Meritage Portfolio Management cut its stake in shares of Torchmark Co. (NYSE:TMK) by 1.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,281 shares of the insurance provider’s stock after selling 1,094 shares during the period. Meritage Portfolio Management owned approximately 0.07% of Torchmark worth $6,960,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Acadian Asset Management LLC bought a new stake in shares of Torchmark in the second quarter valued at about $96,784,000. MERIAN GLOBAL INVESTORS UK Ltd raised its holdings in Torchmark by 148.3% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 640,781 shares of the insurance provider’s stock worth $55,549,000 after acquiring an additional 382,677 shares in the last quarter. Bank of Nova Scotia raised its holdings in Torchmark by 2,226.5% during the second quarter. Bank of Nova Scotia now owns 315,451 shares of the insurance provider’s stock worth $25,680,000 after acquiring an additional 301,892 shares in the last quarter. James Investment Research Inc. bought a new stake in Torchmark during the second quarter worth about $22,360,000. Finally, First Trust Advisors LP raised its holdings in Torchmark by 150.4% during the second quarter. First Trust Advisors LP now owns 392,389 shares of the insurance provider’s stock worth $31,944,000 after acquiring an additional 235,655 shares in the last quarter. 75.13% of the stock is owned by hedge funds and other institutional investors.
NYSE:TMK traded up $0.43 during trading hours on Thursday, reaching $86.10. 428,333 shares of the company were exchanged, compared to its average volume of 595,861. The company has a market capitalization of $9.56 billion, a P/E ratio of 17.86, a P/E/G ratio of 1.02 and a beta of 0.86. Torchmark Co. has a 1-year low of $80.34 and a 1-year high of $93.60. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.09 and a quick ratio of 0.09.
Torchmark (NYSE:TMK) last issued its earnings results on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.53 by $0.06. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.07 billion. Torchmark had a return on equity of 11.70% and a net margin of 36.42%. On average, sell-side analysts anticipate that Torchmark Co. will post 6.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Stockholders of record on Friday, January 4th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date is Thursday, January 3rd. Torchmark’s payout ratio is 13.28%.
In related news, CFO Frank M. Svoboda sold 12,375 shares of the firm’s stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $87.70, for a total transaction of $1,085,287.50. Following the completion of the transaction, the chief financial officer now directly owns 105,828 shares of the company’s stock, valued at approximately $9,281,115.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Gary L. Coleman sold 24,500 shares of the firm’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $88.58, for a total value of $2,170,210.00. Following the transaction, the chairman now directly owns 661,797 shares of the company’s stock, valued at $58,621,978.26. The disclosure for this sale can be found here. Insiders sold a total of 334,829 shares of company stock valued at $29,545,256 over the last quarter. 3.68% of the stock is owned by corporate insiders.
Several analysts recently issued reports on TMK shares. Morgan Stanley upped their target price on Torchmark from $80.00 to $81.00 and gave the stock an “underweight” rating in a report on Thursday, July 26th. Goldman Sachs Group lowered Torchmark from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $92.00 to $78.00 in a research note on Monday, September 10th. Zacks Investment Research lowered Torchmark from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. Finally, SunTrust Banks decreased their target price on Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday, October 29th. Four analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $85.86.
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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, 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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