Cresset Asset Management LLC Sells 44,299 Shares of Aflac Incorporated $AFL

Key Points

• Cresset Asset Management LLC reduced its holdings in Aflac Incorporated by 36.2%, selling 44,299 shares, leaving them with 78,027 shares valued at approximately $8.68 million.
• Aflac reported $1.78 earnings per share for the last quarter, exceeding expectations, but its revenue of $4.16 billion fell short of the forecast of $4.30 billion.
• The company has initiated a share repurchase plan allowing for the buyback of up to 100 million shares, signaling management's belief that the stock is undervalued.

Cresset Asset Management LLC decreased its holdings in Aflac Incorporated (NYSE:AFL - Free Report) by 36.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 78,027 shares of the financial services provider's stock after selling 44,299 shares during the quarter. Cresset Asset Management LLC's holdings in Aflac were worth $8,676,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of AFL. AlphaCore Capital LLC bought a new position in Aflac in the 1st quarter valued at $28,000. Golden State Wealth Management LLC raised its position in shares of Aflac by 121.9% during the first quarter. Golden State Wealth Management LLC now owns 304 shares of the financial services provider's stock worth $34,000 after acquiring an additional 167 shares during the last quarter. Garde Capital Inc. bought a new stake in shares of Aflac during the first quarter worth $36,000. Meeder Asset Management Inc. raised its position in shares of Aflac by 90.8% during the first quarter. Meeder Asset Management Inc. now owns 330 shares of the financial services provider's stock worth $37,000 after acquiring an additional 157 shares during the last quarter. Finally, Capital A Wealth Management LLC bought a new stake in shares of Aflac during the fourth quarter worth $38,000. Institutional investors own 67.44% of the company's stock.

Aflac Trading Up 0.9%

Shares of Aflac stock traded up $0.9290 during trading hours on Wednesday, hitting $107.8190. The company's stock had a trading volume of 2,684,858 shares, compared to its average volume of 2,484,695. Aflac Incorporated has a 12 month low of $96.95 and a 12 month high of $115.50. The stock has a 50 day moving average of $102.72 and a 200 day moving average of $104.81. The company has a market capitalization of $57.66 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 3.00 and a beta of 0.83. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.11 and a quick ratio of 0.11.

Aflac (NYSE:AFL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.07. The company had revenue of $4.16 billion during the quarter, compared to analysts' expectations of $4.30 billion. Aflac had a return on equity of 15.08% and a net margin of 15.32%.Aflac's revenue for the quarter was down 19.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.83 earnings per share. Analysts predict that Aflac Incorporated will post 6.88 earnings per share for the current year.

Aflac Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 20th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, August 20th. Aflac's dividend payout ratio is currently 52.61%.

Aflac declared that its board has authorized a share buyback plan on Tuesday, August 12th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Aflac from $106.00 to $108.00 and gave the stock a "market perform" rating in a research report on Monday, August 11th. Morgan Stanley boosted their target price on Aflac from $108.00 to $113.00 and gave the stock an "equal weight" rating in a research report on Monday. Wells Fargo & Company boosted their target price on Aflac from $105.00 to $107.00 and gave the stock an "equal weight" rating in a research report on Monday, August 11th. Raymond James Financial dropped their target price on Aflac from $115.00 to $110.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Finally, Barclays set a $98.00 target price on Aflac and gave the stock an "underweight" rating in a research report on Monday, July 7th. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Aflac presently has an average rating of "Hold" and an average price target of $109.15.

Insider Buying and Selling at Aflac

In other news, Director Joseph L. Moskowitz sold 1,000 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $102.57, for a total transaction of $102,570.00. Following the completion of the transaction, the director directly owned 25,105 shares of the company's stock, valued at $2,575,019.85. This represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.90% of the stock is owned by corporate insiders.

About Aflac

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.