Great West Life Assurance Co. Can lessened its holdings in Torchmark Co. (NYSE:TMK) by 12.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,025 shares of the insurance provider’s stock after selling 13,240 shares during the period. Great West Life Assurance Co. Can owned about 0.08% of Torchmark worth $8,161,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in TMK. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in shares of Torchmark by 148.3% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 640,781 shares of the insurance provider’s stock valued at $55,549,000 after purchasing an additional 382,677 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Torchmark by 2,226.5% in the 2nd quarter. Bank of Nova Scotia now owns 315,451 shares of the insurance provider’s stock valued at $25,680,000 after purchasing an additional 301,892 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Torchmark by 150.4% in the 2nd quarter. First Trust Advisors LP now owns 392,389 shares of the insurance provider’s stock valued at $31,944,000 after purchasing an additional 235,655 shares in the last quarter. Millennium Management LLC increased its stake in shares of Torchmark by 305.0% in the 2nd quarter. Millennium Management LLC now owns 302,176 shares of the insurance provider’s stock valued at $24,600,000 after purchasing an additional 227,566 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Torchmark by 15.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,498,890 shares of the insurance provider’s stock valued at $122,025,000 after purchasing an additional 203,149 shares in the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.
TMK stock opened at $80.25 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.09 and a current ratio of 0.09. Torchmark Co. has a 12-month low of $79.37 and a 12-month high of $93.60. The stock has a market capitalization of $9.17 billion, a P/E ratio of 16.65, a PEG ratio of 0.98 and a beta of 0.86.
Torchmark (NYSE:TMK) last posted its quarterly earnings data on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.06. Torchmark had a return on equity of 11.70% and a net margin of 36.42%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.07 billion. As a group, analysts expect that Torchmark Co. will post 6.13 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Friday, January 4th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend is Thursday, January 3rd. Torchmark’s payout ratio is 13.28%.
In related news, insider John Henry Rogers, Jr. sold 1,875 shares of Torchmark stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $88.16, for a total value of $165,300.00. Following the sale, the insider now directly owns 1,875 shares in the company, valued at approximately $165,300. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Frank M. Svoboda sold 12,375 shares of Torchmark stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $87.70, for a total value of $1,085,287.50. Following the completion of the sale, the chief financial officer now owns 105,828 shares in the company, valued at $9,281,115.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,461 shares of company stock worth $1,268,301. 3.68% of the stock is currently owned by insiders.
Several equities analysts recently weighed in on TMK shares. Goldman Sachs Group lowered Torchmark from a “neutral” rating to a “sell” rating and cut their price target for the company from $92.00 to $78.00 in a research note on Monday, September 10th. Zacks Investment Research lowered Torchmark from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. SunTrust Banks cut their price target on Torchmark from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday, October 29th. Finally, Morgan Stanley lifted their price target on Torchmark from $81.00 to $83.00 and gave the company an “underweight” rating in a research note on Tuesday, November 13th. Four analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $85.86.
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Torchmark Corporation, through its subsidiaries, provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand. It operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment offers traditional and interest-sensitive whole life and term life insurance, and other life insurance.
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