Teacher Retirement System of Texas Sells 43,497 Shares of Torchmark Corp. (TMK)
Teacher Retirement System of Texas cut its position in shares of Torchmark Corp. (NYSE:TMK) by 84.1% during the second quarter, Holdings Channel reports. The fund owned 8,246 shares of the company’s stock after selling 43,497 shares during the period. Teacher Retirement System of Texas’ holdings in Torchmark Corp. were worth $510,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Glenmede Trust Co. NA boosted its position in shares of Torchmark Corp. by 2,706.2% in the second quarter. Glenmede Trust Co. NA now owns 2,273 shares of the company’s stock worth $139,000 after buying an additional 2,192 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of 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 worth $157,000 after buying an additional 181 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Torchmark Corp. by 617.8% in the first quarter. Bessemer Group Inc. now owns 3,589 shares of the company’s stock worth $194,000 after buying an additional 3,089 shares during the last quarter. Texan Capital Management acquired a new position in shares of Torchmark Corp. during the second quarter worth about $210,000. Finally, Capital Investment Services of America Inc. acquired a new position in shares of Torchmark Corp. during the second quarter worth about $214,000. 75.52% of the stock is currently owned by hedge funds and other institutional investors.
Torchmark Corp. (NYSE:TMK) traded up 1.27% during midday trading on Wednesday, hitting $64.57. 59,825 shares of the stock traded hands. The stock’s 50-day moving average price is $63.95 and its 200 day moving average price is $60.34. Torchmark Corp. has a 52 week low of $48.47 and a 52 week high of $65.60. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 14.85 and a beta of 1.06.
Torchmark Corp. (NYSE:TMK) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.02. Torchmark Corp. had a net margin of 13.85% and a return on equity of 12.19%. The company earned $992 million during the quarter, compared to analyst estimates of $979.43 million. During the same period last year, the business earned $1.05 earnings per share. Torchmark Corp.’s revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts predict that Torchmark Corp. will post $4.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a $0.14 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.88%. Torchmark Corp.’s dividend payout ratio (DPR) is currently 12.84%.
TMK has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Torchmark Corp. from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a research note on Wednesday, June 29th. Evercore ISI initiated coverage on shares of Torchmark Corp. in a research note on Wednesday, July 6th. They issued a “hold” rating and a $63.00 price objective on the stock. Deutsche Bank AG raised their price objective on shares of Torchmark Corp. from $56.00 to $59.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Citigroup Inc. lifted their price target on shares of Torchmark Corp. from $58.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. Finally, Bank of America Corp. raised shares of Torchmark Corp. from an “underperform” rating to a “neutral” rating in a research report on Wednesday, June 29th. Five equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Torchmark Corp. has an average rating of “Hold” and a consensus price target of $58.36.
In other Torchmark Corp. news, VP Michael Clay Majors sold 5,075 shares of Torchmark Corp. stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $61.89, for a total transaction of $314,091.75. Following the completion of the sale, the vice president now directly owns 9,462 shares in the company, valued at $585,603.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Henry Rogers, Jr. sold 875 shares of Torchmark Corp. stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $65.03, for a total transaction of $56,901.25. Following the sale, the insider now owns 875 shares of the company’s stock, valued at $56,901.25. The disclosure for this sale can be found here. 3.96% of the stock is currently 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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