Aflac Incorporated (AFL) Cut to “Underperform” at Bank of America Corporation
Aflac Incorporated (NYSE:AFL) was downgraded by stock analysts at Bank of America Corporation from a “neutral” rating to an “underperform” rating in a research note issued to investors on Friday, MarketBeat reports.
AFL has been the topic of several other research reports. Zacks Investment Research raised shares of Aflac from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research report on Friday, June 2nd. FBR & Co reaffirmed a “market perform” rating and issued a $80.00 price objective (up previously from $68.00) on shares of Aflac in a research report on Wednesday, July 12th. UBS AG reaffirmed an “overweight” rating on shares of Aflac in a research report on Thursday, August 24th. Barclays PLC lifted their price objective on shares of Aflac from $71.00 to $73.00 and gave the stock an “equal weight” rating in a research report on Monday, July 3rd. Finally, Royal Bank Of Canada reaffirmed a “sell” rating and issued a $66.00 price objective on shares of Aflac in a research report on Wednesday, July 12th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $77.32.
Shares of Aflac (NYSE AFL) traded up 0.78% on Friday, reaching $81.18. 1,762,991 shares of the company were exchanged. The firm has a market capitalization of $32.08 billion, a PE ratio of 12.27 and a beta of 0.97. The company’s 50 day moving average is $80.35 and its 200 day moving average is $76.04. Aflac has a 12-month low of $66.50 and a 12-month high of $83.39.
Aflac (NYSE:AFL) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.20. Aflac had a net margin of 11.98% and a return on equity of 13.09%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same period last year, the firm earned $1.65 earnings per share. The firm’s revenue was down .2% on a year-over-year basis. Analysts forecast that Aflac will post $6.69 earnings per share for the current year.
Aflac announced that its board has initiated 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 an indication that the company’s leadership believes its stock is undervalued.
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In other news, Director Karole Lloyd acquired 1,000 shares of Aflac stock in a transaction that occurred on Monday, June 12th. The stock was bought at an average price of $77.01 per share, with a total value of $77,010.00. Following the completion of the purchase, the director now owns 7,253 shares in the company, valued at $558,553.53. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Teresa L. White sold 11,314 shares of the business’s 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 directly owns 26,847 shares of the company’s stock, valued at approximately $2,094,334.47. The disclosure for this sale can be found here. In the last three months, insiders sold 240,203 shares of company stock worth $18,612,224. Insiders own 3.00% of the company’s stock.
A number of large investors have recently modified their holdings of AFL. Atwood & Palmer Inc. grew its stake in Aflac by 320.5% during the second quarter. Atwood & Palmer Inc. now owns 1,312 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 1,000 shares in the last quarter. CWM LLC grew its stake in Aflac by 2.1% during the second quarter. CWM LLC now owns 1,430 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 30 shares in the last quarter. Harfst & Associates Inc. purchased a new position in Aflac during the first quarter valued at approximately $128,000. Capital Analysts LLC purchased a new position in Aflac during the second quarter valued at approximately $131,000. Finally, Washington Trust Bank grew its stake in Aflac by 0.9% during the second quarter. Washington Trust Bank now owns 1,704 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 16 shares in the last quarter. 65.66% of the stock is owned by institutional investors.
Aflac Company Profile
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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