Principal Financial Group Inc. decreased its stake in shares of Torchmark Corp. (NYSE:TMK) by 2.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 175,268 shares of the company’s stock after selling 3,904 shares during the period. Principal Financial Group Inc. owned approximately 0.15% of Torchmark Corp. worth $10,833,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Glenmede Trust Co. NA increased its position in shares of Torchmark Corp. by 2,706.2% in the second quarter. Glenmede Trust Co. NA now owns 2,273 shares of the company’s stock valued at $139,000 after buying an additional 2,192 shares during the last quarter. State of Alaska Department of Revenue increased its position in Torchmark Corp. by 7.7% in the second quarter. State of Alaska Department of Revenue now owns 2,542 shares of the company’s stock worth $157,000 after buying an additional 181 shares in the last quarter. Texan Capital Management bought a new position in Torchmark Corp. during the second quarter worth $210,000. Capital Investment Services of America Inc. bought a new position in Torchmark Corp. during the second quarter worth $214,000. Finally, Welch & Forbes LLC bought a new position in Torchmark Corp. during the second quarter worth $218,000. 75.52% of the stock is currently owned by institutional investors and hedge funds.
Torchmark Corp. (NYSE:TMK) opened at 63.62 on Friday. Torchmark Corp. has a one year low of $48.47 and a one year high of $65.60. The firm’s 50-day moving average is $64.28 and its 200 day moving average is $60.69. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of 14.63 and a beta of 1.06.
Torchmark Corp. (NYSE:TMK) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.11 EPS for the quarter, topping the consensus estimate of $1.09 by $0.02. The business earned $992 million during the quarter, compared to analysts’ expectations of $979.43 million. Torchmark Corp. had a net margin of 13.85% and a return on equity of 12.19%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company posted $1.05 earnings per share. Analysts forecast that Torchmark Corp. will post $4.45 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Wednesday, October 5th. Torchmark Corp.’s dividend payout ratio is currently 12.84%.
A number of equities analysts have weighed in on the stock. Wells Fargo & Co. reaffirmed an “underperform” rating on shares of Torchmark Corp. in a research note on Friday, September 23rd. Credit Suisse Group AG assumed coverage on shares of Torchmark Corp. in a research note on Friday, October 7th. They set a “neutral” rating and a $68.00 price target on the stock. Zacks Investment Research downgraded shares of Torchmark Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, October 4th. Goldman Sachs Group Inc. raised shares of Torchmark Corp. from a “sell” rating to a “neutral” rating and increased their price target for the stock from $54.00 to $60.00 in a research note on Friday, July 15th. Finally, Deutsche Bank AG increased their price target on shares of Torchmark Corp. from $56.00 to $59.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Five analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $59.17.
In related news, EVP Vern D. Herbel sold 88,125 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $61.87, for a total transaction of $5,452,293.75. Following the completion of the sale, the executive vice president now directly owns 85,630 shares in the company, valued at $5,297,928.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Shane Henrie sold 550 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $61.94, for a total transaction of $34,067.00. Following the sale, the insider now owns 550 shares of the company’s stock, valued at $34,067. The disclosure for this sale can be found here. Corporate insiders own 3.96% of the company’s stock.
About Torchmark Corp.