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Headquartered in Columbus, Georgia, Aflac Incorporated is a holding company providing management services and capital to its subsidiaries. Valued at a market cap of $61.7 billion, its main business is voluntary supplemental and life insurance offered through Aflac U.S. and Aflac Japan.
Companies worth $10 billion or more are generally described as "large-cap stocks," and Aflac fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the life insurance industry.
Aflac has a strong market presence in Japan and the U.S. and offers a diverse range of insurance products, including cancer, accident, and long-term care insurance, appealing to a wide customer base. Its strategic marketing through independent distributors and direct-to-consumer channels, especially in workplaces, has enhanced its market position.
Shares of Aflac are just marginally down from its 52-week high of $111.14, achieved on Sept. 4. They have gained 26.6% over the past three months, outperforming the broader Nasdaq Composite’s ($NASX) marginal fall over the same time frame.
In the longer term, AFL stock posted a 33.5% YTD gain compared to NASX's 17.2% returns. Besides, over the past 52 weeks, it has outperformed the index with a 44% surge, surpassing NASX's 28.3% returns.
AFL has consistently traded over the 200-day moving average since last year and above its 50-day moving average since early May, indicating a long-term bullish trend.
A combination of reduced benefits and claims, streamlined operating expenses, robust investment income, and strong premium sales growth across both segments fuels AFL's impressive market performance.
On Jul. 31, AFL shares rose marginally after the company reported Q2 earnings results that exceeded Street expectations, with an adjusted EPS of $1.83 and revenue of $5.1 billion. A new product launch, including future nursing care coverage, boosted sales at its Japanese unit by 4.5%.
Aflac’s rival, MetLife, Inc. , outperforms AFL. Shares of MetLife are up 17% on a YTD basis and 17.9% over the past 52 weeks.
Despite strong price momentum, analysts remain cautious, adopting a neutral stance on AFL's outlook. It has a consensus rating of “Hold” from the 16 analysts covering it, and the stock currently trades above the mean price target of $96.43.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One stock to keep an eye on is MetLife (MET). MET is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 7.96, which compares to its industry's average of 8.80. Over the past 52 weeks, MET's Forward P/E has been as high as 9.03 and as low as 6.52, with a median of 7.63.
We also note that MET holds a PEG ratio of 0.55. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. MET's industry has an average PEG of 0.59 right now. MET's PEG has been as high as 0.73 and as low as 0.49, with a median of 0.55, all within the past year.
Investors should also recognize that MET has a P/B ratio of 1.92. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. MET's current P/B looks attractive when compared to its industry's average P/B of 2.58. Over the past year, MET's P/B has been as high as 1.98 and as low as 1.58, with a median of 1.77.
Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. MET has a P/S ratio of 0.78. This compares to its industry's average P/S of 0.96.
These figures are just a handful of the metrics value investors tend to look at, but they help show that MetLife is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, MET feels like a great value stock at the moment.
Zacks Investment Research
MetLife, Inc. MET benefits on the back of a well-performing Group Benefits business, acquisitions and partnerships, cost-cutting efforts and strong cash balance.
Zacks Rank & Price Performance
MetLife carries a Zacks Rank #2 (Buy) at present.
The stock has gained 10% in the past three months compared with the industry’s growth of 5.3%. The Zacks Finance sector and the S&P 500 composite index have returned 0.8% and 2.4%, respectively, in the said time frame.
Favorable Style Score
MetLife carries an impressive Value Score of A. Value Score helps find stocks that are undervalued. Back-tested results show that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best opportunities in the value investing space.
Robust Growth Prospects
The Zacks Consensus Estimate for MetLife’s 2024 earnings is pegged at $8.67 per share, which indicates an improvement of 18.3% from the 2023 reported figure. The consensus mark for revenues is $73.2 billion, implying a rise of 2% from the 2023 figure. MET’s earnings estimates witnessed seven upward revisions over the past 60 days against no downward movement.
The consensus mark for 2025 earnings is pegged at $9.83 per share, suggesting an improvement of 13.4% from the 2024 estimate. The same for revenues is $76.5 billion, hinting at a 4.6% increase from the 2024 estimate.
Valuation
Price-to-book (P/B) is one of the multiples used for valuing insurance stocks. Compared with the multiline industry’s trailing 12-month P/B ratio of 2.57, MetLife has a reading of 1.92. It is quite evident that the stock is currently undervalued.
Solid Return on Equity
Return on equity in the trailing 12 months is currently 21.4%, which is higher than the industry’s average of 16.2%. This substantiates the company’s efficiency in utilizing shareholders’ funds.
Business Tailwinds
A key revenue contributor is MetLife's steady premiums, which have been recovering from pandemic-driven declines. Premiums are witnessing a steady increase in the Group Benefits business, wherein it rose 4% year over year in the first half of 2024. Growth has also been robust in its EMEA and Latin America segments, further contributing to the company's revenue stream.
MetLife's focus on streamlining its business, coupled with strategic acquisitions and partnerships, is expected to drive long-term growth. The company has expanded its presence in key areas like vision care and pet insurance through acquisitions, such as Versant Health and PetFirst. It has also strengthened its benefits offerings through partnerships with firms like Aura and Nayya.
A strategic push into private credit investments, marked by the acquisition of Raven Capital, and a collaboration with Fidelity Investments on a fixed immediate income annuity further diversify its business portfolio. Additionally, MetLife continues to reduce volatility by divesting capital-intensive units and intensifying focus on high-growth areas.
MetLife's cost-saving measures have resulted in notable operational improvements. Between 2015 and 2020, the company saw an improvement of 230 basis points in its direct expense ratio. This efficiency trend has continued, with the direct expense ratio remaining below the guided 12.3% in the first half of 2024.
MetLife also benefits from a strong liquidity position, with short-term debt of $390 million as of June 30, 2024, significantly overshadowed by its $20.8 billion in cash and cash equivalents. This financial strength underpins shareholder returns through repurchases and dividend payments. In April 2024, management approved a 4.8% dividend increase.
Other Stocks to Consider
Some other top-ranked stocks in the insurance space include CNO Financial Group, Inc. CNO, MGIC Investment Corporation MTG and Palomar Holdings, Inc. PLMR, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of CNO Financial outpaced estimates in three of the trailing four quarters and missed the mark once, the average surprise being 21.21%. The Zacks Consensus Estimate for CNO’s 2024 earnings suggests 11% year-over-year growth. The consensus mark for CNO Financial’s 2024 earnings has moved north by 3% in the past 30 days.
MGIC Investment’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 15.59%. The Zacks Consensus Estimate for MTG’s 2024 earnings indicates 9.1% year-over-year growth, while the same for revenues implies an improvement of 4.7%. MGIC Investment’s consensus mark for 2024 earnings has moved north by 2.2% in the past 30 days.
The bottom line of Palomar outpaced estimates in each of the trailing four quarters, the average surprise being 17.10%. The Zacks Consensus Estimate for PLMR’s 2024 earnings suggests 30.9% year-over-year growth, while the same for revenues implies an improvement of 41.6%. The consensus mark for Palomar’s 2024 earnings has moved north by 1.3% in the past 30 days.
Shares of CNO Financial, MGIC Investment and Palomar have gained 24.2%, 22.4% and 18.3%, respectively, in the past three months.
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