Bank of America Corp. Downgrades Torchmark Corp. (TMK) to Underperform
Torchmark Corp. (NYSE:TMK) was downgraded by investment analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a report issued on Friday.
Other analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Torchmark Corp. from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Tuesday, September 27th. Deutsche Bank AG raised their target price on shares of Torchmark Corp. from $56.00 to $59.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Credit Suisse Group AG initiated coverage on shares of Torchmark Corp. in a research note on Friday, October 7th. They issued a “neutral” rating and a $68.00 target price for the company. Wells Fargo & Co. restated an “underperform” rating on shares of Torchmark Corp. in a research note on Friday, September 23rd. Finally, RBC Capital Markets restated an “underperform” rating and issued a $55.00 target price (up previously from $53.00) on shares of Torchmark Corp. in a research note on Monday, August 1st. Five equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. The company currently has an average rating of “Hold” and an average price target of $59.90.
Torchmark Corp. (NYSE:TMK) opened at 70.38 on Friday. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of 15.87 and a beta of 0.95. The company’s 50-day moving average is $65.39 and its 200-day moving average is $62.71. Torchmark Corp. has a 52-week low of $48.47 and a 52-week high of $71.49.
Torchmark Corp. (NYSE:TMK) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.03. Torchmark Corp. had a net margin of 14.05% and a return on equity of 11.77%. The firm earned $990 million during the quarter, compared to analysts’ expectations of $964.48 million. During the same quarter in the prior year, the business earned $1.08 EPS. Torchmark Corp.’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities analysts predict that Torchmark Corp. will post $4.47 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Shareholders of record on Friday, January 6th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, January 4th. This represents a $0.56 annualized dividend and a yield of 0.80%. Torchmark Corp.’s dividend payout ratio (DPR) is currently 12.56%.
In other Torchmark Corp. news, insider John Henry Rogers, Jr. sold 1,875 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $71.13, for a total transaction of $133,368.75. Following the completion of the transaction, the insider now directly owns 1,875 shares in the company, valued at approximately $133,368.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Frank M. Svoboda sold 48,250 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $63.95, for a total transaction of $3,085,587.50. Following the transaction, the chief financial officer now owns 127,004 shares of the company’s stock, valued at $8,121,905.80. The disclosure for this sale can be found here. Company insiders own 3.96% of the company’s stock.
A number of institutional investors have recently bought and sold shares of TMK. FMR LLC increased its position in Torchmark Corp. by 21.4% in the second quarter. FMR LLC now owns 4,299,373 shares of the company’s stock valued at $265,788,000 after buying an additional 757,907 shares during the period. Victory Capital Management Inc. increased its stake in shares of Torchmark Corp. by 4,035.5% in the third quarter. Victory Capital Management Inc. now owns 475,786 shares of the company’s stock worth $30,398,000 after buying an additional 464,281 shares during the period. Bank of Montreal Can purchased a new stake in shares of Torchmark Corp. during the second quarter worth approximately $11,270,000. NN Investment Partners Holdings N.V. increased its stake in shares of Torchmark Corp. by 11.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,745,355 shares of the company’s stock worth $107,898,000 after buying an additional 179,750 shares during the period. Finally, Boston Partners increased its stake in shares of Torchmark Corp. by 6.9% in the second quarter. Boston Partners now owns 2,687,021 shares of the company’s stock worth $166,112,000 after buying an additional 173,190 shares during the period. Hedge funds and other institutional investors own 75.25% of the company’s stock.
Torchmark Corp. Company Profile
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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