Parsons Capital Management Inc. RI lowered its position in shares of Torchmark Corporation (NYSE:TMK) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,819 shares of the insurance provider’s stock after selling 657 shares during the period. Parsons Capital Management Inc. RI’s holdings in Torchmark Corporation were worth $2,528,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bronfman E.L. Rothschild L.P. raised its position in Torchmark Corporation by 2.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,427 shares of the insurance provider’s stock valued at $187,000 after buying an additional 69 shares in the last quarter. Global X Management Co. LLC raised its position in Torchmark Corporation by 539.3% in the first quarter. Global X Management Co. LLC now owns 2,506 shares of the insurance provider’s stock valued at $193,000 after buying an additional 2,114 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in Torchmark Corporation during the first quarter valued at approximately $205,000. Aull & Monroe Investment Management Corp bought a new position in Torchmark Corporation during the first quarter valued at approximately $206,000. Finally, Dai Ichi Life Insurance Company Ltd bought a new position in Torchmark Corporation during the first quarter valued at approximately $206,000. Hedge funds and other institutional investors own 74.72% of the company’s stock.
Shares of Torchmark Corporation (TMK) opened at 78.37 on Tuesday. Torchmark Corporation has a one year low of $60.49 and a one year high of $79.53. The stock has a market capitalization of $9.17 billion, a price-to-earnings ratio of 17.03 and a beta of 0.98. The stock’s 50 day moving average is $75.83 and its 200-day moving average is $75.78.
Torchmark Corporation (NYSE:TMK) last posted its quarterly earnings results on Wednesday, April 19th. The insurance provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.01. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Torchmark Corporation had a net margin of 14.04% and a return on equity of 11.56%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.10 earnings per share. On average, equities research analysts predict that Torchmark Corporation will post $4.70 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Wednesday, July 5th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, June 30th. This represents a $0.60 annualized dividend and a dividend yield of 0.77%. Torchmark Corporation’s dividend payout ratio is currently 13.02%.
Several analysts have issued reports on the stock. BidaskClub raised shares of Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research downgraded shares of Torchmark Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 6th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $75.00 price target on shares of Torchmark Corporation in a research note on Friday, April 21st. Finally, ValuEngine raised shares of Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Six equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $69.86.
In related news, insider Steven John Dichiaro sold 4,500 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $75.08, for a total value of $337,860.00. Following the completion of the transaction, the insider now owns 12,860 shares in the company, valued at approximately $965,528.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Ben Lutek sold 26,250 shares of the firm’s stock in a transaction dated Monday, April 24th. The shares were sold at an average price of $77.03, for a total transaction of $2,022,037.50. Following the transaction, the vice president now owns 30,550 shares of the company’s stock, valued at approximately $2,353,266.50. The disclosure for this sale can be found here. Insiders have sold 72,750 shares of company stock valued at $5,555,033 in the last 90 days. Insiders own 3.79% of the company’s stock.
Torchmark Corporation 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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