Torchmark Corporation (NYSE:TMK) Shares Sold by Texas Permanent School Fund
Texas Permanent School Fund cut its position in Torchmark Corporation (NYSE:TMK) by 4.5% during the second quarter, Holdings Channel reports. The institutional investor owned 30,568 shares of the insurance provider’s stock after selling 1,432 shares during the period. Texas Permanent School Fund’s holdings in Torchmark Corporation were worth $2,338,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. State of Alaska Department of Revenue raised its stake in shares of Torchmark Corporation by 144.0% in the first quarter. State of Alaska Department of Revenue now owns 7,091 shares of the insurance provider’s stock worth $546,000 after buying an additional 4,185 shares in the last quarter. BlackRock Inc. raised its stake in Torchmark Corporation by 2,764.7% in the first quarter. BlackRock Inc. now owns 7,478,138 shares of the insurance provider’s stock valued at $576,118,000 after buying an additional 7,217,094 shares in the last quarter. Victory Capital Management Inc. raised its stake in Torchmark Corporation by 2.2% in the first quarter. Victory Capital Management Inc. now owns 455,070 shares of the insurance provider’s stock valued at $35,059,000 after buying an additional 9,591 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Torchmark Corporation by 4.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 14,880 shares of the insurance provider’s stock valued at $1,147,000 after buying an additional 610 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new stake in Torchmark Corporation during the first quarter valued at approximately $288,000. 74.74% of the stock is owned by institutional investors.
Shares of Torchmark Corporation (TMK) opened at 79.23 on Thursday. Torchmark Corporation has a 12-month low of $60.92 and a 12-month high of $79.90. The stock’s 50 day moving average is $77.81 and its 200-day moving average is $76.64. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of 17.02 and a beta of 0.98.
Torchmark Corporation (NYSE:TMK) last announced its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.02. Torchmark Corporation had a net margin of 13.96% and a return on equity of 11.70%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm posted $1.11 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis. On average, analysts anticipate that Torchmark Corporation will post $4.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Wednesday, July 5th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date of this dividend was Friday, June 30th. Torchmark Corporation’s payout ratio is currently 12.88%.
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TMK has been the subject of several recent research reports. Zacks Investment Research raised shares of Torchmark Corporation from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Monday, June 19th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $75.00 target price on shares of Torchmark Corporation in a research note on Friday, April 21st. ValuEngine raised shares of Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub raised shares of Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Four analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $73.00.
In other Torchmark Corporation news, VP Arvelia Bowie sold 16,875 shares of Torchmark Corporation stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $78.45, for a total value of $1,323,843.75. Following the transaction, the vice president now owns 17,941 shares of the company’s stock, valued at $1,407,471.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lloyd W. Newton purchased 2,500 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was bought at an average cost of $75.28 per share, for a total transaction of $188,200.00. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 92,577 shares of company stock worth $7,256,884. 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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