Bank of America Corp DE Increases Stake in Torchmark Co. (NYSE:TMK)

Bank of America Corp DE grew its stake in shares of Torchmark Co. (NYSE:TMK) by 13.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 493,821 shares of the insurance provider’s stock after purchasing an additional 58,186 shares during the quarter. Bank of America Corp DE owned about 0.44% of Torchmark worth $36,805,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of TMK. Wells Fargo & Company MN raised its holdings in Torchmark by 10.7% during the 3rd quarter. Wells Fargo & Company MN now owns 179,552 shares of the insurance provider’s stock worth $15,566,000 after buying an additional 17,334 shares during the period. MML Investors Services LLC acquired a new stake in Torchmark during the 3rd quarter worth about $234,000. Alliancebernstein L.P. raised its holdings in Torchmark by 21.9% during the 3rd quarter. Alliancebernstein L.P. now owns 222,686 shares of the insurance provider’s stock worth $19,305,000 after buying an additional 40,036 shares during the period. American International Group Inc. raised its holdings in Torchmark by 3.4% during the 3rd quarter. American International Group Inc. now owns 50,675 shares of the insurance provider’s stock worth $4,393,000 after buying an additional 1,647 shares during the period. Finally, FMR LLC raised its holdings in Torchmark by 5.8% during the 3rd quarter. FMR LLC now owns 2,559,426 shares of the insurance provider’s stock worth $221,877,000 after buying an additional 139,310 shares during the period. 76.71% of the stock is currently owned by hedge funds and other institutional investors.

Torchmark stock traded up $2.48 during trading hours on Friday, reaching $88.74. 1,051,889 shares of the company were exchanged, compared to its average volume of 512,450. The stock has a market capitalization of $9.79 billion, a P/E ratio of 14.48, a PEG ratio of 1.76 and a beta of 1.00. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.25. Torchmark Co. has a 12 month low of $69.68 and a 12 month high of $91.28.

Torchmark (NYSE:TMK) last announced its earnings results on Wednesday, April 17th. The insurance provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.05. Torchmark had a return on equity of 13.06% and a net margin of 16.37%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the business earned $1.47 earnings per share. The company’s revenue was up 4.6% on a year-over-year basis. Sell-side analysts anticipate that Torchmark Co. will post 6.7 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be given a $0.1725 dividend. This represents a $0.69 annualized dividend and a dividend yield of 0.78%. This is a boost from Torchmark’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, April 4th. Torchmark’s dividend payout ratio is currently 11.26%.

Several analysts have issued reports on TMK shares. Zacks Investment Research upgraded Torchmark from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. ValuEngine upgraded Torchmark from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Finally, JPMorgan Chase & Co. upgraded Torchmark from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Torchmark currently has an average rating of “Hold” and a consensus target price of $82.75.

In other news, insider Michael Shane Henrie sold 2,500 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $82.90, for a total value of $207,250.00. Following the completion of the sale, the insider now directly owns 2,500 shares of the company’s stock, valued at $207,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James Matthew Darden sold 29,510 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $83.08, for a total value of $2,451,690.80. Following the completion of the sale, the executive vice president now directly owns 54,095 shares of the company’s stock, valued at $4,494,212.60. The disclosure for this sale can be found here. Insiders sold 92,010 shares of company stock valued at $7,612,561 over the last three months. 3.64% of the stock is owned by company insiders.

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Torchmark 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, 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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Institutional Ownership by Quarter for Torchmark (NYSE:TMK)

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