Arrowstreet Capital Limited Partnership grew its holdings in shares of Torchmark Corporation (NYSE:TMK) by 57.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 238,411 shares of the insurance provider’s stock after acquiring an additional 87,311 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.20% of Torchmark Corporation worth $18,238,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of TMK. UBS Asset Management Americas Inc. raised its stake in Torchmark Corporation by 6.1% during the first quarter. UBS Asset Management Americas Inc. now owns 293,274 shares of the insurance provider’s stock worth $22,594,000 after acquiring an additional 16,991 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in Torchmark Corporation during the first quarter worth about $205,000. United Services Automobile Association raised its stake in Torchmark Corporation by 11.3% during the first quarter. United Services Automobile Association now owns 40,613 shares of the insurance provider’s stock worth $3,129,000 after acquiring an additional 4,136 shares in the last quarter. OppenheimerFunds Inc. raised its stake in Torchmark Corporation by 4.4% during the first quarter. OppenheimerFunds Inc. now owns 7,325 shares of the insurance provider’s stock worth $564,000 after acquiring an additional 310 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Torchmark Corporation by 0.5% during the first quarter. Principal Financial Group Inc. now owns 178,040 shares of the insurance provider’s stock worth $13,714,000 after acquiring an additional 925 shares in the last quarter. 71.93% of the stock is owned by hedge funds and other institutional investors.
In other Torchmark Corporation news, Chairman Gary L. Coleman sold 37,500 shares of Torchmark Corporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $78.57, for a total value of $2,946,375.00. Following the transaction, the chairman now directly owns 666,875 shares of the company’s stock, valued at approximately $52,396,368.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Roger C. Smith sold 30,000 shares of Torchmark Corporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $78.55, for a total value of $2,356,500.00. Following the completion of the transaction, the insider now directly owns 65,685 shares in the company, valued at $5,159,556.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,821 shares of company stock worth $10,837,593. 3.79% of the stock is currently owned by insiders.
Torchmark Corporation (TMK) traded down 0.57% during mid-day trading on Wednesday, hitting $80.47. The stock had a trading volume of 106,698 shares. Torchmark Corporation has a 52 week low of $62.86 and a 52 week high of $81.17. The company’s 50 day moving average price is $78.19 and its 200 day moving average price is $77.16. The firm has a market cap of $9.36 billion, a PE ratio of 17.31 and a beta of 1.00.
Torchmark Corporation (NYSE:TMK) last announced its quarterly earnings data on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.02. The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Torchmark Corporation had a return on equity of 11.55% and a net margin of 13.96%. Torchmark Corporation’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm posted $1.11 EPS. Analysts anticipate that Torchmark Corporation will post $4.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Friday, October 6th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.74%. Torchmark Corporation’s dividend payout ratio is 12.88%.
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TMK has been the subject of several research analyst reports. BidaskClub raised Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research raised Torchmark Corporation from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a research note on Tuesday, August 29th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $78.00 target price on shares of Torchmark Corporation in a research note on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $74.40.
Torchmark Corporation Company Profile
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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