Bank of America 13F: Cuts Aflac (AFL) Stake by $39M
Bank of America trimmed its investment in insurance provider Aflac Incorporated during the period.
Reviewed by automated data checks against the source filing. How we make and check alerts
Bank of America sold 329,043 shares from its stake in Aflac Incorporated ($AFL), a 12.37% decrease, according to a 13F filing with the SEC dated May 18, 2026. It reported 2,330,679 shares worth $275.58 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 Aflac Incorporated stake by 12.4%, parting with 329,043 shares to hold 2,330,679 shares worth about $275.6 million.
- Aflac shares trade near $118.24, positioned between their 52-week low of $105.43 and high of $130.22.
- Japan Post Holdings and other insiders completed several transactions over recent months.
Get $AFL trade alerts by text
We text you when insiders, Congress or big funds trade $AFL. Free.
Not investment advice. TradeTexts is not a registered investment adviser, and this automated Aflac Incorporated alert may contain errors. Disclosures
Bank of America Reduces Aflac Stake
Bank of America trimmed its holdings in Aflac Incorporated (NYSE: AFL) during the period, according to its latest Form 13F filing with the Securities and Exchange Commission. The firm cut its position by 12.4%, selling 329,043 shares to finish the quarter with 2,330,679 shares. The remaining stake carried a reported value of $275,579,484.96 based on the filing data.
Aflac Stock Performance and Levels
The insurer's shares trade around $118.24, sitting well inside a 52-week range that spans from a low of $105.43 up to a high of $130.22. The stock moves with relatively low volatility compared to the broader market, carrying a beta of 0.58. Shares currently change hands not far from their 50-day moving average of $120.60.
Recent Earnings Results
Aflac generated $18.07 billion in trailing revenue with a net profit margin of 26.9% and a return on equity of 16.9%. Earnings per share reached $9.27 over the period. Investors look ahead to the company's next financial report, which is scheduled for release on November 4, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
-
Forward outlook
2 target raises vs 2 cuts.
-
EPS & revenue
EPS missed estimates by 4.4%. Revenue beat estimates by 1.1%.
-
Profit surprise
Operating income beat by 13 percent.
-
Pre-earnings setup
Bar was low, analysts cautious going in.
-
Analyst signal
2 target raises, 2 target cuts.
-
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.
Dividend Payments
The company distributes an annual dividend of $2.44 per share, giving the stock a dividend yield of 2.1%. This payout utilizes 25.7% of the insurer's earnings.
Insider Buying and Selling at Aflac Incorporated
Company insiders have remained active in the open market alongside institutional portfolio adjustments. Japan Post Holdings Co., Ltd., a 10% owner, executed multiple planned sales, including disposing of 55,000 shares on October 14, 2026, at an average price of $117.79 for a total of $6.48 million. Earlier, on October 13, 2026, the same owner sold 42,000 shares at an average price of $116.38 worth roughly $4.89 million. Insider Joseph Moskowitz also bought 20,303 shares on June 22, 2026, at $44.59 while selling 12,370 shares on the same day at $116.54.
Wall Street Analyst Updates
Financial firms continue to evaluate the insurance provider with mixed outlooks. On October 15, 2026, JP Morgan maintained a Neutral rating while lifting its target to $119.00. Wells Fargo kept an Equal-Weight rating on October 12, 2026, adjusting its price target to $116.00. Keefe, Bruyette & Woods maintained a Market Perform rating on October 9, 2026, with a $120.00 target. Mizuho held an Underperform rating on October 7, 2026, setting a target of $107.00, while Barclays maintained an Underweight rating on the same day with a $101.00 target. UBS kept a Neutral rating on October 6, 2026, raising its target to $125.00.
About Aflac Incorporated
Aflac Incorporated operates through subsidiaries to provide supplemental health and life insurance to customers in the United States and Japan. The company offers specialized coverage options including cancer, medical, accident, and disability policies through independent corporate agencies, brokers, and banking partners.
Filing Context and Outlook
Institutional 13F filings look backward at holdings from the close of the reporting period and may not reflect current portfolio weightings. Market participants continue monitoring upcoming corporate earnings and regulatory disclosures for further direction.
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