Aflac Incorporated (NYSE:AFL) Stake Decreased by CIBC Asset Management Inc
CIBC Asset Management Inc cut its stake in Aflac Incorporated (NYSE:AFL) by 0.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 37,730 shares of the financial services provider’s stock after selling 23 shares during the period. CIBC Asset Management Inc’s holdings in Aflac were worth $2,931,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Aflac by 3.4% in the first quarter. Vanguard Group Inc. now owns 31,980,927 shares of the financial services provider’s stock valued at $2,316,059,000 after buying an additional 1,048,415 shares during the last quarter. BlackRock Inc. boosted its stake in Aflac by 1,750.9% in the first quarter. BlackRock Inc. now owns 23,849,668 shares of the financial services provider’s stock valued at $1,727,193,000 after buying an additional 22,561,116 shares during the last quarter. State Street Corp boosted its stake in Aflac by 2.4% in the first quarter. State Street Corp now owns 21,858,806 shares of the financial services provider’s stock valued at $1,583,023,000 after buying an additional 505,060 shares during the last quarter. AQR Capital Management LLC boosted its stake in Aflac by 4.1% in the first quarter. AQR Capital Management LLC now owns 4,390,534 shares of the financial services provider’s stock valued at $317,962,000 after buying an additional 173,236 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Aflac by 8.4% in the first quarter. Geode Capital Management LLC now owns 4,076,593 shares of the financial services provider’s stock valued at $294,824,000 after buying an additional 314,506 shares during the last quarter. 64.64% of the stock is currently owned by institutional investors.
Aflac Incorporated (NYSE:AFL) opened at 80.75 on Friday. Aflac Incorporated has a 12-month low of $66.50 and a 12-month high of $81.80. The stock’s 50 day moving average is $78.72 and its 200 day moving average is $74.57. The stock has a market capitalization of $31.91 billion, a price-to-earnings ratio of 12.21 and a beta of 0.99.
Aflac (NYSE:AFL) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.83 earnings per share (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 last year, the firm earned $1.65 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. Equities analysts predict that Aflac Incorporated will post $6.67 earnings per share for the current fiscal year.
Aflac declared that its board has initiated a share buyback plan on Tuesday, August 8th that allows the company to buyback 40,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Wednesday, August 23rd will be paid a dividend of $0.43 per share. The ex-dividend date is Monday, August 21st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.13%. Aflac’s dividend payout ratio is presently 25.94%.
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Several research firms have weighed in on AFL. Zacks Investment Research cut Aflac from a “buy” rating to a “hold” rating in a research report on Wednesday, May 31st. Bank of America Corporation raised Aflac from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $75.00 to $78.00 in a research report on Tuesday, July 4th. BidaskClub cut Aflac from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. ValuEngine raised Aflac from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Finally, Raymond James Financial, Inc. raised Aflac from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research report on Tuesday, April 18th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Aflac has an average rating of “Hold” and a consensus target price of $76.50.
In other news, President Kriss Cloninger III sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $77.72, for a total transaction of $194,300.00. Following the transaction, the president now directly owns 241,646 shares in the company, valued at $18,780,727.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Teresa L. White sold 11,314 shares of the stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $78.01, for a total transaction of $882,605.14. Following 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 quarter, insiders have sold 240,203 shares of company stock worth $18,612,224. 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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