Arthur J. Gallagher & Co. (AJG) has announced to take over Armstrong/Robitaille/Riegle, Inc., and Ann Arbor Business Advisors, LLC. in Michigan and Total Reward Group in England.
PRA Group, Inc. (PRAA) recently announced the pricing of $300 million, 3.50% convertible senior notes due 2023 in a private placement to qualified institutional buyers.
Delayed Rate-Hike Schedule a Concern for Life Insurers?
U.S. stocks were higher after the close on Tuesday, as gains in the Oil&Gas, Basic Materials and Healthcare sectors led shares higher. At the close in New York, the Dow Jones Industrial Average rose 1.09%, while the S&P 500 index climbed 1.24%, and the NASDAQ Composite index added 0.98%. The best performers of the session on the Dow Jones Industrial Average were Exxon Mobil Corporation (NYSE:XOM), which rose 4.06% or 3.22 points to trade at 82.48 at the close. Meanwhile, Chevron Corporation (NYSE:CVX) added 3.66% or 3.26 points to end at 92.40 and Caterpillar Inc (NYSE:CAT) was up 3.27% or 2.46 points to 77.78 in late trade. The worst performers of the session were EI du Pont de Nemours and Company (NYSE:DD), which fell 1.46% or 0.83 points to trade at 55.90 at the close. Microsoft Corporation (NASDAQ:MSFT) declined 0.02% or 0.01 points to end at 45.34 and Cisco Systems Inc (NASDAQ:CSCO) was up 0.02% or 0.01 points to 28.21. The top performers on the S&P 500 were Masco Corporation (NYSE:MAS) which rose 10.66% to 25.63, Micron Technology Inc (NASDAQ:MU) which was up 9.04% to settle at 19.76 and Freeport-McMoran Copper&Gold Inc (NYSE:FCX) which gained 8.44% to close at 12.33. The worst performers were Ingersoll-Rand PLC (NYSE:IR) which was down 6.62% to 60.70 in late trade, Torchmark Corporation (NYSE:TMK) which lost 2.19% to settle at 59.87 and TripAdvisor Inc (NASDAQ:TRIP) which was down 1.56% to 79.34 at the close. The top performers on the NASDAQ Composite were Medical Tra (NASDAQ:MTBC) which rose 30.21% to 2.37, Loxo Ongy Inc (NASDAQ:LOXO) which was up 26.12% to settle at 20.91 and Rada Electronic Industries Ltd (NASDAQ:RADA) which gained 24.00% to close at 2.170. The worst performers were Immunomedics Inc (NASDAQ:IMMU) which was down 31.27% to 2.550 in late trade, Amedica Cor (NASDAQ:AMDA) which lost 29.63% to settle at 0.545 and China Housing&Land Development Inc (NASDAQ:CHLN) which was down 17.25% to 1.200 at the close. Rising stocks outnumbered declining ones on the New York Stock Exchange by 2366 to 719 and 4 ended unchanged; on the Nasdaq Stock Exchange, 1785 rose and 1027 declined, while 7 ended unchanged. Shares in EI du Pont de Nemours and Company (NYSE:DD) fell to 52-week lows; losing 1.46% or 0.83 to 55.90. Shares in Immunomedics Inc (NASDAQ:IMMU) fell to 52-week lows; down 31.27% or 1.160 to 2.550. Shares in Loxo Ongy Inc (NASDAQ:LOXO) rose to all time highs; gaining 26.12% or 4.33 to 20.91. The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 13.85% to 13.44. Gold for December delivery was unchanged 0.00% or 0.00 to $1095.20 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September rose 0.10% or 0.05 to hit $47.81 a barrel, while the September Brent oil contract fell 0.02% or 0.01 to trade at $53.14 a barrel. EUR/USD was down 0.28% to 1.1058, while USD/JPY rose 0.25% to 123.56. The US Dollar Index was unchanged 0.00% at 96.76.
Torchmark Corp. (TMK) is scheduled to report fourth-quarter and full-year 2014 results after the market close on Feb 2.
Scotia Capital has issues with lofty valuations in parts of the red-hot insurance sector, downgrading Lincoln National (LNC), Principal Financial Group (PFG), and Torchmark (TMK) to Sell from Hold.All three have charts strongly up and to the right this year.LNC and PFD are each down 0.4% premarket. Post your comment!
Deutsche's Yaron Kinar may have downgraded Prudential (PRU -0.9%) this morning, but he's not bearish on the life insurance sector. The Pru move was about valuation and the company's relative lack of interest rate sensitivity.Those who stand to benefit more from higher rates had their price targets lifted: Buy-rated MetLife (MET +0.4%) is upped to $59 from $57 and Lincoln National to $56. Hold-rated Torchmark (TMK -0.5%), Unum (UNM -0.3%), and Principal Financial (PFG -0.1%) also had their targets raised.He notes current valuations imply about a 3% 10-year Treasury yield a year from now, but the taper could see the 10-year to 3.5% or higher, along with expectations from further increases.Related ETFs: KIE, IAK, KBWI, KBWP Post your comment!
Deutsche Bank initiates Torchmark (TMK -0.2%) at Buy with a PT of $80.Analyst Yaron Kinar believes shares are undervalued, with management "successfully building middle-management bench-strength, which should allow for longer-term premium growth," and because "traditional price-to-book valuation for insurers should not apply to this insurer, which acts more like an insurance agent than an underwriter, opting for a pure P/E approach instead." Deutsche Bank's view is more favorable than the rest of the analyst pack, with the stock carrying 4 Buys, 12 Holds, and 2 Sells. Post your comment!
Torchmark (TMK): Q2 EPS of $1.44 beats by $0.04. (PR) Post your comment!
Torchmark gets its investment grade rating affirmed from A.M.Best.
Torchmark Corporation (TMK) declares $0.17/share quarterly dividend, in line with previous. Forward yield 1.10%. For shareholders of record July 05. Payable Aug. 01. Ex-div date July 03. (PR)
Torchmark Corporation (TMK) declares $0.17/share quarterly dividend, in line with previous. Forward yield 1.10%. For shareholders of record July 05. Payable Aug. 01. Ex-div date July 03. (PR) Post your comment!
Torchmark Corporation (TMK) declares $0.17/share quarterly dividend, in line with previous. Forward yield 1.10%. For shareholders of record July 07. Payable Aug. 01. Ex-div date July 03. (PR)
Torchmark Corporation (TMK) declares $0.17/share quarterly dividend, in line with previous. Forward yield 1.10%. For shareholders of record July 07. Payable Aug. 01. Ex-div date July 03. (PR) Post your comment!