Bank of Nova Scotia Grows Holdings in Torchmark Co. (TMK)
Bank of Nova Scotia boosted its holdings in shares of Torchmark Co. (NYSE:TMK) by 2,226.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 315,451 shares of the insurance provider’s stock after buying an additional 301,892 shares during the period. Bank of Nova Scotia’s holdings in Torchmark were worth $25,680,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in TMK. Acadian Asset Management LLC acquired a new stake in Torchmark during the 2nd quarter worth approximately $96,784,000. James Investment Research Inc. acquired a new stake in shares of Torchmark in the 2nd quarter valued at $22,360,000. BlackRock Inc. raised its holdings in shares of Torchmark by 3.3% in the 1st quarter. BlackRock Inc. now owns 7,995,059 shares of the insurance provider’s stock valued at $672,943,000 after purchasing an additional 256,203 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Torchmark by 150.4% in the 2nd quarter. First Trust Advisors LP now owns 392,389 shares of the insurance provider’s stock valued at $31,944,000 after purchasing an additional 235,655 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Torchmark by 305.0% in the 2nd quarter. Millennium Management LLC now owns 302,176 shares of the insurance provider’s stock valued at $24,600,000 after purchasing an additional 227,566 shares in the last quarter. Institutional investors own 73.66% of the company’s stock.
Shares of TMK opened at $85.97 on Wednesday. Torchmark Co. has a twelve month low of $77.42 and a twelve month high of $93.60. The firm has a market capitalization of $9.79 billion, a PE ratio of 17.84, a PEG ratio of 1.09 and a beta of 0.91. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.15.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Friday, October 5th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date is Thursday, October 4th. Torchmark’s dividend payout ratio (DPR) is 13.28%.
TMK has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Torchmark from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a report on Saturday, July 7th. Goldman Sachs Group lowered shares of Torchmark from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $92.00 to $78.00 in a report on Monday, September 10th. Finally, Morgan Stanley raised their price objective on shares of Torchmark from $80.00 to $81.00 and gave the company an “underweight” rating in a report on Thursday, July 26th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $84.63.
In related news, Director Paul J. Zucconi sold 400 shares of the stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $89.10, for a total value of $35,640.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP James Matthew Darden sold 12,550 shares of the stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $88.94, for a total transaction of $1,116,197.00. Following the completion of the transaction, the executive vice president now directly owns 22,939 shares in the company, valued at $2,040,194.66. The disclosure for this sale can be found here. Insiders sold a total of 367,740 shares of company stock worth $32,438,743 over the last ninety days. Insiders own 3.68% of the company’s stock.
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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