MCKINNEY, Texas, April 29, 2014 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) announced that its Board of Directors has declared a 3 for 2 partial stock split paid in the form of a 50% stock dividend on all the Company's outstanding common stock. The record date for the 3 for 2 stock split will be the close of business on June 2, 2014 and the broker cut-off date will be June 9, 2014. On July 1, 2014, the payment date, holders of Torchmark common stock on the record date will receive one additional share of stock for each two shares held on the record date. Cash will be paid in lieu of fractional shares.
The Board of Directors also declared a quarterly cash dividend on the Company's common stock payable August 1, 2014 to shareholders of record as of the close of business on June 2, 2014. The common dividend, which will be paid on all issued and outstanding shares including those shares issued on July 1, 2014 in the partial stock split will be $.1267 per share. This is equivalent to a $.19 per share dividend prior to the split.
Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies. Torchmark has several nationally recognized insurance subsidiaries. Globe Life And Accident is a direct-response provider of life insurance known for its administrative efficiencies. American Income Life provides individual life insurance to working families. Liberty National Life is one of the oldest traditional life insurers in the Southeast. United American is a consumer-oriented provider of supplemental life and health insurance. Family Heritage Life provides individual supplemental health insurance.
SOURCE Torchmark Corporation