Cullinan Associates Inc. has raised its stake in Aflac Incorporated (NYSE: AFL) by 8.4% during the third quarter, according to a recent filing with the Securities and Exchange Commission. The institutional investor now owns 137,969 shares of Aflac after acquiring an additional 10,719 shares during this period. Aflac represents approximately 1.0% of Cullinan Associates’ investment portfolio, ranking as its 26th largest holding. The value of Cullinan’s holdings in Aflac stands at $15,411,000 as of the end of the quarter.
Several other institutional investors have also adjusted their positions in Aflac recently. For example, Duncan Williams Asset Management LLC increased its holdings by 5.0% in the second quarter, now owning 2,065 shares valued at $218,000. Similarly, Dynamic Advisor Solutions LLC raised its stake by 5.1% during the same period, bringing its total to 2,037 shares, worth $227,000. Stiles Financial Services Inc. and Smith Moore & Co. also expanded their positions by 3.4% and 1.7%, respectively.
As of now, institutional investors and hedge funds collectively control 67.44% of Aflac’s stock.
Analyst Ratings and Market Performance
Recent analyst reports indicate a mixed outlook for Aflac. JPMorgan Chase & Co. raised its price target from $101.00 to $105.00 while maintaining a “neutral” rating. In contrast, Mizuho initiated coverage with an “underperform” rating, setting a target at $104.00. Morgan Stanley has a more optimistic view, assigning a target price of $120.00, whereas Raymond James Financial increased its target from $110.00 to $119.00.
Overall, Aflac has received ratings from analysts, with three recommending a “buy,” eight suggesting a “hold,” and three advising a “sell.” The stock currently holds a consensus rating of “hold” and an average price target of $110.67 according to MarketBeat.com.
Insider trading activity has also been noteworthy. Director Joseph L. Moskowitz sold 1,000 shares on November 7 for $114.00 each, totaling $114,000. After this transaction, Moskowitz retained 23,615 shares valued at approximately $2,692,110. Likewise, Executive Vice President Steven Kent Beaver sold 5,492 shares on December 12, netting $601,538.76. Following this trade, Beaver holds 38,368 shares valued at over $4.2 million.
Financial Performance and Upcoming Dividend
Aflac’s stock opened at $107.85 on Wednesday, with a market capitalization of $56.52 billion. The company reported a P/E ratio of 14.08 and a P/E/G ratio of 3.19. Over the past year, Aflac has experienced a trading range with a low of $96.95 and a high of $115.83.
On November 4, Aflac announced its quarterly earnings, revealing earnings per share (EPS) of $2.49, surpassing analysts’ expectations of $1.77. The company reported revenue of $4.41 billion, exceeding the anticipated $4.36 billion. Year-over-year, Aflac’s revenue increased by 59.4%, up from $2.16 EPS in the same quarter last year.
Aflac has also declared a quarterly dividend of $0.61 per share, payable on March 2, 2024, to stockholders of record on February 18, 2024. This increase from the previous quarter’s dividend of $0.58 reflects a positive trend, with an annualized dividend yield of 2.3% and a payout ratio of 30.29%.
About Aflac Incorporated
Aflac Incorporated, headquartered in Columbus, Georgia, specializes in supplemental insurance products that help policyholders manage out-of-pocket healthcare and living expenses. Established in the mid-20th century, the company offers a variety of individual and group policies that provide direct cash benefits when covered events occur. Aflac’s product offerings include supplemental health insurance, life insurance, and various specialty coverages designed to complement primary medical plans.
For more information on Aflac and its financial activities, stakeholders can access the latest filings and insider trades through the Securities and Exchange Commission and other financial reporting platforms.
