State of Michigan Retirement System Cuts Stake in Aflac Incorporated (NYSE:AFL)

State of Michigan Retirement System lessened its position in Aflac Incorporated (NYSE:AFL) by 0.9% in the 1st quarter, Holdings Channel reports. The fund owned 154,507 shares of the financial services provider’s stock after selling 1,400 shares during the period. State of Michigan Retirement System’s holdings in Aflac were worth $13,266,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC purchased a new position in shares of Aflac during the 4th quarter worth approximately $25,000. Atwood & Palmer Inc. boosted its position in shares of Aflac by 80.0% during the 1st quarter. Atwood & Palmer Inc. now owns 315 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 140 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Aflac during the 4th quarter worth $32,000. Criterion Capital Advisors LLC purchased a new position in shares of Aflac in the 4th quarter valued at about $33,000. Finally, Arlington Trust Co LLC acquired a new stake in shares of Aflac in the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 67.44% of the company’s stock.

Insider Transactions at Aflac

In related news, Director Charles D. Lake II sold 22,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $87.47, for a total transaction of $1,957,403.66. Following the completion of the transaction, the director now owns 61,522 shares of the company’s stock, valued at $5,381,329.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Aflac news, Director Joseph L. Moskowitz sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $84.84, for a total transaction of $50,904.00. Following the completion of the sale, the director now directly owns 27,550 shares in the company, valued at $2,337,342. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles D. Lake II sold 22,378 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $87.47, for a total transaction of $1,957,403.66. Following the completion of the transaction, the director now directly owns 61,522 shares in the company, valued at approximately $5,381,329.34. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AFL shares. Truist Financial increased their target price on shares of Aflac from $80.00 to $82.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Jefferies Financial Group reduced their price objective on Aflac from $84.00 to $83.00 and set a “hold” rating for the company in a report on Friday, June 28th. Keefe, Bruyette & Woods upped their target price on Aflac from $83.00 to $87.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Wells Fargo & Company lifted their price target on Aflac from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, May 10th. Finally, Morgan Stanley increased their price objective on shares of Aflac from $80.00 to $84.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Aflac has an average rating of “Hold” and a consensus price target of $83.69.

Aflac Stock Up 0.4 %

Shares of NYSE AFL opened at $89.41 on Wednesday. The firm’s 50 day moving average price is $87.14 and its 200 day moving average price is $83.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market cap of $50.80 billion, a P/E ratio of 9.87, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. Aflac Incorporated has a 1 year low of $69.00 and a 1 year high of $91.15.

Aflac (NYSE:AFL) last announced its quarterly earnings data on Monday, May 6th. The financial services provider reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Aflac had a return on equity of 16.88% and a net margin of 27.67%. The business had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $4.09 billion. During the same quarter in the previous year, the business earned $1.55 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Aflac Incorporated will post 6.46 earnings per share for the current year.

Aflac Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, May 21st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.24%. This is an increase from Aflac’s previous quarterly dividend of $0.42. Aflac’s dividend payout ratio is currently 22.08%.

Aflac Profile

Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. The company operates through Aflac Japan and Aflac U.S. segments. The Aflac Japan segment offers cancer, medical, nursing care, work leave, GIFT, and whole and term life insurance products, as well as WAYS and child endowment plans under saving type insurance products in Japan.