Bank of America 13F: Cuts Aflac (AFL) Stake by $39M
Bank of America trimmed its position in Aflac by over 329,000 shares, reflecting a 12.4% decrease in its holdings.
Reviewed by automated data checks against the source filing. How we make and check alerts
Bank of America sold 329,043 shares from its stake in Aflac Incorporated ($AFL), a 12.37% decrease, according to a 13F filing with the SEC dated May 18, 2026. It reported 2,330,679 shares worth $276.65 million at the end of the quarter.
Since the filing, $AFL is down 1.1% after 1 week, down 1.5% after 1 month and up 2.1% to date (from the $117.47 close on May 18, 2026).
AFL
Aflac Incorporated
Key Points
- Bank of America cut its stake in Aflac Incorporated by 329,043 shares, reducing its total to 2,330,679 shares valued at approximately $276.7 million as of May 18, 2026.
- Aflac's stock was trading at $118.70 on the day of publication, slightly below its 50-day moving average of $120.60.
- Analysts have a mixed outlook on Aflac, with the consensus target price at $118.53 and ratings ranging from Underperform to Neutral.
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Bank of America Cuts Aflac Stake
Bank of America has reduced its position in Aflac Incorporated (NYSE: AFL) by 329,043 shares, a decrease of 12.4%. As of May 18, 2026, the bank now holds 2,330,679 shares valued at approximately $276.7 million, according to its latest Form 13F filing with the SEC.
What Changed in Bank of America's Position
This reduction in shares comes as part of a strategy adjustment by Bank of America. The bank's stake fell from 2,659,722 shares to the current total, reflecting a decrease of 12.4%. This move highlights a shift in their investment strategy regarding Aflac.
Institutional Activity in Aflac
No other institutional investors reported changes to their positions in Aflac during this filing period, making Bank of America's move notable among major shareholders. Recent activity from Japan Post Holdings also indicates a trend of selling, as they have sold thousands of shares earlier this year, suggesting a cautious sentiment around Aflac's stock.
Stock Performance and Market Context
Aflac's shares were trading at $118.70 on the day this article was published, just below its 50-day moving average of $120.60. The stock has fluctuated between a 52-week low of $105.43 and a high of $130.22. This recent drop in ownership by Bank of America comes amid a generally stable trading environment for Aflac.
Recent Earnings
Aflac reported revenue of approximately $18.07 billion for the year, with a slight decline in revenue growth. The company has a net margin of 26.9% and a return on equity (ROE) of 16.9%. Aflac is set to announce its next earnings on November 4, 2026, which will provide further insights into its financial health.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
2 target raises vs 2 cuts.
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EPS & revenue
EPS missed estimates by 4.4%. Revenue beat estimates by 1.1%.
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Profit surprise
Operating income beat by 13 percent.
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Pre-earnings setup
Bar was low, analysts cautious going in.
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Analyst signal
2 target raises, 2 target cuts.
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Earnings quality
Gross margin up 43.4 points. Operating margin up 24.2 points.
Earnings Call Summary
Aflac Japan delivered strong sales growth of 25.5 percent in the quarter, driven by new medical and cancer insurance products, though underlying earned premiums still declined 1.3 percent due to lapses of paid-up policies. In the United States, net earned premiums grew 3.5 percent with solid persistency of 79.3 percent. Management noted that Japan would need about 80 billion yen in annual sales to reach flat earned premium growth, versus 74 billion achieved in 2025.
Guidance Aflac expects Japan benefit ratio between 60 percent and 63 percent for the full year, roughly in line with first quarter results. For the United States, they forecast a benefit ratio of 42 percent to 52 percent. The company plans to continue share buybacks and dividend increases, returning $1.3 billion to shareholders in the first quarter alone.
Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.
Insider Buying and Selling at Aflac Incorporated
Recent insider transactions include Japan Post Holdings, which sold 55,000 shares on October 14, 2026, at an average price of $117.79, totaling about $6.48 million. This follows earlier sales by the same entity, indicating a trend of divestment from Aflac shares.
Analysts Set New Price Targets
Analysts have maintained various ratings on Aflac, with JP Morgan keeping a Neutral rating and a price target of $119 on October 15, 2026. Wells Fargo also maintained an Equal-Weight rating with a target of $116 on October 12, 2026. The consensus target price stands at $118.53, reflecting a cautious outlook from the analyst community.
Company Profile
Aflac Incorporated provides supplemental health and life insurance products through its subsidiaries. It operates primarily in Japan and the United States, offering various insurance products to individuals and businesses. The recent changes in major holdings could signal shifts in market confidence regarding Aflac's future performance.
What's Ahead for Aflac Incorporated
Investors will be watching Aflac closely as it prepares for its next earnings report on November 4, 2026. The recent 13F filing from Bank of America reflects positions as of May 18, 2026, and may not represent current holdings, so further updates will be important to monitor.
Related Filing Alerts
Source: Bank of America's 13F filing on $AFL (May 18, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Find the original filing: Bank of America 13F filings on SEC EDGAR. Written by software, not financial advice. How we make alerts