Comerica Bank Sells 6,371 Shares of Torchmark Co. (TMK)
Comerica Bank trimmed its stake in Torchmark Co. (NYSE:TMK) by 13.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 39,862 shares of the insurance provider’s stock after selling 6,371 shares during the quarter. Comerica Bank’s holdings in Torchmark were worth $3,354,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in TMK. Acadian Asset Management LLC bought a new position in shares of Torchmark in the 2nd quarter worth $96,784,000. MERIAN GLOBAL INVESTORS UK Ltd grew its stake in Torchmark by 148.3% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 640,781 shares of the insurance provider’s stock worth $55,549,000 after buying an additional 382,677 shares during the last quarter. Bank of Nova Scotia grew its stake in Torchmark by 2,226.5% during the 2nd quarter. Bank of Nova Scotia now owns 315,451 shares of the insurance provider’s stock worth $25,680,000 after buying an additional 301,892 shares during the last quarter. First Trust Advisors LP grew its stake in Torchmark by 150.4% during the 2nd quarter. First Trust Advisors LP now owns 392,389 shares of the insurance provider’s stock worth $31,944,000 after buying an additional 235,655 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Torchmark by 305.0% during the 2nd quarter. Millennium Management LLC now owns 302,176 shares of the insurance provider’s stock worth $24,600,000 after buying an additional 227,566 shares during the last quarter. 75.13% of the stock is owned by hedge funds and other institutional investors.
Shares of TMK stock opened at $85.67 on Wednesday. Torchmark Co. has a 1-year low of $80.34 and a 1-year high of $93.60. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.25. The firm has a market cap of $9.64 billion, a P/E ratio of 17.77, a price-to-earnings-growth ratio of 1.03 and a beta of 0.86.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Friday, January 4th will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, January 3rd. This represents a $0.64 annualized dividend and a yield of 0.75%. Torchmark’s payout ratio is presently 13.28%.
Several research analysts recently weighed in on TMK shares. Goldman Sachs Group downgraded Torchmark from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $92.00 to $78.00 in a research note on Monday, September 10th. Zacks Investment Research upgraded Torchmark from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research note on Thursday, October 4th. Morgan Stanley boosted 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 dropped their target price on Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, October 29th. Four 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 stock has a consensus rating of “Hold” and a consensus price target of $85.86.
In other Torchmark news, EVP Vern D. Herbel sold 52,500 shares of the business’s stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $88.25, for a total transaction of $4,633,125.00. Following the sale, the executive vice president now owns 52,500 shares in the company, valued at approximately $4,633,125. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Larry M. Hutchison sold 12,250 shares of the business’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $88.35, for a total value 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 379,829 shares of company stock worth $33,498,056. Company insiders own 3.68% of the company’s stock.
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Torchmark Company Profile
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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