Torchmark Co. (TMK) Stake Boosted by American International Group Inc.
American International Group Inc. lifted its stake in Torchmark Co. (NYSE:TMK) by 3.4% in the 3rd quarter, Holdings Channel reports. The firm owned 50,675 shares of the insurance provider’s stock after buying an additional 1,647 shares during the quarter. American International Group Inc.’s holdings in Torchmark were worth $4,393,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Piedmont Investment Advisors LLC purchased a new position in Torchmark in the 2nd quarter worth about $101,000. Braun Bostich & Associates Inc. raised its position in Torchmark by 1,298.9% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 1,287 shares of the insurance provider’s stock worth $105,000 after buying an additional 1,195 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position in Torchmark by 22,414.3% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,576 shares of the insurance provider’s stock worth $128,000 after buying an additional 1,569 shares during the last quarter. Parallel Advisors LLC raised its position in Torchmark by 118.8% in the 3rd quarter. Parallel Advisors LLC now owns 1,726 shares of the insurance provider’s stock worth $150,000 after buying an additional 937 shares during the last quarter. Finally, Stratos Wealth Partners LTD. purchased a new position in Torchmark in the 3rd quarter worth about $194,000. 74.52% of the stock is owned by institutional investors and hedge funds.
TMK has been the subject of a number of recent analyst reports. Goldman Sachs Group lowered Torchmark from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $92.00 to $78.00 in a research report on Monday, September 10th. Zacks Investment Research raised Torchmark from a “hold” rating to a “buy” rating and set a $98.00 target price for the company in a research report on Thursday, October 4th. SunTrust Banks decreased their target price on Torchmark from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, October 29th. Finally, Morgan Stanley boosted their target price on Torchmark from $81.00 to $83.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 13th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Torchmark has a consensus rating of “Hold” and an average price target of $85.86.
Torchmark (NYSE:TMK) last released its quarterly earnings results on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.53 by $0.06. The business had revenue of $1.08 billion during 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 expect that Torchmark Co. will post 6.13 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Friday, January 4th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.80%. Torchmark’s dividend payout ratio is currently 13.28%.
In other Torchmark news, CFO Frank M. Svoboda sold 12,375 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 105,828 shares in the company, valued at approximately $9,281,115.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Henry Rogers, Jr. sold 1,875 shares of the business’s 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 sale, the insider now owns 1,875 shares of the company’s stock, valued at $165,300. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,461 shares of company stock valued at $1,268,301. Corporate insiders own 3.68% of the company’s stock.
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Torchmark Company Profile
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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