Mitsubishi UFJ Trust & Banking Corp lessened its position in Torchmark Co. (NYSE:TMK) by 62.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,848 shares of the insurance provider’s stock after selling 145,644 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.08% of Torchmark worth $7,702,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TMK. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in Torchmark by 148.3% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 640,781 shares of the insurance provider’s stock valued at $55,549,000 after acquiring an additional 382,677 shares during the last quarter. Bank of Nova Scotia increased its stake in Torchmark by 2,226.5% in the second quarter. Bank of Nova Scotia now owns 315,451 shares of the insurance provider’s stock valued at $25,680,000 after acquiring an additional 301,892 shares during the last quarter. First Trust Advisors LP increased its stake in Torchmark by 150.4% in the second quarter. First Trust Advisors LP now owns 392,389 shares of the insurance provider’s stock valued at $31,944,000 after acquiring an additional 235,655 shares during the last quarter. Millennium Management LLC increased its stake in Torchmark by 305.0% in the second quarter. Millennium Management LLC now owns 302,176 shares of the insurance provider’s stock valued at $24,600,000 after acquiring an additional 227,566 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Torchmark by 15.7% in the second 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 acquiring an additional 203,149 shares during the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:TMK opened at $80.25 on Friday. Torchmark Co. has a 12-month low of $79.37 and a 12-month high of $93.60. The stock has a market cap of $9.17 billion, a PE ratio of 16.65, a P/E/G ratio of 0.98 and a beta of 0.86. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.25.
Torchmark (NYSE:TMK) last announced its quarterly earnings data on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.07 billion. As a group, analysts anticipate that Torchmark Co. will post 6.13 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Stockholders of record on Friday, January 4th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.80%. Torchmark’s dividend payout ratio (DPR) is currently 13.28%.
TMK has been the topic of a number of research analyst reports. Zacks Investment Research raised Torchmark from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research note on Thursday, October 4th. SunTrust Banks reduced their price objective on Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, October 29th. Goldman Sachs Group cut Torchmark from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $92.00 to $78.00 in a research note on Monday, September 10th. Finally, Morgan Stanley raised their price objective on Torchmark from $81.00 to $83.00 and gave the company an “underweight” rating in a research note on Tuesday, November 13th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $85.86.
In related news, CFO Frank M. Svoboda sold 12,375 shares of the firm’s 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 sale, the chief financial officer now directly owns 105,828 shares of the company’s stock, valued at $9,281,115.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Henry Rogers, Jr. sold 1,875 shares of the firm’s 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 completion of the sale, the insider now directly owns 1,875 shares in the company, valued at $165,300. The disclosure for this sale can be found here. Insiders have sold 14,461 shares of company stock worth $1,268,301 over the last ninety days. Insiders own 3.68% of the company’s stock.
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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.
Further Reading: Earnings Per Share
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