Municipal Employees Retirement System of Michigan Has $3,174,000 Position in Aflac Incorporated (AFL)
Municipal Employees Retirement System of Michigan continued to hold its stake in shares of Aflac Incorporated (NYSE:AFL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 40,870 shares of the financial services provider’s stock at the end of the second quarter. Municipal Employees Retirement System of Michigan’s holdings in Aflac were worth $3,174,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. raised its position in Aflac by 1.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 25,146 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 392 shares during the period. Reliance Trust Co. of Delaware raised its position in Aflac by 137.0% in the second quarter. Reliance Trust Co. of Delaware now owns 19,952 shares of the financial services provider’s stock valued at $1,549,000 after buying an additional 11,533 shares during the period. Kwmg LLC raised its position in Aflac by 6.7% in the second quarter. Kwmg LLC now owns 23,091 shares of the financial services provider’s stock valued at $1,794,000 after buying an additional 1,459 shares during the period. Aviance Capital Partners LLC raised its position in Aflac by 1.3% in the second quarter. Aviance Capital Partners LLC now owns 23,903 shares of the financial services provider’s stock valued at $1,857,000 after buying an additional 302 shares during the period. Finally, Carroll Financial Associates Inc. raised its position in Aflac by 6.9% in the second quarter. Carroll Financial Associates Inc. now owns 7,584 shares of the financial services provider’s stock valued at $589,000 after buying an additional 489 shares during the period. Institutional investors and hedge funds own 64.64% of the company’s stock.
Shares of Aflac Incorporated (NYSE:AFL) opened at 81.77 on Thursday. The stock has a 50 day moving average price of $78.54 and a 200 day moving average price of $74.44. The firm has a market capitalization of $32.38 billion, a P/E ratio of 12.36 and a beta of 0.99. Aflac Incorporated has a 12 month low of $66.50 and a 12 month high of $81.80.
Aflac (NYSE:AFL) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.20. The firm had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.48 billion. Aflac had a net margin of 11.98% and a return on equity of 13.09%. The business’s revenue was down .2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. On average, analysts expect that Aflac Incorporated will post $6.67 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Wednesday, August 23rd will be issued a $0.43 dividend. The ex-dividend date of this dividend is Monday, August 21st. This represents a $1.72 annualized dividend and a yield of 2.10%. Aflac’s dividend payout ratio is currently 25.94%.
Aflac declared that its board has authorized a stock buyback plan on Tuesday, August 8th that authorizes the company to repurchase 40,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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AFL has been the topic of several recent research reports. Zacks Investment Research upgraded Aflac from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Monday, April 17th. Raymond James Financial, Inc. upgraded Aflac from a “market perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a report on Tuesday, April 18th. Vetr upgraded Aflac from a “hold” rating to a “buy” rating and set a $77.50 target price on the stock in a report on Tuesday, April 18th. Deutsche Bank AG raised their target price on Aflac from $70.00 to $72.00 and gave the company a “hold” rating in a report on Wednesday, April 19th. Finally, Royal Bank Of Canada restated an “underperform” rating and set a $66.00 target price (up from $62.00) on shares of Aflac in a report on Monday, May 1st. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $75.95.
In related news, Director Karole Lloyd purchased 1,000 shares of the stock in a transaction on Monday, June 12th. The shares were purchased at an average cost of $77.01 per share, with a total value of $77,010.00. Following the acquisition, the director now directly owns 7,253 shares in the company, valued at $558,553.53. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Kriss Cloninger III sold 3,500 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $81.06, for a total transaction of $283,710.00. Following the completion of the transaction, the president now directly owns 253,196 shares in the company, valued at $20,524,067.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 240,203 shares of company stock worth $18,612,224. Insiders own 3.00% of the company’s stock.
Aflac Company Profile
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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