Insider Selling: Torchmark Corp. (TMK) Insider Sells $1,500,975.00 in Stock
Torchmark Corp. (NYSE:TMK) insider Roger C. Smith sold 22,500 shares of the company’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of $66.71, for a total transaction of $1,500,975.00. Following the completion of the sale, the insider now directly owns 51,563 shares in the company, valued at approximately $3,439,767.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Torchmark Corp. (NYSE:TMK) opened at 70.81 on Tuesday. Torchmark Corp. has a 12 month low of $48.47 and a 12 month high of $71.49. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of 15.97 and a beta of 0.95. The company’s 50-day moving average is $64.31 and its 200 day moving average is $62.12.
Torchmark Corp. (NYSE:TMK) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.03. The company had revenue of $990 million for the quarter, compared to analysts’ expectations of $964.48 million. Torchmark Corp. had a net margin of 14.05% and a return on equity of 11.77%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 EPS. On average, equities research analysts predict that Torchmark Corp. will post $4.47 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Friday, January 6th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $0.56 annualized dividend and a dividend yield of 0.79%. Torchmark Corp.’s dividend payout ratio is currently 12.56%.
Several institutional investors have recently made changes to their positions in TMK. Panagora Asset Management Inc. boosted its position in shares of Torchmark Corp. by 213.3% in the third quarter. Panagora Asset Management Inc. now owns 47,443 shares of the company’s stock valued at $3,031,000 after buying an additional 32,300 shares in the last quarter. Highbridge Capital Management LLC purchased a new position in shares of Torchmark Corp. during the third quarter valued at approximately $231,000. The Manufacturers Life Insurance Company purchased a new position in shares of Torchmark Corp. during the third quarter valued at approximately $6,930,000. United Services Automobile Association boosted its position in shares of Torchmark Corp. by 3.3% in the third quarter. United Services Automobile Association now owns 36,017 shares of the company’s stock valued at $2,301,000 after buying an additional 1,135 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of Torchmark Corp. by 74.5% in the third quarter. Hsbc Holdings PLC now owns 158,719 shares of the company’s stock valued at $10,104,000 after buying an additional 67,763 shares during the last quarter. 74.98% of the stock is currently owned by institutional investors.
TMK has been the topic of several recent research reports. Zacks Investment Research raised shares of Torchmark Corp. from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a report on Tuesday, September 27th. Deutsche Bank AG upped their price target on shares of Torchmark Corp. from $56.00 to $59.00 and gave the company a “hold” rating in a report on Friday, July 29th. Credit Suisse Group AG initiated coverage on shares of Torchmark Corp. in a report on Friday, October 7th. They issued a “neutral” rating and a $68.00 price target on the stock. Wells Fargo & Co. reaffirmed an “underperform” rating on shares of Torchmark Corp. in a report on Friday, September 23rd. Finally, RBC Capital Markets reaffirmed an “underperform” rating and issued a $55.00 price target (up previously from $53.00) on shares of Torchmark Corp. in a report on Monday, August 1st. Four equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $59.90.
About Torchmark Corp.
Torchmark Corporation is an insurance holding company. The Company, through its subsidiaries, provides a range of life and health insurance products and annuities to a broad base of customers. The Company’s segments include life insurance, health insurance, annuities and investment. The life insurance segment offers whole-life insurance and term life insurance.
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