Summit Asset Management buys $447,899 stake in Torchmark Corporation (TMK)

Torchmark Corporation (TMK) : Summit Asset Management scooped up 3 additional shares in Torchmark Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 8, 2016. The investment management firm now holds a total of 7,230 shares of Torchmark Corporation which is valued at $447,899.Torchmark Corporation makes up approximately 0.20% of Summit Asset Management’s portfolio.

Other Hedge Funds, Including , Twin Capital Management Inc added TMK to its portfolio by purchasing 8,030 company shares during the most recent quarter which is valued at $497,459. Torchmark Corporation makes up approx 0.04% of Twin Capital Management Inc’s portfolio.Cutler Group Lp boosted its stake in TMK in the latest quarter, The investment management firm added 718 additional shares and now holds a total of 1,050 shares of Torchmark Corporation which is valued at $64,838.

Torchmark Corporation opened for trading at $61.39 and hit $62.37 on the upside on Monday, eventually ending the session at $62.21, with a gain of 1.82% or 1.11 points. The heightened volatility saw the trading volume jump to 6,58,875 shares. Company has a market cap of $7,451 M.

On the company’s financial health, Torchmark Corporation reported $1.13 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $1.09. The company had revenue of $992.00 million for the quarter, compared to analysts expectations of $979.43 million. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS.

Many Wall Street Analysts have commented on Torchmark Corporation. Company shares were Reiterated by RBC Capital Mkts on Aug 1, 2016 to “Underperform”, Firm has raised the Price Target to $ 55 from a previous price target of $53 .Torchmark Corporation was Upgraded by Goldman to ” Neutral” on Jul 15, 2016. Torchmark Corporation was Upgraded by BofA/Merrill to ” Neutral” on Jun 29, 2016.

Torchmark Corporation is an insurance holding company. The Company’s segments include life insurance health insurance Medicare Part D annuities and investment. The life insurance segment offers whole-life insurance term life insurance and other life insurance products. The health insurance segment offers supplemental limited-benefit health insurance products primarily for cancer and accident plans. It also provides coverage under the Government’s Medicare Part D plan. The Company offers single-premium and flexible-premium deferred annuity products. The Company also invests in bonds preferred stock common stocks mortgage loans real estate policy loans and others. Its primary subsidiaries are American Income Life Insurance Company Liberty National Life Insurance Company Globe Life And Accident Insurance Company United American Insurance Company and Family Heritage Life Insurance Company of America.

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