Credit Suisse Group AG Initiates Coverage on Torchmark Corp. (TMK)
Analysts at Credit Suisse Group AG began coverage on shares of Torchmark Corp. (NYSE:TMK) in a research report issued to clients and investors on Friday. The brokerage set a “neutral” rating and a $68.00 price target on the stock. Credit Suisse Group AG’s price target indicates a potential upside of 4.91% from the company’s current price.
TMK has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of Torchmark Corp. from a “buy” rating to a “hold” rating in a research report on Monday, July 4th. RBC Capital Markets reaffirmed an “underperform” rating and issued a $55.00 target price (up previously from $53.00) on shares of Torchmark Corp. in a research report on Monday, August 1st. Royal Bank Of Canada raised their target price on shares of Torchmark Corp. from $53.00 to $55.00 and gave the company an “underperform” rating in a research report on Monday, August 1st. Evercore ISI assumed coverage on shares of Torchmark Corp. in a research report on Wednesday, July 6th. They issued a “hold” rating and a $63.00 target price for the company. 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 analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. Torchmark Corp. has a consensus rating of “Hold” and a consensus price target of $59.17.
Torchmark Corp. (NYSE:TMK) opened at 64.82 on Friday. The firm’s 50-day moving average is $64.19 and its 200-day moving average is $60.62. Torchmark Corp. has a 52-week low of $48.47 and a 52-week high of $65.60. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 14.91 and a beta of 1.06.
Torchmark Corp. (NYSE:TMK) last issued 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 net margin of 13.85% and a return on equity of 12.19%. The business had revenue of $992 million for the quarter, compared to analyst estimates of $979.43 million. During the same period last year, the business posted $1.05 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts forecast that Torchmark Corp. will post $4.45 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Wednesday, October 5th. Torchmark Corp.’s dividend payout ratio (DPR) is 12.84%.
In other Torchmark Corp. news, CFO Frank M. Svoboda sold 21,250 shares of Torchmark Corp. stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $61.94, for a total value of $1,316,225.00. Following the completion of the sale, the chief financial officer now owns 92,004 shares in the company, valued at approximately $5,698,727.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Shane Henrie sold 500 shares of Torchmark Corp. stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $61.99, for a total transaction of $30,995.00. Following the completion of the sale, the insider now owns 500 shares of the company’s stock, valued at approximately $30,995. The disclosure for this sale can be found here. 3.96% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of TMK. Williams Jones & Associates LLC acquired a new stake in shares of Torchmark Corp. during the second quarter valued at $227,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Torchmark Corp. during the second quarter valued at $280,000. Kentucky Retirement Systems acquired a new stake in shares of Torchmark Corp. during the second quarter valued at $590,000. Mason Street Advisors LLC acquired a new stake in shares of Torchmark Corp. during the second quarter valued at $934,000. Finally, Calvert Investment Management Inc. acquired a new stake in shares of Torchmark Corp. during the second quarter valued at $536,000. Institutional investors and hedge funds own 75.52% 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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