The Manufacturers Life Insurance Company reduced its position in Torchmark Co. (NYSE:TMK) by 17.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,210 shares of the insurance provider’s stock after selling 21,034 shares during the period. The Manufacturers Life Insurance Company owned about 0.09% of Torchmark worth $8,266,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Signaturefd LLC acquired a new position in shares of Torchmark during the 1st quarter valued at about $122,000. CNB Bank acquired a new position in shares of Torchmark during the 4th quarter valued at about $204,000. Calamos Advisors LLC acquired a new position in shares of Torchmark during the 4th quarter valued at about $209,000. IBM Retirement Fund acquired a new position in shares of Torchmark during the 1st quarter valued at about $211,000. Finally, Chemical Bank acquired a new position in shares of Torchmark during the 4th quarter valued at about $212,000. 73.57% of the stock is currently owned by institutional investors.
Shares of NYSE:TMK opened at $81.41 on Monday. Torchmark Co. has a twelve month low of $74.48 and a twelve month high of $93.60. The company has a market cap of $9.24 billion, a P/E ratio of 16.89, a price-to-earnings-growth ratio of 1.05 and a beta of 0.92. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.19.
Torchmark (NYSE:TMK) last announced its earnings results on Wednesday, April 18th. The insurance provider reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.02. Torchmark had a return on equity of 10.88% and a net margin of 35.56%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company earned $1.15 EPS. equities research analysts forecast that Torchmark Co. will post 6.04 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 1st. Shareholders of record on Thursday, July 5th will be given a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, July 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.79%. Torchmark’s dividend payout ratio is currently 13.28%.
In other Torchmark news, CEO Larry M. Hutchison sold 13,000 shares of the firm’s stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $85.78, for a total value of $1,115,140.00. Following the completion of the sale, the chief executive officer now owns 553,603 shares in the company, valued at approximately $47,488,065.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Henry Rogers, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 24th. The stock was sold at an average price of $86.62, for a total value of $86,620.00. Following the completion of the sale, the insider now owns 1,000 shares of the company’s stock, valued at approximately $86,620. The disclosure for this sale can be found here. Insiders sold a total of 104,375 shares of company stock valued at $9,005,254 in the last quarter. Corporate insiders own 3.68% of the company’s stock.
A number of research analysts have recently commented on the company. ValuEngine raised Torchmark from a “hold” rating to a “buy” rating in a report on Thursday, April 19th. Zacks Investment Research downgraded Torchmark from a “buy” rating to a “hold” rating in a research note on Monday, March 12th. Morgan Stanley decreased their target price on Torchmark from $84.00 to $82.00 and set an “underweight” rating for the company in a research note on Thursday, April 5th. Finally, Bank of America started coverage on Torchmark in a research note on Monday, March 26th. They set a “buy” rating and a $97.00 target price for the company. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $84.56.
Torchmark Corporation, through its subsidiaries, provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand. It operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment offers traditional and interest-sensitive whole life and term life insurance, and other life insurance.
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