Assenagon Asset Management S.A. Cuts Position in Aflac Incorporated $AFL

Key Points

• Assenagon Asset Management cut its Aflac position by 75.3% in the first quarter, selling 292,499 shares and leaving it with 95,897 shares valued at about $10.5 million.
• Aflac posted mixed quarterly results, with EPS of $1.75 falling short of estimates while revenue came in at $4.24 billion and rose 27.9% year over year.
• The company recently paid a quarterly dividend of $0.61 per share, equal to an annualized yield of 2.0%, while analysts currently hold a consensus rating of Hold with a $112.27 target price.

Assenagon Asset Management S.A. decreased its position in shares of Aflac Incorporated (NYSE:AFL - Free Report) by 75.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,897 shares of the financial services provider's stock after selling 292,499 shares during the period. Assenagon Asset Management S.A.'s holdings in Aflac were worth $10,521,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Aflac by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 57,142,072 shares of the financial services provider's stock worth $6,301,056,000 after acquiring an additional 6,759,169 shares during the period. Norges Bank purchased a new stake in shares of Aflac during the fourth quarter worth approximately $420,078,000. AQR Capital Management LLC raised its holdings in Aflac by 1,184.5% in the third quarter. AQR Capital Management LLC now owns 1,264,090 shares of the financial services provider's stock valued at $141,199,000 after acquiring an additional 1,165,676 shares in the last quarter. Marshall Wace LLP raised its holdings in Aflac by 390.7% in the fourth quarter. Marshall Wace LLP now owns 1,111,711 shares of the financial services provider's stock valued at $122,588,000 after acquiring an additional 885,141 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in Aflac by 132.4% in the third quarter. Franklin Resources Inc. now owns 1,227,200 shares of the financial services provider's stock worth $137,078,000 after acquiring an additional 699,080 shares during the last quarter. 67.44% of the stock is currently owned by hedge funds and other institutional investors.

Aflac Stock Performance

Shares of AFL stock opened at $120.04 on Friday. The stock's 50-day moving average price is $115.82 and its 200 day moving average price is $112.50. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $61.10 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 2.10 and a beta of 0.61. Aflac Incorporated has a 52-week low of $96.95 and a 52-week high of $120.27.

Aflac (NYSE:AFL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.05). The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.20 billion. Aflac had a net margin of 25.60% and a return on equity of 13.88%. The business's quarterly revenue was up 27.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.66 earnings per share. As a group, equities research analysts forecast that Aflac Incorporated will post 7.09 EPS for the current year.

Aflac Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Wednesday, May 20th were given a $0.61 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.0%. Aflac's dividend payout ratio (DPR) is currently 27.70%.

Analyst Ratings Changes

A number of brokerages recently commented on AFL. Evercore upgraded shares of Aflac from a "strong sell" rating to a "strong-buy" rating in a research note on Thursday, April 9th. Wall Street Zen upgraded Aflac from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Mizuho set a $104.00 price target on Aflac in a report on Monday, May 4th. UBS Group dropped their price objective on Aflac from $116.00 to $114.00 and set a "neutral" rating on the stock in a report on Thursday, April 9th. Finally, Piper Sandler reissued an "overweight" rating and set a $130.00 target price (up from $125.00) on shares of Aflac in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $112.27.

Insider Activity

In other Aflac news, major shareholder Post Holdings Co. Ltd. Japan sold 166,000 shares of the firm's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $112.38, for a total transaction of $18,655,080.00. Following the completion of the transaction, the insider directly owned 51,723,100 shares in the company, valued at approximately $5,812,641,978. This trade represents a 0.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,082,471 shares of company stock worth $124,943,184. Insiders own 0.80% of the company's stock.

Aflac Company Profile

Aflac Incorporated (American Family Life Assurance Company of Columbus) is a provider of supplemental insurance products designed to help policyholders manage out-of-pocket health care and living expenses. The company underwrites a range of individual and group policies that typically pay cash benefits directly to insureds when covered events occur, enabling greater financial flexibility for medical treatment, hospital stays, critical illness, and related costs. Aflac's product mix includes supplemental health insurance, life insurance and other specialty coverages intended to complement primary medical plans.

Founded in the mid-20th century and headquartered in Columbus, Georgia, Aflac distributes its products through a combination of employer-sponsored programs, independent brokers and agents, and direct marketing.

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