CIBC Asset Management Inc lowered its stake in Torchmark Co. (NYSE:TMK) by 1.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 9,708 shares of the insurance provider’s stock after selling 171 shares during the period. CIBC Asset Management Inc’s holdings in Torchmark were worth $796,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in TMK. CSat Investment Advisory L.P. grew its stake in Torchmark by 60.2% in the 4th quarter. CSat Investment Advisory L.P. now owns 407 shares of the insurance provider’s stock valued at $30,000 after buying an additional 153 shares during the last quarter. Arbor Wealth Management LLC acquired a new position in Torchmark in the 4th quarter valued at about $38,000. Captrust Financial Advisors acquired a new position in Torchmark in the 4th quarter valued at about $45,000. Quadrant Capital Group LLC grew its stake in Torchmark by 773.4% in the 1st quarter. Quadrant Capital Group LLC now owns 690 shares of the insurance provider’s stock valued at $55,000 after buying an additional 611 shares during the last quarter. Finally, Capital Financial Planning LLC acquired a new position in Torchmark in the 4th quarter valued at about $56,000. Institutional investors and hedge funds own 76.01% of the company’s stock.
Separately, Zacks Investment Research raised shares of Torchmark from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $85.75.
Torchmark (NYSE:TMK) last issued its quarterly earnings results on Wednesday, April 17th. The insurance provider reported $1.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.59 by $0.05. Torchmark had a net margin of 16.37% and a return on equity of 12.75%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm posted $1.47 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. Equities analysts expect that Torchmark Co. will post 6.69 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be issued a dividend of $0.1725 per share. This represents a $0.69 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Wednesday, July 3rd. Torchmark’s dividend payout ratio (DPR) is presently 11.26%.
In other news, EVP James Eric Mcpartland sold 27,775 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $86.70, for a total transaction of $2,408,092.50. Following the completion of the sale, the executive vice president now owns 103,478 shares of the company’s stock, valued at approximately $8,971,542.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bill Leavell sold 38,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $87.38, for a total transaction of $3,320,440.00. Following the sale, the insider now directly owns 38,000 shares of the company’s stock, valued at approximately $3,320,440. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 238,028 shares of company stock valued at $20,741,003. 3.64% of the stock is currently owned by insiders.
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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, Health Insurance, Annuity, and Investment. The company offers traditional and interest-sensitive whole life insurance, as well as term life insurance.
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