Montgomery Investment Management Inc. raised its stake in Torchmark Corporation (NYSE:TMK) by 57.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,579 shares of the insurance provider’s stock after buying an additional 29,757 shares during the period. Torchmark Corporation accounts for about 2.9% of Montgomery Investment Management Inc.’s investment portfolio, making the stock its 8th largest position. Montgomery Investment Management Inc. owned approximately 0.07% of Torchmark Corporation worth $6,241,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Aull & Monroe Investment Management Corp acquired a new stake in shares of Torchmark Corporation during the first quarter valued at approximately $206,000. Mn Services Vermogensbeheer B.V. increased its stake in shares of Torchmark Corporation by 3.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,006 shares of the insurance provider’s stock valued at $217,000 after buying an additional 96 shares during the last quarter. James Investment Research Inc. increased its stake in shares of Torchmark Corporation by 1.8% in the first quarter. James Investment Research Inc. now owns 353,405 shares of the insurance provider’s stock valued at $27,226,000 after buying an additional 6,373 shares during the last quarter. Retirement Systems of Alabama boosted its position in Torchmark Corporation by 1.2% in the first quarter. Retirement Systems of Alabama now owns 52,941 shares of the insurance provider’s stock worth $4,079,000 after buying an additional 636 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in Torchmark Corporation by 144.0% in the first quarter. State of Alaska Department of Revenue now owns 7,091 shares of the insurance provider’s stock worth $546,000 after buying an additional 4,185 shares during the period. 74.84% of the stock is currently owned by institutional investors and hedge funds.
Torchmark Corporation (NYSE TMK) traded down 0.31% during trading on Friday, reaching $76.61. 491,037 shares of the company traded hands. Torchmark Corporation has a 12-month low of $62.41 and a 12-month high of $79.90. The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 16.48 and a beta of 0.98. The firm’s 50 day moving average price is $78.21 and its 200 day moving average price is $76.81.
Torchmark Corporation (NYSE:TMK) last announced its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.03 billion. Torchmark Corporation had a net margin of 13.96% and a return on equity of 11.55%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.11 EPS. Equities research analysts expect that Torchmark Corporation will post $4.75 earnings per share for the current year.
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A number of research firms have issued reports on TMK. BidaskClub upgraded Torchmark Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $78.00 target price on shares of Torchmark Corporation in a report on Thursday, August 3rd. Zacks Investment Research upgraded Torchmark Corporation from a “sell” rating to a “hold” rating and set a $88.00 price objective for the company in a report on Friday, July 28th. Finally, Barclays PLC raised their price objective on Torchmark Corporation from $65.00 to $67.00 and gave the company an “underweight” rating in a report on Friday, August 11th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $73.33.
In other Torchmark Corporation news, insider Steven John Dichiaro sold 13,000 shares of Torchmark Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $79.02, for a total value of $1,027,260.00. Following the completion of the transaction, the insider now directly owns 21,360 shares of the company’s stock, valued at $1,687,867.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lloyd W. Newton bought 2,500 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was purchased at an average cost of $75.28 per share, with a total value of $188,200.00. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 142,321 shares of company stock valued at $11,175,453. 3.79% of the stock is currently owned by corporate insiders.
About Torchmark Corporation
Torchmark Corporation (Torchmark) is an insurance holding company. The Company, through its subsidiaries, provides a range of life and health insurance products and annuities to a base of customers. The Company’s segments include life insurance, health insurance, annuities and investment. The life insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurance.
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