Palisade Asset Management LLC continued to hold its position in shares of Torchmark Corporation (NYSE:TMK) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,617 shares of the insurance provider’s stock at the end of the second quarter. Palisade Asset Management LLC’s holdings in Torchmark Corporation were worth $583,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board raised its position in shares of Torchmark Corporation by 1.4% in the second quarter. Canada Pension Plan Investment Board now owns 176,061 shares of the insurance provider’s stock worth $13,469,000 after buying an additional 2,400 shares during the period. Trexquant Investment LP acquired a new position in shares of Torchmark Corporation during the second quarter worth about $351,000. Montgomery Investment Management Inc. raised its position in shares of Torchmark Corporation by 57.4% in the second quarter. Montgomery Investment Management Inc. now owns 81,579 shares of the insurance provider’s stock worth $6,241,000 after buying an additional 29,757 shares during the period. Global X Management Co. LLC raised its position in shares of Torchmark Corporation by 39.7% in the second quarter. Global X Management Co. LLC now owns 3,502 shares of the insurance provider’s stock worth $268,000 after buying an additional 996 shares during the period. Finally, Advisor Partners LLC raised its position in shares of Torchmark Corporation by 9.5% in the second quarter. Advisor Partners LLC now owns 5,202 shares of the insurance provider’s stock worth $398,000 after buying an additional 453 shares during the period. Institutional investors and hedge funds own 74.74% of the company’s stock.
Torchmark Corporation (NYSE TMK) opened at 79.23 on Thursday. Torchmark Corporation has a 52-week low of $60.92 and a 52-week high of $79.90. The company has a 50-day moving average of $77.81 and a 200-day moving average of $76.64. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of 17.02 and a beta of 0.98.
Torchmark Corporation (NYSE:TMK) last released its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.02. Torchmark Corporation had a return on equity of 11.70% and a net margin of 13.96%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the business posted $1.11 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities research analysts expect that Torchmark Corporation will post $4.75 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Wednesday, July 5th were paid a $0.15 dividend. The ex-dividend date was Friday, June 30th. This represents a $0.60 annualized dividend and a dividend yield of 0.76%. Torchmark Corporation’s payout ratio is 12.88%.
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A number of brokerages have recently issued reports on TMK. Keefe, Bruyette & Woods restated a “hold” rating and set a $78.00 target price on shares of Torchmark Corporation in a research report on Thursday, August 3rd. BidaskClub upgraded shares of Torchmark Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Finally, Zacks Investment Research upgraded shares of Torchmark Corporation from a “sell” rating to a “hold” rating and set a $88.00 target price on the stock in a research report on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Torchmark Corporation currently has an average rating of “Hold” and an average target price of $73.00.
In other news, insider John Henry Rogers, Jr. sold 1,875 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $79.25, for a total value of $148,593.75. Following the completion of the transaction, the insider now owns 1,875 shares of the company’s stock, valued at $148,593.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Arvelia Bowie sold 16,875 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $78.45, for a total value of $1,323,843.75. Following the completion of the transaction, the vice president now directly owns 17,941 shares of the company’s stock, valued at approximately $1,407,471.45. The disclosure for this sale can be found here. In the last three months, insiders sold 92,577 shares of company stock valued at $7,256,884. Company insiders own 3.79% of the company’s stock.
About Torchmark Corporation
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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