Covington Capital Management Cuts Stake in Aflac Incorporated (NYSE:AFL)

Covington Capital Management lowered its holdings in shares of Aflac Incorporated (NYSE:AFLGet Rating) by 29.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,900 shares of the financial services provider’s stock after selling 1,200 shares during the period. Covington Capital Management’s holdings in Aflac were worth $160,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Kwmg LLC boosted its stake in Aflac by 2.1% during the first quarter. Kwmg LLC now owns 83,071 shares of the financial services provider’s stock valued at $5,349,000 after buying an additional 1,730 shares during the last quarter. Van ECK Associates Corp boosted its stake in Aflac by 10.9% during the first quarter. Van ECK Associates Corp now owns 73,817 shares of the financial services provider’s stock valued at $4,753,000 after buying an additional 7,237 shares during the last quarter. Good Life Advisors LLC boosted its stake in Aflac by 5.9% during the first quarter. Good Life Advisors LLC now owns 3,832 shares of the financial services provider’s stock valued at $247,000 after buying an additional 212 shares during the last quarter. HM Payson & Co. boosted its stake in Aflac by 5.5% during the first quarter. HM Payson & Co. now owns 170,960 shares of the financial services provider’s stock valued at $11,008,000 after buying an additional 8,963 shares during the last quarter. Finally, Stifel Financial Corp lifted its stake in shares of Aflac by 5.6% in the 4th quarter. Stifel Financial Corp now owns 544,966 shares of the financial services provider’s stock valued at $31,820,000 after purchasing an additional 29,002 shares during the last quarter. Hedge funds and other institutional investors own 66.32% of the company’s stock.

Aflac Trading Down 0.1 %

AFL opened at $59.50 on Monday. The stock’s fifty day moving average is $59.30 and its two-hundred day moving average is $59.55. The company has a market capitalization of $37.60 billion, a P/E ratio of 8.97, a PEG ratio of 2.22 and a beta of 0.91. Aflac Incorporated has a 52 week low of $51.28 and a 52 week high of $67.20. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.28.

Aflac (NYSE:AFLGet Rating) last announced its earnings results on Monday, August 1st. The financial services provider reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.27. Aflac had a return on equity of 12.40% and a net margin of 20.37%. The firm had revenue of $5.40 billion for the quarter, compared to the consensus estimate of $4.79 billion. During the same period in the previous year, the business earned $1.59 EPS. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Analysts forecast that Aflac Incorporated will post 5.37 earnings per share for the current year.

Aflac Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Wednesday, August 24th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, August 23rd. This represents a $1.60 annualized dividend and a dividend yield of 2.69%. Aflac’s dividend payout ratio (DPR) is presently 24.13%.

Insider Activity

In other news, CFO James Todd Daniels sold 16,946 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $64.03, for a total value of $1,085,052.38. Following the completion of the sale, the chief financial officer now directly owns 53,025 shares in the company, valued at $3,395,190.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Aflac news, Director Barbara K. Rimer sold 11,026 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $58.49, for a total transaction of $644,910.74. Following the transaction, the director now directly owns 33,413 shares in the company, valued at $1,954,326.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Todd Daniels sold 16,946 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $64.03, for a total value of $1,085,052.38. Following the transaction, the chief financial officer now owns 53,025 shares in the company, valued at $3,395,190.75. The disclosure for this sale can be found here. Insiders sold a total of 38,272 shares of company stock valued at $2,338,959 in the last quarter. 1.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Aflac from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, August 17th. Piper Sandler lowered their price objective on Aflac from $68.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. JPMorgan Chase & Co. raised their price objective on Aflac from $61.00 to $62.00 in a research note on Monday, July 11th. Citigroup started coverage on Aflac in a research note on Monday, May 23rd. They issued a “neutral” rating and a $60.00 price objective for the company. Finally, Evercore ISI decreased their price target on Aflac from $60.00 to $59.00 and set an “in-line” rating for the company in a research note on Wednesday, July 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Aflac has a consensus rating of “Hold” and a consensus price target of $62.17.

Aflac Profile

(Get Rating)

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

Featured Articles

Want to see what other hedge funds are holding AFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Aflac Incorporated (NYSE:AFLGet Rating).

Institutional Ownership by Quarter for Aflac (NYSE:AFL)

Receive News & Ratings for Aflac Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Aflac and related companies with MarketBeat.com's FREE daily email newsletter.