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Dividend Hikes: Torchmark

BOSTON (TheStreet) -- Torchmark (TMK) raised its quarterly dividend payment by 6.7%, boosting shares of the insurance company during Friday's trading session.

Torchmark said late Thursday it has raised its quarterly dividend to 16 cents per share from 15 cents. The new dividend will be paid on Nov. 1 to shareholders of record as of Oct. 2. The dividend increase raises the annual yield to 1.24% from 1.17%.

Shares of Torchmark are rising 0.7% to $51.38.

Elsewhere, Parker-Hannifin (PH) also said late Thursday that it has increased quarterly dividend, bumping the payment higher by 4% to 27 cents per share from 26 cents. The dividend is payable Sept. 3 to shareholders of record as of Aug. 23.

Shares of Parker-Hannifin were up 0.2% to $62.96.

In other dividend news, Intersections (INTX) said its board has declared an ongoing regular quarterly cash dividend of 15 cents per share. The first dividend will be paid on Sept. 10 to shareholders of record as of Aug. 31. Based on Thursday's closing price of $6 per share, the dividend represents an annual yield of 10%.

The dividend announcement came as Intersections reported second-quarter earnings of 29 cents a share, swinging from a year-ago loss of 15 cents a shares. Revenue in the quarter was up 9% from a year earlier to $98.9 million, Intersections said.

In addition, the identity management solutions company said its board has authorized management to consider financing alternatives that may be used to increase the company's debt, with the cash proceeds potentially being used to pay special dividends and/or make stock repurchases.

Shares of Intersections were rallying by 30.8% to $7.85.

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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