State Treasurer State of Michigan lowered its holdings in Torchmark Co. (NYSE:TMK) by 4.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 29,410 shares of the insurance provider’s stock after selling 1,500 shares during the quarter. State Treasurer State of Michigan’s holdings in Torchmark were worth $2,192,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. FMR LLC grew its position in shares of Torchmark by 3.2% in the second quarter. FMR LLC now owns 2,420,116 shares of the insurance provider’s stock valued at $197,022,000 after purchasing an additional 75,235 shares during the period. Bank of New York Mellon Corp grew its position 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 valued at $122,025,000 after purchasing an additional 203,149 shares during the period. Atria Investments LLC purchased a new stake in shares of Torchmark in the third quarter valued at $208,000. State of Alaska Department of Revenue grew its position in shares of Torchmark by 2.2% in the third quarter. State of Alaska Department of Revenue now owns 37,751 shares of the insurance provider’s stock valued at $3,271,000 after purchasing an additional 820 shares during the period. Finally, Bank of Montreal Can grew its position in shares of Torchmark by 65.3% in the third quarter. Bank of Montreal Can now owns 179,250 shares of the insurance provider’s stock valued at $15,538,000 after purchasing an additional 70,790 shares during the period. Institutional investors and hedge funds own 75.04% of the company’s stock.
A number of equities research analysts have recently commented on the company. Zacks Investment Research raised Torchmark from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research report on Saturday, January 5th. ValuEngine upgraded Torchmark from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. JPMorgan Chase & Co. upgraded Torchmark from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 2nd. Morgan Stanley lifted their target price on Torchmark from $81.00 to $83.00 and gave the company an “underweight” rating in a report on Tuesday, November 13th. Finally, SunTrust Banks reduced their target price on Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Monday, October 29th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $85.17.
Torchmark (NYSE:TMK) last announced its quarterly earnings data on Tuesday, February 5th. The insurance provider reported $1.56 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.56. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.09 billion. Torchmark had a return on equity of 12.54% and a net margin of 16.32%. Torchmark’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the company earned $1.24 earnings per share. As a group, equities research analysts predict that Torchmark Co. will post 6.63 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 1st. Stockholders of record on Friday, January 4th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, January 3rd. This represents a $0.64 annualized dividend and a dividend yield of 0.77%. Torchmark’s dividend payout ratio is presently 10.44%.
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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