WEALTHFRONT Corp bought a new position in shares of Torchmark Co. (NYSE:TMK) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,074 shares of the insurance provider’s stock, valued at approximately $873,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC grew its stake in shares of Torchmark by 5.8% during the third quarter. FMR LLC now owns 2,559,426 shares of the insurance provider’s stock worth $221,877,000 after buying an additional 139,310 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Torchmark by 1.0% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,967,908 shares of the insurance provider’s stock worth $160,207,000 after purchasing an additional 19,800 shares during the last quarter. Boston Partners grew its stake in shares of Torchmark by 2.0% in the second quarter. Boston Partners now owns 1,562,482 shares of the insurance provider’s stock worth $127,202,000 after purchasing an additional 30,116 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Torchmark by 15.7% in the second quarter. Bank of New York Mellon Corp now owns 1,498,890 shares of the insurance provider’s stock worth $122,025,000 after purchasing an additional 203,149 shares during the last quarter. Finally, SPF Beheer BV grew its stake in shares of Torchmark by 2.0% in the second quarter. SPF Beheer BV now owns 912,142 shares of the insurance provider’s stock worth $74,257,000 after purchasing an additional 17,509 shares during the last quarter. 74.52% of the stock is currently owned by hedge funds and other institutional investors.
TMK stock opened at $80.25 on Friday. The firm has a market capitalization of $9.03 billion, a P/E ratio of 13.89, a PEG ratio of 0.96 and a beta of 0.86. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.25. Torchmark Co. has a 12-month low of $79.37 and a 12-month high of $93.60.
Torchmark (NYSE:TMK) last released its earnings results on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.06. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.07 billion. Torchmark had a net margin of 36.42% and a return on equity of 11.70%. Equities analysts anticipate that Torchmark Co. will post 6.13 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Friday, January 4th will be issued a $0.16 dividend. The ex-dividend date is Thursday, January 3rd. This represents a $0.64 annualized dividend and a yield of 0.80%. Torchmark’s payout ratio is 13.28%.
Several analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Torchmark from $81.00 to $83.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 13th. Zacks Investment Research cut shares of Torchmark from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. SunTrust Banks reduced their price objective on shares of Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, October 29th. Finally, Goldman Sachs Group cut shares of Torchmark from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $92.00 to $78.00 in a research note on Monday, September 10th. Four analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $85.86.
In other news, CFO Frank M. Svoboda sold 12,375 shares of the business’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $87.70, for a total transaction of $1,085,287.50. Following the completion of the sale, the chief financial officer now directly owns 105,828 shares of the company’s stock, valued at $9,281,115.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Henry Rogers, Jr. sold 1,875 shares of the business’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $88.16, for a total transaction of $165,300.00. Following the sale, the insider now directly owns 1,875 shares of the company’s stock, valued at $165,300. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,461 shares of company stock worth $1,268,301. 3.68% of the stock is owned by company insiders.
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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