American International Group Inc. lifted its position in Torchmark Co. (NYSE:TMK) by 3.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 50,675 shares of the insurance provider’s stock after purchasing an additional 1,647 shares during the period. American International Group Inc.’s holdings in Torchmark were worth $4,393,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of TMK. MERIAN GLOBAL INVESTORS UK Ltd grew its holdings in shares of Torchmark by 148.3% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 640,781 shares of the insurance provider’s stock worth $55,549,000 after purchasing an additional 382,677 shares during the last quarter. Bank of Nova Scotia grew its holdings in shares of Torchmark by 2,226.5% in the second quarter. Bank of Nova Scotia now owns 315,451 shares of the insurance provider’s stock worth $25,680,000 after purchasing an additional 301,892 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Torchmark by 150.4% in the second quarter. First Trust Advisors LP now owns 392,389 shares of the insurance provider’s stock worth $31,944,000 after purchasing an additional 235,655 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Torchmark by 305.0% in the second quarter. Millennium Management LLC now owns 302,176 shares of the insurance provider’s stock worth $24,600,000 after purchasing an additional 227,566 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of 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 worth $122,025,000 after purchasing an additional 203,149 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company’s stock.
NYSE:TMK opened at $80.25 on Friday. The firm has a market capitalization of $9.17 billion, a P/E ratio of 16.65, a P/E/G ratio of 0.98 and a beta of 0.86. Torchmark Co. has a twelve month low of $79.37 and a twelve month high of $93.60. 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 released its quarterly earnings results on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.06. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Torchmark had a net margin of 36.42% and a return on equity of 11.70%. As a group, analysts predict that Torchmark Co. will post 6.13 earnings per share for the current fiscal year.
The business also recently declared 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 is Thursday, January 3rd. Torchmark’s dividend payout ratio (DPR) is currently 13.28%.
Several research analysts have recently issued reports on TMK shares. Goldman Sachs Group cut shares of Torchmark from a “neutral” rating to a “sell” rating and cut their target price for the stock from $92.00 to $78.00 in a report on Monday, September 10th. Zacks Investment Research upgraded shares of Torchmark from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a report on Thursday, October 4th. SunTrust Banks cut their target price on shares of Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Monday, October 29th. Finally, Morgan Stanley raised their target price on shares of Torchmark from $81.00 to $83.00 and gave the stock an “underweight” rating in a report on Tuesday, November 13th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Torchmark currently has a consensus rating of “Hold” and an average target price of $85.86.
In related news, insider John Henry Rogers, Jr. sold 1,875 shares of Torchmark stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $88.16, for a total value of $165,300.00. Following the sale, the insider now owns 1,875 shares in the company, valued at $165,300. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Frank M. Svoboda sold 12,375 shares of the firm’s stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $87.70, for a total value of $1,085,287.50. Following the transaction, the chief financial officer now directly owns 105,828 shares of the company’s stock, valued at approximately $9,281,115.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,461 shares of company stock worth $1,268,301. 3.68% of the stock is currently owned by company insiders.
Torchmark Company Profile
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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