California State Teachers Retirement System reduced its stake in Torchmark Corporation (NYSE:TMK) by 8.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 197,303 shares of the insurance provider’s stock after selling 17,149 shares during the quarter. California State Teachers Retirement System owned approximately 0.17% of Torchmark worth $15,802,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Invictus RG bought a new position in Torchmark in the 3rd quarter worth $165,000. Commerzbank Aktiengesellschaft FI raised its holdings in Torchmark by 9.3% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 11,855 shares of the insurance provider’s stock worth $949,000 after purchasing an additional 1,006 shares during the period. Tiedemann Wealth Management LLC raised its holdings in Torchmark by 8.0% in the 3rd quarter. Tiedemann Wealth Management LLC now owns 16,147 shares of the insurance provider’s stock worth $127,000 after purchasing an additional 1,201 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Torchmark by 2.8% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 513,761 shares of the insurance provider’s stock worth $41,148,000 after purchasing an additional 14,040 shares during the period. Finally, Barings LLC raised its holdings in Torchmark by 239.5% in the 3rd quarter. Barings LLC now owns 15,452 shares of the insurance provider’s stock worth $1,238,000 after purchasing an additional 10,900 shares during the period. 72.46% of the stock is currently owned by institutional investors.
A number of equities analysts recently commented on TMK shares. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $83.00 target price on shares of Torchmark in a report on Friday, November 10th. Zacks Investment Research cut Torchmark from a “buy” rating to a “hold” rating in a report on Monday, September 11th. SunTrust Banks raised their target price on Torchmark from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. Finally, Goldman Sachs Group started coverage on Torchmark in a report on Wednesday, October 18th. They issued a “neutral” rating and a $83.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $78.86.
Torchmark (NYSE:TMK) last posted its quarterly earnings results on Tuesday, October 24th. The insurance provider reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Torchmark had a return on equity of 11.60% and a net margin of 13.80%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the firm earned $1.15 earnings per share. equities research analysts predict that Torchmark Corporation will post 4.8 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Friday, January 5th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.60 dividend on an annualized basis and a yield of 0.66%. Torchmark’s dividend payout ratio is presently 12.77%.
In other Torchmark news, insider Roger C. Smith sold 30,000 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $90.64, for a total transaction of $2,719,200.00. Following the sale, the insider now directly owns 65,685 shares of the company’s stock, valued at $5,953,688.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP W Michael Pressley sold 52,500 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $83.93, for a total value of $4,406,325.00. Following the sale, the executive vice president now directly owns 105,948 shares in the company, valued at $8,892,215.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 193,085 shares of company stock worth $16,420,614. Insiders own 3.79% of the company’s stock.
Torchmark Company Profile
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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