Bank of Nova Scotia Decreases Holdings in Aflac Incorporated (NYSE:AFL)

Key Points

• The Bank of Nova Scotia decreased its holdings in Aflac Incorporated by 21.6%, now owning 55,732 shares valued at approximately $6.2 million.
• Several institutional investors increased their positions in Aflac, with Golden State Wealth Management raising its stake by 121.9% during the first quarter.
• Aflac's stock received mixed analyst ratings, with a price target as low as $98.00 and as high as $110.00, reflecting varied outlooks on the company’s performance.

Bank of Nova Scotia lowered its holdings in shares of Aflac Incorporated (NYSE:AFL - Free Report) by 21.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,732 shares of the financial services provider's stock after selling 15,369 shares during the period. Bank of Nova Scotia's holdings in Aflac were worth $6,197,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Golden State Wealth Management LLC raised its position in shares of Aflac by 121.9% during the 1st quarter. Golden State Wealth Management LLC now owns 304 shares of the financial services provider's stock worth $34,000 after purchasing an additional 167 shares during the last quarter. Garde Capital Inc. acquired a new position in shares of Aflac during the 1st quarter worth approximately $36,000. Meeder Asset Management Inc. raised its position in shares of Aflac by 90.8% during the 1st quarter. Meeder Asset Management Inc. now owns 330 shares of the financial services provider's stock worth $37,000 after purchasing an additional 157 shares during the last quarter. Capital A Wealth Management LLC acquired a new position in shares of Aflac during the 4th quarter worth approximately $38,000. Finally, NBC Securities Inc. acquired a new position in shares of Aflac during the 1st quarter worth approximately $44,000. Hedge funds and other institutional investors own 67.44% of the company's stock.

Aflac Stock Up 0.5%

Shares of AFL opened at $98.60 on Tuesday. The firm has a market cap of $53.31 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 3.03 and a beta of 0.83. The company's fifty day moving average is $102.50 and its two-hundred day moving average is $105.00. Aflac Incorporated has a fifty-two week low of $95.97 and a fifty-two week high of $115.50. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.29.

Analyst Ratings Changes

Several research analysts recently issued reports on AFL shares. Barclays set a $98.00 price objective on Aflac and gave the stock an "underweight" rating in a research report on Monday, July 7th. Morgan Stanley lifted their price objective on Aflac from $100.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Raymond James Financial cut their price objective on Aflac from $115.00 to $110.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Wells Fargo & Company lifted their price objective on Aflac from $103.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen cut shares of Aflac from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $108.15.

Insider Buying and Selling at Aflac

In other Aflac news, Director Masatoshi Koide sold 37,000 shares of Aflac stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $105.59, for a total value of $3,906,830.00. Following the transaction, the director owned 70,992 shares in the company, valued at $7,496,045.28. This trade represents a 34.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph L. Moskowitz sold 1,000 shares of Aflac stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $106.79, for a total transaction of $106,790.00. Following the completion of the transaction, the director owned 26,096 shares in the company, valued at approximately $2,786,791.84. This trade represents a 3.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,750 shares of company stock worth $4,304,295 in the last quarter. 0.80% of the stock is owned by insiders.

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.

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