Tower Research Capital LLC TRC purchased a new position in Torchmark Corp. (NYSE:TMK) during the second quarter, Holdings Channel reports. The fund purchased 3,191 shares of the company’s stock, valued at approximately $197,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Torchmark Corp. by 1.4% in the second quarter. Vanguard Group Inc. now owns 10,914,289 shares of the company’s stock worth $674,722,000 after buying an additional 150,220 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Torchmark Corp. by 2.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,326,787 shares of the company’s stock worth $180,179,000 after buying an additional 86,539 shares in the last quarter. Boston Partners boosted its position in Torchmark Corp. by 6.9% in the second quarter. Boston Partners now owns 2,687,021 shares of the company’s stock worth $166,112,000 after buying an additional 173,190 shares in the last quarter. NN Investment Partners Holdings N.V. boosted its position in Torchmark Corp. by 11.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,745,355 shares of the company’s stock worth $107,898,000 after buying an additional 179,750 shares in the last quarter. Finally, Standard Life Investments LTD boosted its position in Torchmark Corp. by 5.5% in the second quarter. Standard Life Investments LTD now owns 1,164,535 shares of the company’s stock worth $72,003,000 after buying an additional 61,065 shares in the last quarter. 75.52% of the stock is currently owned by institutional investors.
Torchmark Corp. (NYSE:TMK) opened at 63.23 on Friday. The stock has a market cap of $7.57 billion, a PE ratio of 14.54 and a beta of 1.08. The company’s 50-day moving average price is $63.77 and its 200-day moving average price is $60.08. Torchmark Corp. has a 12-month low of $48.47 and a 12-month high of $65.60.
Torchmark Corp. (NYSE:TMK) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. The company 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%. Torchmark Corp.’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.05 earnings per share. On average, equities analysts expect that Torchmark Corp. will post $4.45 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.56 dividend on an annualized basis and a yield of 0.89%. Torchmark Corp.’s dividend payout ratio is currently 12.84%.
A number of research analysts recently commented on TMK shares. Zacks Investment Research cut Torchmark Corp. from a “buy” rating to a “hold” rating in a report on Monday, July 4th. RBC Capital Markets reaffirmed an “underperform” rating and issued a $55.00 price objective (up previously from $53.00) on shares of Torchmark Corp. in a research note on Monday, August 1st. Royal Bank Of Canada lifted their price objective on Torchmark Corp. from $53.00 to $55.00 and gave the stock an “underperform” rating in a research note on Monday, August 1st. Evercore ISI initiated coverage on Torchmark Corp. in a research note on Wednesday, July 6th. They issued a “hold” rating and a $63.00 price objective on the stock. Finally, Bank of America Corp. raised Torchmark Corp. from an “underperform” rating to a “neutral” rating in a research note on Wednesday, June 29th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $58.36.
In other news, insider John Henry Rogers, Jr. sold 875 shares of the firm’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $65.03, for a total value of $56,901.25. Following the transaction, the insider now owns 875 shares in the company, valued at $56,901.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Gary L. Coleman sold 37,500 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $62.06, for a total value of $2,327,250.00. Following the completion of the transaction, the chairman now owns 625,581 shares in the company, valued at approximately $38,823,556.86. The disclosure for this sale can be found here. Company insiders own 3.96% 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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