State Treasurer State of Michigan lessened its stake in shares of Torchmark Corporation (NYSE:TMK) by 8.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,810 shares of the insurance provider’s stock after selling 2,900 shares during the quarter. State Treasurer State of Michigan’s holdings in Torchmark Corporation were worth $2,628,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Twin Tree Management LP purchased a new stake in shares of Torchmark Corporation during the 2nd quarter valued at about $213,000. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of Torchmark Corporation by 21.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 2,942 shares of the insurance provider’s stock valued at $225,000 after acquiring an additional 515 shares during the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of Torchmark Corporation during the 2nd quarter valued at about $243,000. Quantbot Technologies LP purchased a new stake in shares of Torchmark Corporation during the 2nd quarter valued at about $252,000. Finally, Intl Fcstone Inc. purchased a new stake in shares of Torchmark Corporation during the 2nd quarter valued at about $267,000. 72.21% of the stock is currently owned by hedge funds and other institutional investors.
Torchmark Corporation (NYSE:TMK) last issued its earnings results on Tuesday, October 24th. The insurance provider reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Torchmark Corporation had a return on equity of 11.83% and a net margin of 13.80%. Torchmark Corporation’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Friday, October 6th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.60 dividend on an annualized basis and a yield of 0.71%. Torchmark Corporation’s dividend payout ratio is currently 12.77%.
A number of brokerages have recently issued reports on TMK. SunTrust Banks, Inc. raised their price target on shares of Torchmark Corporation from $75.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Zacks Investment Research raised shares of Torchmark Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Thursday, October 26th. Goldman Sachs Group, Inc. (The) began coverage on shares of Torchmark Corporation in a report on Wednesday, October 18th. They set a “neutral” rating and a $83.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $78.00 price target on shares of Torchmark Corporation in a report on Sunday, October 8th. Finally, BidaskClub downgraded shares of Torchmark Corporation from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $78.14.
In related news, Director Paul J. Zucconi sold 595 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $85.07, for a total value of $50,616.65. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Vern D. Herbel sold 27,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $78.62, for a total value of $2,162,050.00. Following the completion of the sale, the executive vice president now owns 56,943 shares in the company, valued at approximately $4,476,858.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,839 shares of company stock worth $14,668,836. 3.79% of the stock is owned by insiders.
Torchmark Corporation 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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