Torchmark Splits Common Stock - Analyst Blog
May 03 2011 - 12:19PM
Zacks
The board of directors of Torchmark Corporation
(TMK) has authorized a three-for-two partial stock split of its
common stock.
Torchmark stated that the stock split will be carried out
through a stock dividend issue. The 3:2 stock split will be paid in
the form of a 50% stock dividend on all the company's outstanding
common stock. The stock split will be effective June 1,
2011.
On July 1, 2011, the payment date, the common stock holders of
Torchmark will receive one additional share of stock for every two
shares held. Additionally, the fractional shares will be paid in
cash.
Off late, the board of directors of Molina
Healthcare, Inc. (MOH) also authorized a three-for-two
stock split of its common stock. Molina also stated that the stock
split will be carried out through a stock dividend issue. Molina
will issue stock dividend of one share of the company’s common
stock for every two shares outstanding.
Also, Dollar Financial Corp. (DLLR) also issued
a three-for-two stock split in the form of stock dividend
recently.
Additionally, the board has
also authorized a quarterly cash dividend of 11 cents per share.
The dividend will be paid on all issued and outstanding shares
including those shares issued on July 1, 2011 in the partial stock
split.
Torchmark reported first-quarter 2011 operating income of $1.62
per share, lagging the Zacks Consensus Estimate by 2 cents.
However, earnings grew 7% from $1.52 earned in the year ago
quarter. The year-over-year improvement was driven by a higher
underwriting income, coupled with increased investment income.
Lower share count compared with last year, due to share
repurchases, also buoyed the bottom-line.
In its earnings conference call, Torchmark guided 2011 net
operating income in the range of $6.75 to $7.10 per share.
We maintain our Neutral recommendation on Torchmark. The
quantitative Zacks #3 Rank (short-term Hold rating) for the company
indicates no clear directional pressure on the stock over the near
term.
DOLLAR FINL CP (DLLR): Free Stock Analysis Report
MOLINA HLTHCR (MOH): Free Stock Analysis Report
TORCHMARK CORP (TMK): Free Stock Analysis Report
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