Daiwa Securities Group Inc. raised its stake in shares of Torchmark Co. (NYSE:TMK) by 7.6% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 59,938 shares of the insurance provider’s stock after purchasing an additional 4,243 shares during the period. Daiwa Securities Group Inc. owned approximately 0.05% of Torchmark worth $5,196,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in TMK. Piedmont Investment Advisors LLC purchased a new position in shares of Torchmark in the 2nd quarter worth approximately $101,000. Braun Bostich & Associates Inc. boosted its stake in shares of 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. boosted its stake in shares of 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 boosted its stake in shares of 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, Conning Inc. purchased a new position in shares of Torchmark in the 3rd quarter worth approximately $202,000. Institutional investors and hedge funds own 74.27% of the company’s stock.
In related news, VP Carol A. Mccoy sold 18,000 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $88.65, for a total value of $1,595,700.00. Following the transaction, the vice president now owns 113,043 shares in the company, valued at $10,021,261.95. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert Brian Mitchell sold 45,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $87.84, for a total value of $3,952,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 367,454 shares of company stock worth $32,412,768. 3.68% of the stock is owned by company insiders.
Torchmark (NYSE:TMK) last posted its quarterly earnings data on Wednesday, October 24th. The insurance provider reported $1.59 EPS for the quarter, beating the consensus estimate of $1.53 by $0.06. Torchmark had a return on equity of 11.53% and a net margin of 36.42%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.07 billion. On average, analysts predict that Torchmark Co. will post 6.13 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Friday, October 5th were paid a $0.16 dividend. The ex-dividend date was Thursday, October 4th. This represents a $0.64 annualized dividend and a yield of 0.74%. Torchmark’s payout ratio is 13.28%.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Torchmark from a “buy” rating to a “hold” rating in a research note on Monday, July 16th. SunTrust Banks cut their target price on Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, October 29th. Morgan Stanley boosted their target price on Torchmark from $80.00 to $81.00 and gave the stock an “underweight” rating in a research note on Thursday, July 26th. Finally, Goldman Sachs Group downgraded Torchmark from a “neutral” rating to a “sell” rating and cut their target price for the stock from $92.00 to $78.00 in a research note on Monday, September 10th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $85.25.
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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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