Sumitomo Life Insurance Co. boosted its stake in shares of Torchmark Corporation (NYSE:TMK) by 4.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 18,331 shares of the insurance provider’s stock after buying an additional 773 shares during the period. Sumitomo Life Insurance Co.’s holdings in Torchmark Corporation were worth $1,402,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in TMK. BlackRock Inc. boosted its position in Torchmark Corporation by 2,764.7% in the first quarter. BlackRock Inc. now owns 7,478,138 shares of the insurance provider’s stock valued at $576,118,000 after buying an additional 7,217,094 shares during the last quarter. Janus Capital Management LLC boosted its position in Torchmark Corporation by 205.9% in the first quarter. Janus Capital Management LLC now owns 1,139,756 shares of the insurance provider’s stock valued at $87,806,000 after buying an additional 767,124 shares during the last quarter. Vanguard Group Inc. boosted its position in Torchmark Corporation by 4.0% in the first quarter. Vanguard Group Inc. now owns 11,918,414 shares of the insurance provider’s stock valued at $918,194,000 after buying an additional 458,913 shares during the last quarter. State Street Corp boosted its position in Torchmark Corporation by 2.6% in the first quarter. State Street Corp now owns 5,852,059 shares of the insurance provider’s stock valued at $450,848,000 after buying an additional 150,546 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Torchmark Corporation by 11.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,196,767 shares of the insurance provider’s stock valued at $92,199,000 after buying an additional 127,185 shares during the last quarter. 74.74% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Torchmark Corporation (NYSE:TMK) traded down 0.37% during trading on Friday, reaching $78.16. The company had a trading volume of 358,671 shares. The company’s 50 day moving average is $77.87 and its 200-day moving average is $76.65. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 16.81 and a beta of 0.98. Torchmark Corporation has a 1-year low of $60.92 and a 1-year high of $79.90.
Torchmark Corporation (NYSE:TMK) last released its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.02. Torchmark Corporation had a net margin of 13.96% and a return on equity of 11.55%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.11 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities research analysts anticipate that Torchmark Corporation will post $4.75 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Wednesday, July 5th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, June 30th. This represents a $0.60 annualized dividend and a dividend yield of 0.77%. Torchmark Corporation’s dividend payout ratio (DPR) is presently 12.88%.
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TMK has been the topic of several research analyst reports. Keefe, Bruyette & Woods reissued a “hold” rating and set a $75.00 price target on shares of Torchmark Corporation in a report on Friday, May 26th. Zacks Investment Research raised Torchmark Corporation from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Friday, May 26th. BidaskClub raised Torchmark Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Finally, ValuEngine cut Torchmark Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $73.33.
In related news, EVP Vern D. Herbel sold 27,500 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $78.62, for a total transaction of $2,162,050.00. Following the completion of the transaction, the executive vice president now owns 56,943 shares in the company, valued at approximately $4,476,858.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert W. Ingram sold 1,827 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $78.66, for a total transaction of $143,711.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 120,077 shares of company stock valued at $9,418,934. Insiders own 3.79% of the company’s stock.
About Torchmark Corporation
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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