Cullen Frost Bankers Inc. Takes Position in Aflac Incorporated (AFL)
Cullen Frost Bankers Inc. acquired a new stake in Aflac Incorporated (NYSE:AFL) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,530 shares of the financial services provider’s stock, valued at approximately $206,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. One Capital Management LLC lifted its holdings in Aflac by 3.0% in the third quarter. One Capital Management LLC now owns 32,854 shares of the financial services provider’s stock valued at $2,674,000 after acquiring an additional 968 shares during the last quarter. Trillium Asset Management LLC lifted its holdings in Aflac by 0.8% in the third quarter. Trillium Asset Management LLC now owns 211,052 shares of the financial services provider’s stock valued at $17,178,000 after acquiring an additional 1,613 shares during the last quarter. Cape Cod Five Cents Savings Bank lifted its holdings in Aflac by 14.0% in the third quarter. Cape Cod Five Cents Savings Bank now owns 19,982 shares of the financial services provider’s stock valued at $1,627,000 after acquiring an additional 2,448 shares during the last quarter. State of Tennessee Treasury Department lifted its holdings in Aflac by 102.2% in the third quarter. State of Tennessee Treasury Department now owns 219,495 shares of the financial services provider’s stock valued at $17,865,000 after acquiring an additional 110,952 shares during the last quarter. Finally, State of Wisconsin Investment Board lifted its holdings in Aflac by 6.4% in the third quarter. State of Wisconsin Investment Board now owns 374,287 shares of the financial services provider’s stock valued at $30,463,000 after acquiring an additional 22,504 shares during the last quarter. Hedge funds and other institutional investors own 66.42% of the company’s stock.
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Shares of Aflac Incorporated (AFL) opened at $84.08 on Friday. Aflac Incorporated has a 12-month low of $66.50 and a 12-month high of $85.70. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.07 and a current ratio of 0.07. The firm has a market capitalization of $33,020.63, a price-to-earnings ratio of 12.46, a PEG ratio of 2.49 and a beta of 1.00.
Aflac (NYSE:AFL) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.07. The business had revenue of $5.51 billion for the quarter, compared to analyst estimates of $5.48 billion. Aflac had a return on equity of 12.87% and a net margin of 12.49%. The company’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.74 earnings per share. research analysts forecast that Aflac Incorporated will post 6.76 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.14%. The ex-dividend date is Tuesday, November 14th. This is a positive change from Aflac’s previous quarterly dividend of $0.43. Aflac’s dividend payout ratio is 24.93%.
Aflac declared that its board has approved a stock repurchase plan on Tuesday, August 8th that allows the company to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, President Kriss Cloninger III sold 25,000 shares of the stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $83.83, for a total value of $2,095,750.00. Following the transaction, the president now owns 298,646 shares of the company’s stock, valued at $25,035,494.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Todd Daniels sold 620 shares of the stock in a transaction on Friday, September 29th. The shares were sold at an average price of $81.49, for a total value of $50,523.80. Following the completion of the transaction, the insider now directly owns 15,454 shares in the company, valued at approximately $1,259,346.46. The disclosure for this sale can be found here. Insiders sold 28,709 shares of company stock worth $2,404,680 in the last three months. 3.00% of the stock is currently owned by corporate insiders.
A number of brokerages have issued reports on AFL. Zacks Investment Research raised Aflac from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Thursday, September 21st. Goldman Sachs Group, Inc. (The) began coverage on Aflac in a research report on Wednesday, October 18th. They issued a “neutral” rating and a $88.00 target price on the stock. UBS AG reissued an “overweight” rating on shares of Aflac in a research report on Thursday, August 24th. B. Riley reissued a “neutral” rating on shares of Aflac in a research report on Monday. Finally, Bank of America Corporation lowered Aflac from a “neutral” rating to an “underperform” rating in a research report on Friday, September 8th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Aflac currently has an average rating of “Hold” and a consensus price target of $79.63.
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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