California State Teachers Retirement System 13F: Cuts AFL Stake by $3.9M
The California State Teachers Retirement System trimmed its position in Aflac, reducing its shares and value significantly.
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California State Teachers Retirement System sold 32,734 shares from its stake in Aflac Incorporated ($AFL), a 4.07% decrease, according to a 13F filing with the SEC dated May 18, 2026. It reported 772,361 shares worth $91.68 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).
Find the original: California State Teachers Retirement System 13F filings on SEC EDGAR
AFL
Aflac Incorporated
Key Points
- The California State Teachers Retirement System trimmed its stake in Aflac by 32,734 shares, bringing its total to 772,361 shares valued at approximately $91.7 million as of May 18, 2026.
- Aflac shares closed at $118.70 on the day this filing was published, slightly below their 52-week high of $130.22.
- Analysts have mixed opinions on Aflac, with a consensus price target of about $118.53 across 15 analyst opinions.
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California State Teachers Retirement System Reduces Stake in Aflac
The California State Teachers Retirement System trimmed its position in Aflac Incorporated (NYSE: AFL) by 32,734 shares, reducing its total to 772,361 shares valued at approximately $91.7 million as of May 18, 2026. This move reflects a 4.1% decrease from its previous holding of 805,095 shares.
What Changed in the Aflac Position
The California State Teachers Retirement System's reduction means it now holds 772,361 shares of Aflac, down from 805,095 shares. This decrease of 32,734 shares showcases a strategic adjustment in its investment in Aflac, which is a major player in the life insurance sector.
Institutional Activity Around Aflac
No other institutional funds reported changes in their positions for Aflac during this filing period, indicating that the California State Teachers Retirement System's action stands out among major holders.
Aflac Stock Performance
Aflac shares closed at $118.70 on Friday, the day this article was published. This price is near its 52-week high of $130.22, suggesting that the stock has been performing well recently, although it has seen some fluctuations.
Recent Earnings
Aflac's recent financial performance shows a revenue of approximately $18.07 billion, with a slight decline in revenue growth. The company reported an EPS of $9.27 and a net margin of 26.9%. Its next earnings report is set for November 4, 2026.
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
Several insiders have been active recently. On October 14, 2026, Japan Post Holdings Co., Ltd. sold 55,000 shares at an average price of $117.79, valued at about $6.48 million. Another sale occurred on October 13, 2026, when Japan Post Holdings sold 42,000 shares for roughly $4.89 million. Additionally, Joseph Moskowitz bought 20,303 shares on June 22, 2026, at an average price of $44.59, reflecting a significant investment in Aflac.
Analysts Set New Price Targets
Analysts maintain a mixed outlook on Aflac. On October 15, 2026, JP Morgan maintained a Neutral rating with a price target of $119.00, while Wells Fargo also kept its Equal-Weight rating at $116.00. The consensus target price from 15 analysts is around $118.53, indicating a cautious approach towards the stock's future performance.
What Aflac Incorporated Does
Aflac Incorporated is a leading provider of supplemental health and life insurance products. It operates mainly in Japan and the U.S., offering a range of insurance products to individuals and businesses. The recent trimming of shares by the California State Teachers Retirement System may reflect broader market trends or strategic reallocations within its portfolio.
What's Ahead for Aflac Incorporated
Investors will be monitoring Aflac's upcoming earnings report on November 4, 2026, to gauge its financial health. The recent 13F filing provides insights into past positions, but may not reflect current investment strategies. As Aflac navigates its market environment, further institutional movements will be of interest to stakeholders.
Related Filing Alerts
Source: California State Teachers Retirement System'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: California State Teachers Retirement System 13F filings on SEC EDGAR. Written by software, not financial advice. How we make alerts