Moran Wealth Management LLC has reduced its stake in Aflac Incorporated (NYSE:AFL) by 13.7% during the third quarter of 2023, according to filings with the Securities and Exchange Commission (SEC). The institutional investor now holds 204,122 shares of the financial services provider after selling 32,310 shares. As of the latest filing, Moran Wealth Management’s investment in Aflac is valued at approximately $22.8 million.
Multiple institutional investors have recently adjusted their holdings in Aflac. For instance, Duncan Williams Asset Management LLC increased its position by 5.0% during the second quarter, bringing its total to 2,065 shares, valued at $218,000. Similarly, Dynamic Advisor Solutions LLC grew its stake by 5.1% in the third quarter, now owning 2,037 shares worth $227,000. Other notable changes include Stiles Financial Services Inc, which raised its position by 3.4%, and Smith Moore & CO., which increased its stake by 1.7%.
Institutional investors collectively own about 67.44% of Aflac’s stock, underscoring significant institutional interest in the company.
Analysts Provide Insights on Aflac’s Stock Performance
Analysts have recently issued new price targets for Aflac shares. Piper Sandler set a target price of $125.00 and maintained an “overweight” rating, while Keefe, Bruyette & Woods increased their target from $108.00 to $110.00 with a “market perform” rating. According to MarketBeat, the consensus rating for Aflac stock is currently “Hold,” with a target price averaging $110.92.
Aflac’s stock opened at $110.23 on Thursday, reflecting a 1.5% decline. Over the past year, the stock has fluctuated between a low of $96.95 and a high of $115.83. The company’s market capitalization stands at $57.77 billion, with a price-to-earnings (P/E) ratio of 14.39.
Aflac’s Financial Health and Upcoming Dividend
Aflac recently reported its quarterly earnings, revealing an earnings per share (EPS) of $1.07 for the quarter ending February 27, 2023. The company reported a net margin of 23.55% and a return on equity of 14.97%, with revenues totaling $5.91 billion for that period. Analysts project that Aflac will achieve an EPS of 6.88 for the current fiscal year.
In a positive move for shareholders, Aflac also announced an increase in its quarterly dividend. The company will pay a dividend of $0.61 per share on March 2, 2023, up from the previous dividend of $0.58. This increase reflects an annualized dividend of $2.44 and a yield of 2.2%, with a payout ratio of 30.29%.
In recent insider transactions, Aflac’s Executive Vice President, Frederic Jean Guy Simard, sold 1,722 shares at an average price of $112.50, totaling $193,725. Following the sale, he retains 1,364 shares valued at approximately $153,450. In another transaction, Director Joseph L. Moskowitz sold 1,000 shares for $114,000, reducing his ownership to 23,615 shares worth around $2.69 million.
Overall, Aflac continues to navigate the financial landscape with strategic adjustments amid shifting market conditions. As institutional investors reassess their positions, the company’s growth trajectory and dividend policies will remain vital factors for potential and current shareholders.
