Torchmark Corp. (TMK) Shares Bought by Westpac Banking Corp
Westpac Banking Corp increased its stake in shares of Torchmark Corp. (NYSE:TMK) by 29.7% during the second quarter, Holdings Channel reports. The institutional investor owned 6,142 shares of the company’s stock after buying an additional 1,407 shares during the period. Westpac Banking Corp’s holdings in Torchmark Corp. were worth $380,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Glenmede Trust Co. NA raised 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 valued at $139,000 after buying an additional 2,192 shares during the last quarter. State of Alaska Department of Revenue raised 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 valued at $157,000 after buying an additional 181 shares during the last quarter. Bessemer Group Inc. raised 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 valued at $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 valued at about $210,000. Finally, Capital Investment Services of America Inc. acquired a new position in shares of Torchmark Corp. during the second quarter valued at about $214,000. 75.52% of the stock is owned by hedge funds and other institutional investors.
Shares of Torchmark Corp. (NYSE:TMK) opened at 64.34 on Friday. Torchmark Corp. has a 12-month low of $48.47 and a 12-month high of $65.60. The firm has a market capitalization of $7.71 billion, a PE ratio of 14.80 and a beta of 1.06. The company has a 50-day moving average of $64.08 and a 200 day moving average of $60.40.
Torchmark Corp. (NYSE:TMK) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. Torchmark Corp. had a return on equity of 12.19% and a net margin of 13.85%. The firm had revenue of $992 million for the quarter, compared to the consensus estimate of $979.43 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. On average, 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. Investors of record on Friday, October 7th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.56 dividend on an annualized basis and a yield of 0.87%. Torchmark Corp.’s dividend payout ratio is currently 12.84%.
Several equities analysts recently issued reports on TMK shares. Credit Suisse Group AG started coverage on shares of Torchmark Corp. in a report on Friday. They set a “neutral” rating on the stock. Zacks Investment Research lowered shares of Torchmark Corp. from a “buy” rating to a “hold” rating in a report on Monday, July 4th. RBC Capital Markets reaffirmed an “underperform” rating and issued a $55.00 price target (up from $53.00) on shares of Torchmark Corp. in a report on Monday, August 1st. Royal Bank Of Canada lifted their price target on shares of Torchmark Corp. from $53.00 to $55.00 and gave the stock an “underperform” rating in a report on Monday, August 1st. Finally, Evercore ISI began coverage on shares of Torchmark Corp. in a report on Wednesday, July 6th. They issued a “hold” rating and a $63.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $58.36.
In related news, insider John Henry Rogers, Jr. sold 875 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 875 shares in the company, valued at $56,901.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Clay Majors sold 5,075 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $61.89, for a total value of $314,091.75. Following the completion of the transaction, the vice president now owns 9,462 shares in the company, valued at approximately $585,603.18. The disclosure for this sale can be found here. 3.96% of the stock is owned by corporate insiders.
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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