Novare Capital Management LLC Purchases New Holdings in Aflac Incorporated (AFL)
Novare Capital Management LLC purchased a new stake in Aflac Incorporated (NYSE:AFL) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 57,989 shares of the financial services provider’s stock, valued at approximately $4,720,000.
A number of other large investors have also recently made changes to their positions in AFL. Atwood & Palmer Inc. raised its holdings in Aflac by 320.5% during the 2nd quarter. Atwood & Palmer Inc. now owns 1,312 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 1,000 shares during the last quarter. CWM LLC raised its holdings in Aflac by 2.1% during the 2nd quarter. CWM LLC now owns 1,430 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 30 shares during the last quarter. Capital Analysts LLC bought a new stake in Aflac during the 2nd quarter worth about $131,000. Washington Trust Bank raised its holdings in Aflac by 0.9% during the 2nd quarter. Washington Trust Bank now owns 1,704 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 16 shares during the last quarter. Finally, ClariVest Asset Management LLC bought a new stake in Aflac during the 2nd quarter worth about $150,000. 66.69% of the stock is owned by hedge funds and other institutional investors.
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In other news, President Kriss Cloninger III sold 25,000 shares of the stock in a transaction that occurred 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 completion of the sale, the president now owns 298,646 shares of the company’s stock, 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, Director Douglas Wayne Johnson sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $83.58, for a total value of $125,370.00. Following the completion of the sale, the director now directly owns 13,733 shares of the company’s stock, valued at approximately $1,147,804.14. The disclosure for this sale can be found here. In the last three months, insiders sold 28,709 shares of company stock valued at $2,404,680. 3.00% of the stock is currently owned by insiders.
AFL has been the subject of several recent research reports. Zacks Investment Research raised Aflac from a “hold” rating to a “buy” rating and set a $93.00 price objective for the company in a report on Tuesday, September 5th. BidaskClub cut Aflac from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. ValuEngine raised Aflac from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Barclays PLC upped their price target on Aflac from $73.00 to $79.00 and gave the company an “equal weight” rating in a research note on Friday, August 11th. Finally, Wells Fargo & Company reaffirmed a “hold” rating and issued a $82.00 price target on shares of Aflac in a research note on Thursday, September 28th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $79.63.
Aflac Incorporated (NYSE AFL) traded down $0.13 during trading hours on Friday, reaching $84.31. The company’s stock had a trading volume of 1,335,000 shares, compared to its average volume of 1,786,501. Aflac Incorporated has a 52-week low of $66.50 and a 52-week high of $85.70. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.24. The firm has a market cap of $32,930.00, a P/E ratio of 12.53, a P/E/G ratio of 2.50 and a beta of 1.00.
Aflac (NYSE:AFL) last released its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.63 by $0.07. The company had revenue of $5.51 billion during the quarter, compared to the consensus estimate of $5.48 billion. Aflac had a return on equity of 12.87% and a net margin of 12.49%. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.74 EPS. research analysts forecast that Aflac Incorporated will post 6.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Tuesday, November 14th. This is an increase from Aflac’s previous quarterly dividend of $0.43. Aflac’s dividend payout ratio is presently 26.12%.
Aflac announced that its board has approved a stock repurchase plan on Tuesday, August 8th that authorizes the company to repurchase 40,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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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