Janney Montgomery Scott LLC boosted its holdings in Torchmark Co. (NYSE:TMK) by 14.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,493 shares of the insurance provider’s stock after purchasing an additional 2,161 shares during the period. Janney Montgomery Scott LLC’s holdings in Torchmark were worth $1,434,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of TMK. Norges Bank purchased a new position in Torchmark in the fourth quarter worth $85,330,000. Anchor Capital Advisors LLC purchased a new position in Torchmark in the fourth quarter worth $20,178,000. FMR LLC boosted its position in Torchmark by 10.2% in the fourth quarter. FMR LLC now owns 2,820,235 shares of the insurance provider’s stock worth $210,192,000 after purchasing an additional 260,809 shares during the last quarter. Hsbc Holdings PLC boosted its position in Torchmark by 180.0% in the fourth quarter. Hsbc Holdings PLC now owns 359,799 shares of the insurance provider’s stock worth $26,807,000 after purchasing an additional 231,320 shares during the last quarter. Finally, Prana Capital Management LP purchased a new position in Torchmark in the fourth quarter worth $15,770,000. 76.56% of the stock is currently owned by institutional investors and hedge funds.
Separately, Zacks Investment Research cut Torchmark from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $86.00.
In related news, Director Robert W. Ingram sold 290 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $87.85, for a total transaction of $25,476.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bill Leavell sold 38,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $87.38, for a total value of $3,320,440.00. Following the sale, the insider now owns 38,000 shares of the company’s stock, valued at $3,320,440. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 280,132 shares of company stock worth $23,994,273. 3.64% of the stock is currently owned by corporate insiders.
TMK stock opened at $87.31 on Thursday. Torchmark Co. has a 1-year low of $69.68 and a 1-year high of $91.28. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.06 and a current ratio of 0.06. The firm has a market capitalization of $9.49 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.63 and a beta of 1.01.
Torchmark (NYSE:TMK) last issued its quarterly earnings results on Wednesday, April 17th. The insurance provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.05. Torchmark had a return on equity of 12.75% and a net margin of 16.37%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm earned $1.47 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. As a group, research analysts predict that Torchmark Co. will post 6.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Friday, July 5th will be paid a dividend of $0.1725 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.69 dividend on an annualized basis and a dividend yield of 0.79%. Torchmark’s payout ratio is 11.26%.
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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, Health Insurance, Annuity, and Investment. The company offers traditional and interest-sensitive whole life insurance, as well as term life insurance.
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