Chevy Chase Trust Holdings Inc. Lowers Position in Torchmark Corp. (TMK)
Chevy Chase Trust Holdings Inc. reduced its stake in shares of Torchmark Corp. (NYSE:TMK) by 2.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 100,257 shares of the company’s stock after selling 2,905 shares during the period. Chevy Chase Trust Holdings Inc. owned 0.08% of Torchmark Corp. worth $6,406,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in TMK. Balentine LLC boosted its stake in Torchmark Corp. by 5.7% in the second quarter. Balentine LLC now owns 1,855 shares of the company’s stock valued at $115,000 after buying an additional 100 shares during the period. Glenmede Trust Co. NA boosted its stake in Torchmark Corp. by 2,706.2% in the second quarter. Glenmede Trust Co. NA now owns 2,273 shares of the company’s stock valued at $139,000 after buying an additional 2,192 shares during the period. Advisor Group Inc. purchased a new stake in Torchmark Corp. during the second quarter valued at approximately $151,000. State of Alaska Department of Revenue boosted its stake in Torchmark Corp. by 7.7% in the second quarter. State of Alaska Department of Revenue now owns 2,542 shares of the company’s stock valued at $157,000 after buying an additional 181 shares during the period. Finally, Tower Research Capital LLC TRC purchased a new stake in Torchmark Corp. during the second quarter valued at approximately $197,000. 72.83% of the stock is owned by institutional investors.
Shares of Torchmark Corp. (NYSE:TMK) traded up 0.92% during mid-day trading on Wednesday, hitting $70.31. The stock had a trading volume of 432,067 shares. The company has a market cap of $8.34 billion, a P/E ratio of 15.85 and a beta of 0.95. Torchmark Corp. has a 1-year low of $48.47 and a 1-year high of $71.49. The firm’s 50 day moving average price is $66.15 and its 200 day moving average price is $63.09.
Torchmark Corp. (NYSE:TMK) last announced its quarterly earnings results on Tuesday, October 25th. The company reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.03. Torchmark Corp. had a return on equity of 11.77% and a net margin of 14.05%. The company earned $990 million during the quarter, compared to analysts’ expectations of $964.48 million. During the same period in the prior year, the company earned $1.08 EPS. Torchmark Corp.’s revenue was up 4.5% compared to the same quarter last year. Analysts predict that Torchmark Corp. will post $4.47 earnings per share for the current fiscal year.
The company also recently declared 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. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date is Wednesday, January 4th. Torchmark Corp.’s payout ratio is 12.56%.
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Several research analysts have recently issued reports on the company. Zacks Investment Research upgraded Torchmark Corp. from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research report on Tuesday, September 27th. Wells Fargo & Co. restated an “underperform” rating on shares of Torchmark Corp. in a research report on Friday, September 23rd. Bank of America Corp. lowered Torchmark Corp. from a “neutral” rating to an “underperform” rating in a research report on Friday, November 18th. Finally, Credit Suisse Group AG assumed coverage on Torchmark Corp. in a research report on Friday, October 7th. They issued a “neutral” rating and a $68.00 price target on the stock. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Torchmark Corp. has an average rating of “Hold” and a consensus target price of $59.90.
In related news, insider John Henry Rogers, Jr. sold 875 shares of the stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $65.03, for a total value of $56,901.25. Following the completion of the sale, the insider now directly owns 875 shares in the company, valued at $56,901.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lamar C. Smith sold 7,197 shares of the stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $70.13, for a total value of $504,725.61. Following the completion of the sale, the director now owns 62,796 shares of the company’s stock, valued at $4,403,883.48. The disclosure for this sale can be found here. 3.96% of the stock is owned by insiders.
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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