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.
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.
WARNING: “Bank of America Corp DE Increases Stake in Torchmark Co. (NYSE:TMK)” was first posted by Baseball Daily News and is owned by of Baseball Daily News. If you are accessing this piece on another domain, it was illegally stolen and reposted in violation of US & international copyright and trademark laws. The legal version of this piece can be read at https://www.baseballdailydigest.com/news/2019/04/21/torchmark-co-tmk-holdings-raised-by-bank-of-america-corp-de.html.
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.
Featured Article: What is Green Investing?
Receive News & Ratings for Torchmark Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Torchmark and related companies with MarketBeat.com's FREE daily email newsletter.