State Board of Administration of Florida Retirement System cut its stake in Torchmark Co. (NYSE:TMK) by 4.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 165,005 shares of the insurance provider’s stock after selling 8,040 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Torchmark were worth $13,522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of TMK. Norges Bank purchased a new stake in shares of Torchmark in the fourth quarter valued at approximately $85,330,000. Anchor Capital Advisors LLC acquired a new stake in shares of Torchmark in the fourth quarter valued at $20,178,000. FMR LLC raised its stake in shares of Torchmark by 10.2% in the fourth quarter. FMR LLC now owns 2,820,235 shares of the insurance provider’s stock valued at $210,192,000 after acquiring an additional 260,809 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Torchmark by 180.0% in the fourth quarter. Hsbc Holdings PLC now owns 359,799 shares of the insurance provider’s stock valued at $26,807,000 after acquiring an additional 231,320 shares in the last quarter. Finally, Prana Capital Management LP acquired a new stake in shares of Torchmark in the fourth quarter valued at $15,770,000. Institutional investors and hedge funds own 76.56% of the company’s stock.
Separately, Zacks Investment Research cut Torchmark from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $86.00.
In related news, Director Robert W. Ingram sold 290 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $87.85, for a total value of $25,476.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kenneth J. Matson sold 8,000 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $81.16, for a total value of $649,280.00. Following the completion of the transaction, the insider now directly owns 25,434 shares in the company, valued at approximately $2,064,223.44. The disclosure for this sale can be found here. Insiders sold 267,132 shares of company stock worth $22,913,973 in the last three months. 3.64% of the stock is currently owned by corporate insiders.
Shares of NYSE TMK traded up $0.43 during mid-day trading on Friday, hitting $87.82. The company had a trading volume of 3,245 shares, compared to its average volume of 427,124. The stock has a market cap of $9.54 billion, a P/E ratio of 14.27, a PEG ratio of 1.64 and a beta of 1.01. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.22. Torchmark Co. has a 1-year low of $69.68 and a 1-year high of $91.28.
Torchmark (NYSE:TMK) last announced its quarterly earnings data on Wednesday, April 17th. The insurance provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.05. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Torchmark had a return on equity of 12.75% and a net margin of 16.37%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period last year, the firm earned $1.47 earnings per share. On average, equities analysts forecast that Torchmark Co. will post 6.69 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be paid a $0.1725 dividend. This represents a $0.69 annualized dividend and a dividend yield of 0.79%. The ex-dividend date is Wednesday, July 3rd. Torchmark’s payout ratio is currently 11.26%.
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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, Health Insurance, Annuity, and Investment. The company offers traditional and interest-sensitive whole life insurance, as well as term life insurance.
Further Reading: Outstanding Shares and The Effect on Share Price
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