State of Tennessee Treasury Department trimmed its position in Aflac Incorporated (NYSE:AFL) by 1.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 108,543 shares of the financial services provider’s stock after selling 1,061 shares during the quarter. State of Tennessee Treasury Department’s holdings in Aflac were worth $8,432,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Bollard Group LLC increased its stake in Aflac by 0.6% during the second quarter. Bollard Group LLC now owns 2,339 shares of the financial services provider’s stock worth $182,000 after acquiring an additional 14 shares during the last quarter. Washington Trust Bank grew its stake in shares of Aflac by 0.9% during the second quarter. Washington Trust Bank now owns 1,704 shares of the financial services provider’s stock valued at $132,000 after buying an additional 16 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Aflac by 0.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 7,259 shares of the financial services provider’s stock valued at $564,000 after buying an additional 27 shares during the last quarter. CWM LLC grew its stake in shares of Aflac by 2.1% during the second quarter. CWM LLC now owns 1,430 shares of the financial services provider’s stock valued at $111,000 after buying an additional 30 shares during the last quarter. Finally, Berkshire Asset Management LLC PA grew its stake in shares of Aflac by 0.6% during the second quarter. Berkshire Asset Management LLC PA now owns 5,756 shares of the financial services provider’s stock valued at $447,000 after buying an additional 34 shares during the last quarter. 65.63% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Aflac Incorporated (NYSE:AFL) opened at 83.94 on Friday. Aflac Incorporated has a 12 month low of $66.50 and a 12 month high of $84.05. The firm has a market capitalization of $33.18 billion, a P/E ratio of 12.69 and a beta of 0.97. The firm’s 50-day moving average price is $81.36 and its 200 day moving average price is $76.68.
Aflac (NYSE:AFL) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.20. Aflac had a net margin of 11.98% and a return on equity of 13.09%. The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.48 billion. During the same period in the prior year, the firm posted $1.65 EPS. The firm’s revenue was down .2% compared to the same quarter last year. Analysts anticipate that Aflac Incorporated will post $6.69 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Wednesday, August 23rd were given a $0.43 dividend. The ex-dividend date of this dividend was Monday, August 21st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.05%. Aflac’s payout ratio is currently 25.94%.
Aflac announced that its Board of Directors has authorized a stock buyback plan on Tuesday, August 8th that permits the company to repurchase 40,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of brokerages recently issued reports on AFL. Zacks Investment Research upgraded Aflac from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Thursday. ValuEngine upgraded Aflac from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. BidaskClub lowered Aflac from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Barclays PLC upped their target price on Aflac from $73.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday, August 11th. Finally, FBR & Co restated a “market perform” rating and set a $80.00 target price (up previously from $68.00) on shares of Aflac in a report on Wednesday, July 12th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Aflac currently has an average rating of “Hold” and a consensus price target of $77.41.
In other news, President Kriss Cloninger III sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $83.83, for a total value of $2,095,750.00. Following the transaction, the president now directly owns 298,646 shares in the company, valued at approximately $25,035,494.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Teresa L. White sold 11,314 shares of the firm’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $78.01, for a total transaction of $882,605.14. Following the completion of the transaction, the insider now owns 26,847 shares in the company, valued at $2,094,334.47. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,593 shares of company stock worth $3,494,564. Insiders own 3.00% of the company’s stock.
Aflac Incorporated is a business holding company. The Company is involved in supplemental health and life insurance, which is marketed and administered through its subsidiary, American Family Life Assurance Company of Columbus (Aflac). The Company’s insurance business consists of two segments: Aflac Japan and Aflac U.S.
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