Aflac (NYSE:AFL) announced that its Board of Directors has initiated a stock repurchase plan, which authorizes the company to buyback 40,000,000 outstanding shares on Tuesday, August 8th, EventVestor reports. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.
Several equities research analysts recently issued reports on the stock. ValuEngine raised shares of Aflac from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Barclays PLC boosted their target price on shares of Aflac from $73.00 to $79.00 and gave the stock an “equal weight” rating in a report on Friday. BidaskClub lowered shares of Aflac from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Bank of America Corporation raised shares of Aflac from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $75.00 to $78.00 in a report on Tuesday, July 4th. Finally, Royal Bank Of Canada reissued a “sell” rating and set a $66.00 target price on shares of Aflac in a report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Aflac currently has an average rating of “Hold” and an average price target of $76.50.
Shares of Aflac (NYSE AFL) opened at 80.75 on Friday. Aflac has a 1-year low of $66.50 and a 1-year high of $81.80. The company has a market capitalization of $31.91 billion, a price-to-earnings ratio of 12.21 and a beta of 0.99. The stock has a 50 day moving average of $78.72 and a 200-day moving average of $74.57.
Aflac (NYSE:AFL) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.20. Aflac had a net margin of 11.98% and a return on equity of 13.09%. The firm had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.48 billion. During the same quarter last year, the business earned $1.65 earnings per share. The business’s revenue was down .2% on a year-over-year basis. Analysts forecast that Aflac will post $6.67 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Wednesday, August 23rd will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, August 21st. Aflac’s dividend payout ratio is 25.94%.
In other news, President Kriss Cloninger III sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $77.72, for a total value of $194,300.00. Following the transaction, the president now owns 241,646 shares in the company, valued at $18,780,727.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karole Lloyd bought 1,000 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was purchased at an average price of $77.01 per share, for a total transaction of $77,010.00. Following the acquisition, the director now directly owns 7,253 shares of the company’s stock, valued at approximately $558,553.53. The disclosure for this purchase can be found here. Insiders sold 240,203 shares of company stock worth $18,612,224 in the last 90 days. Company insiders own 3.00% of the company’s stock.
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Aflac Company Profile
Aflac Incorporated is a business holding company. The Company is involved in supplemental health and life insurance, which is marketed and administered through its subsidiary, American Family Life Assurance Company of Columbus (Aflac). The Company’s insurance business consists of two segments: Aflac Japan and Aflac U.S.
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