Aflac Incorporated (NYSE:AFL) Stake Lowered by Spinnaker Trust
Spinnaker Trust cut its stake in Aflac Incorporated (NYSE:AFL) by 0.8% during the second quarter, Holdings Channel reports. The firm owned 6,560 shares of the financial services provider’s stock after selling 50 shares during the period. Spinnaker Trust’s holdings in Aflac were worth $510,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in shares of Aflac by 7.7% in the first quarter. CWM LLC now owns 1,400 shares of the financial services provider’s stock valued at $101,000 after buying an additional 100 shares during the period. Harfst & Associates Inc. bought a new stake in shares of Aflac during the first quarter valued at approximately $128,000. Washington Trust Bank boosted its stake in shares of Aflac by 0.9% in 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 period. Quadrant Capital Group LLC boosted its stake in shares of Aflac by 0.3% in the first quarter. Quadrant Capital Group LLC now owns 2,391 shares of the financial services provider’s stock valued at $166,000 after buying an additional 7 shares during the period. Finally, Sit Investment Associates Inc. boosted its stake in shares of Aflac by 1.8% in the second quarter. Sit Investment Associates Inc. now owns 2,137 shares of the financial services provider’s stock valued at $166,000 after buying an additional 37 shares during the period. Institutional investors own 64.64% of the company’s stock.
Aflac Incorporated (AFL) opened at 80.82 on Friday. Aflac Incorporated has a 12-month low of $66.50 and a 12-month high of $81.80. The firm’s 50-day moving average is $78.63 and its 200 day moving average is $74.49. The stock has a market capitalization of $31.94 billion, a P/E ratio of 12.22 and a beta of 0.99.
Aflac (NYSE:AFL) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.83 earnings per share 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 company had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.48 billion. During the same period in the prior year, the company earned $1.65 EPS. Aflac’s revenue was down .2% on a year-over-year basis. Equities research analysts anticipate that Aflac Incorporated will post $6.67 earnings per share for the current year.
Aflac announced that its Board of Directors has authorized a share buyback plan on Tuesday, August 8th that allows the company to repurchase 40,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The firm 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. This represents a $1.72 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Monday, August 21st. Aflac’s payout ratio is 25.94%.
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Several analysts recently commented on the stock. Vetr upgraded shares of Aflac from a “hold” rating to a “buy” rating and set a $77.50 price objective for the company in a research note on Tuesday, April 18th. BidaskClub cut shares of Aflac from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. ValuEngine upgraded shares of Aflac from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded shares of Aflac from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Monday, April 17th. Finally, FBR & Co reiterated a “market perform” rating and issued a $80.00 price objective (up previously from $68.00) on shares of Aflac in a research note on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $75.95.
In other Aflac news, Director Karole Lloyd purchased 1,000 shares of the business’s stock in a transaction on Monday, June 12th. The stock was bought at an average cost of $77.01 per share, with a total value of $77,010.00. Following the acquisition, the director now owns 7,253 shares of the company’s stock, valued at $558,553.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Kriss Cloninger III sold 2,500 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $77.72, for a total transaction of $194,300.00. Following the completion of the sale, the president now directly owns 241,646 shares of the company’s stock, valued at $18,780,727.12. The disclosure for this sale can be found here. Insiders sold a total of 240,203 shares of company stock valued at $18,612,224 over the last three months. 3.00% of the stock is owned by corporate insiders.
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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