New York State Common Retirement Fund lowered its stake in shares of Torchmark Corporation (NYSE:TMK) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 444,710 shares of the insurance provider’s stock after selling 3,100 shares during the period. New York State Common Retirement Fund owned about 0.38% of Torchmark worth $35,617,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. ZWJ Investment Counsel Inc. purchased a new stake in Torchmark during the 3rd quarter valued at about $205,000. Twin Tree Management LP purchased a new stake in Torchmark during the 2nd quarter valued at about $213,000. Bronfman E.L. Rothschild L.P. grew its stake in Torchmark 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 in the last quarter. Quantbot Technologies LP purchased a new stake in Torchmark during the 2nd quarter valued at about $252,000. Finally, Intl Fcstone Inc. purchased a new stake in Torchmark during the 2nd quarter valued at about $267,000. 72.69% of the stock is owned by institutional investors and hedge funds.
Torchmark Corporation (NYSE TMK) traded up $0.78 during trading hours on Friday, reaching $89.95. 401,200 shares of the company’s stock traded hands, compared to its average volume of 486,968. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.22. The firm has a market cap of $10,294.39, a price-to-earnings ratio of 18.85, a price-to-earnings-growth ratio of 2.59 and a beta of 1.02. Torchmark Corporation has a 12 month low of $72.59 and a 12 month high of $90.32.
Torchmark (NYSE:TMK) last posted its earnings results on Tuesday, October 24th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Torchmark had a net margin of 13.80% and a return on equity of 11.60%. Torchmark’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.15 EPS. sell-side analysts anticipate that Torchmark Corporation will post 4.8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Friday, January 5th will be issued a $0.15 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.60 annualized dividend and a yield of 0.67%. Torchmark’s payout ratio is 12.77%.
In other news, EVP James Eric Mcpartland sold 5,115 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $85.56, for a total value of $437,639.40. Following the transaction, the executive vice president now directly owns 7,000 shares in the company, valued at approximately $598,920. The sale 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 company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $83.28, for a total transaction of $3,123,000.00. Following the completion of the transaction, the chairman now owns 666,875 shares in the company, valued at $55,537,350. The disclosure for this sale can be found here. Insiders sold a total of 163,085 shares of company stock worth $13,701,414 over the last quarter. 3.79% of the stock is currently owned by company insiders.
TMK has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $83.00 price objective on shares of Torchmark in a research note on Friday, November 10th. Zacks Investment Research cut shares of Torchmark from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. SunTrust Banks upped their price objective on shares of Torchmark from $75.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Barclays upped their price objective on shares of Torchmark from $65.00 to $67.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. Finally, BidaskClub cut shares of Torchmark from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $78.86.
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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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