Montgomery Investment Management Inc. Sells 2,000 Shares of Torchmark Co. (TMK)
Montgomery Investment Management Inc. decreased its stake in shares of Torchmark Co. (NYSE:TMK) by 15.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,000 shares of the insurance provider’s stock after selling 2,000 shares during the quarter. Montgomery Investment Management Inc.’s holdings in Torchmark were worth $954,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Torchmark by 3.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,422 shares of the insurance provider’s stock worth $33,499,000 after buying an additional 13,266 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Torchmark by 5.3% during the 3rd quarter. SG Americas Securities LLC now owns 96,185 shares of the insurance provider’s stock worth $8,338,000 after buying an additional 4,861 shares in the last quarter. ING Groep NV raised its stake in shares of Torchmark by 46.0% during the 3rd quarter. ING Groep NV now owns 3,662 shares of the insurance provider’s stock worth $317,000 after buying an additional 1,154 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Torchmark by 2,043.5% during the 3rd quarter. Bessemer Group Inc. now owns 67,991 shares of the insurance provider’s stock worth $5,895,000 after buying an additional 64,819 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Torchmark during the 3rd quarter worth approximately $1,645,000. Institutional investors own 74.17% of the company’s stock.
A number of equities analysts have recently issued reports on the company. 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. Zacks Investment Research raised Torchmark from a “hold” rating to a “buy” rating and set a $98.00 target price for the company in a research note on Thursday, October 4th. Morgan Stanley increased 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, SunTrust Banks cut their target price on Torchmark from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $85.57.
Torchmark (NYSE:TMK) last released its quarterly earnings data on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.06. Torchmark had a return on equity of 11.70% and a net margin of 36.42%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.07 billion. On average, equities research analysts expect that Torchmark Co. will post 6.13 EPS for the current fiscal year.
In other Torchmark news, CEO Larry M. Hutchison sold 12,250 shares of the stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $88.35, for a total transaction of $1,082,287.50. Following the sale, the chief executive officer now owns 553,987 shares in the company, valued at approximately $48,944,751.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Carol A. Mccoy sold 18,000 shares of the stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $88.65, for a total value of $1,595,700.00. Following the sale, the vice president now owns 113,043 shares in the company, valued at approximately $10,021,261.95. The disclosure for this sale can be found here. Insiders sold a total of 379,829 shares of company stock valued at $33,498,056 over the last ninety days. 3.68% of the stock is currently owned by company insiders.
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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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