 1-year low of $61.92 and a 1-year high of $79.90. The company has a market cap of $9.16 billion, a price-to-earnings ratio of 16.94 and a beta of 0.98.
Torchmark Corporation (NYSE:TMK) last posted its earnings results on Wednesday, July 26th. The insurance provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.17 by $0.02. Torchmark Corporation had a return on equity of 11.55% and a net margin of 13.96%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $1.11 earnings per share. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, analysts expect that Torchmark Corporation will post $4.75 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Wednesday, July 5th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend was Friday, June 30th. Torchmark Corporation’s payout ratio is 12.88%.
Several institutional investors have recently bought and sold shares of the stock. Verition Fund Management LLC increased its position in Torchmark Corporation by 236.7% in the second quarter. Verition Fund Management LLC now owns 9,461 shares of the insurance provider’s stock valued at $724,000 after buying an additional 6,651 shares during the last quarter. Nomura Holdings Inc. increased its position in Torchmark Corporation by 172.3% in the second quarter. Nomura Holdings Inc. now owns 12,834 shares of the insurance provider’s stock valued at $982,000 after buying an additional 8,120 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Torchmark Corporation by 10.7% in the second quarter. The Manufacturers Life Insurance Company now owns 128,965 shares of the insurance provider’s stock valued at $9,866,000 after buying an additional 12,427 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Torchmark Corporation by 57.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 238,411 shares of the insurance provider’s stock valued at $18,238,000 after buying an additional 87,311 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Torchmark Corporation during the second quarter valued at approximately $421,000. 74.84% of the stock is currently owned by institutional investors.
A number of research firms have issued reports on TMK. Barclays PLC raised their target price on Torchmark Corporation from $65.00 to $67.00 and gave the company an “underweight” rating in a report on Friday, August 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $78.00 target price on shares of Torchmark Corporation in a report on Thursday, August 3rd. BidaskClub raised Torchmark Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Finally, Zacks Investment Research raised Torchmark Corporation from a “sell” rating to a “hold” rating and set a $88.00 target price on the stock in a report on Friday, July 28th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $73.33.
Torchmark Corporation Company Profile
Torchmark Corporation (Torchmark) is an insurance holding company. The Company, through its subsidiaries, provides a range of life and health insurance products and annuities to a base of customers. The Company’s segments include life insurance, health insurance, annuities and investment. The life insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurance.
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