Raymond James Trust N.A. Takes $211,000 Position in Torchmark Co. (TMK)
Raymond James Trust N.A. purchased a new stake in shares of Torchmark Co. (NYSE:TMK) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 2,424 shares of the insurance provider’s stock, valued at approximately $211,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC grew its holdings in Torchmark by 28.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 31,038 shares of the insurance provider’s stock valued at $2,527,000 after purchasing an additional 6,877 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in Torchmark by 69.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 28,011 shares of the insurance provider’s stock valued at $2,280,000 after purchasing an additional 11,495 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Torchmark by 15.7% during the 2nd 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 in the last quarter. Flinton Capital Management LLC grew its holdings in Torchmark by 27.5% during the 2nd quarter. Flinton Capital Management LLC now owns 19,648 shares of the insurance provider’s stock valued at $1,600,000 after purchasing an additional 4,240 shares in the last quarter. Finally, Gofen & Glossberg LLC IL acquired a new stake in Torchmark during the 3rd quarter valued at $207,000. 74.52% of the stock is owned by institutional investors and hedge funds.
In other news, insider John Henry Rogers, Jr. sold 1,875 shares of Torchmark stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $88.16, for a total value of $165,300.00. Following the completion of the transaction, the insider now directly owns 1,875 shares of the company’s stock, valued at approximately $165,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Frank M. Svoboda sold 12,375 shares of Torchmark stock in a transaction dated Thursday, November 8th. The shares were 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 $9,281,115.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,461 shares of company stock valued at $2,864,001. 3.68% of the stock is owned by company insiders.
Torchmark (NYSE:TMK) last announced its quarterly earnings data on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.06. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.07 billion. Torchmark had a net margin of 36.42% and a return on equity of 11.70%. Equities analysts forecast that Torchmark Co. will post 6.13 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Friday, January 4th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 0.78%. The ex-dividend date is Thursday, January 3rd. Torchmark’s dividend payout ratio is currently 13.28%.
A number of equities research analysts recently weighed in on TMK shares. Zacks Investment Research raised shares of Torchmark from a “hold” rating to a “buy” rating and set a $98.00 price target for the company in a report on Thursday, October 4th. SunTrust Banks decreased their price objective on shares of Torchmark from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday, October 29th. Goldman Sachs Group lowered shares of Torchmark from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $92.00 to $78.00 in a report on Monday, September 10th. Finally, Morgan Stanley raised their price objective on shares of Torchmark from $81.00 to $83.00 and gave the stock an “underweight” rating in a report on Tuesday, November 13th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. 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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