Toronto Dominion Bank lowered its holdings in Torchmark Co. (NYSE:TMK) by 6.9% during the 3rd quarter, Holdings Channel reports. The firm owned 110,739 shares of the insurance provider’s stock after selling 8,220 shares during the period. Toronto Dominion Bank’s holdings in Torchmark were worth $9,599,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Riverhead Capital Management LLC boosted its position in Torchmark by 28.5% in the second quarter. Riverhead Capital Management LLC now owns 31,038 shares of the insurance provider’s stock worth $2,527,000 after purchasing an additional 6,877 shares during the last quarter. Cubist Systematic Strategies LLC boosted its position in Torchmark by 69.6% in the second quarter. Cubist Systematic Strategies LLC now owns 28,011 shares of the insurance provider’s stock worth $2,280,000 after purchasing an additional 11,495 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Torchmark by 15.7% in the second quarter. Bank of New York Mellon Corp now owns 1,498,890 shares of the insurance provider’s stock worth $122,025,000 after purchasing an additional 203,149 shares during the last quarter. Flinton Capital Management LLC boosted its position in Torchmark by 27.5% in the second quarter. Flinton Capital Management LLC now owns 19,648 shares of the insurance provider’s stock worth $1,600,000 after purchasing an additional 4,240 shares during the last quarter. Finally, Gofen & Glossberg LLC IL purchased a new position in Torchmark in the third quarter worth $207,000. 75.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of TMK opened at $86.10 on Thursday. The firm has a market capitalization of $9.56 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 1.02 and a beta of 0.86. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.09 and a current ratio of 0.09. Torchmark Co. has a 1 year low of $80.34 and a 1 year high of $93.60.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Friday, January 4th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.74%. Torchmark’s payout ratio is 13.28%.
In related news, EVP Vern D. Herbel sold 52,500 shares of the business’s stock in a transaction on 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 directly owns 52,500 shares in the company, valued at approximately $4,633,125. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bill Leavell sold 187,500 shares of the business’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $88.10, for a total value of $16,518,750.00. Following the sale, the insider now owns 18,750 shares in the company, valued at $1,651,875. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 334,829 shares of company stock worth $29,545,256. 3.68% of the stock is currently owned by corporate insiders.
Several research firms have weighed in on TMK. Zacks Investment Research raised Torchmark from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a research report on Thursday, October 4th. Morgan Stanley boosted their price objective on Torchmark from $80.00 to $81.00 and gave the stock an “underweight” rating in a research report on Thursday, July 26th. SunTrust Banks lowered 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. Finally, Goldman Sachs Group lowered Torchmark from a “neutral” rating to a “sell” rating and lowered their target price for the company from $92.00 to $78.00 in a research note on Monday, September 10th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Torchmark has a consensus rating of “Hold” and an average target price of $85.86.
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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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