American International Group, Inc. (AIG) Cut to Neutral at Atlantic Securities

Atlantic Securities lowered shares of American International Group, Inc. (NYSE:AIG) from an overweight rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has $70.00 price target on the insurance provider’s stock.

AIG has been the topic of several other reports. TheStreet upgraded American International Group from a c rating to a b- rating in a research report on Wednesday, May 3rd. Keefe, Bruyette & Woods restated a buy rating and set a $75.00 price target on shares of American International Group in a research report on Thursday, August 3rd. Wells Fargo & Company restated a buy rating on shares of American International Group in a research report on Thursday, April 20th. Royal Bank Of Canada restated a buy rating and set a $71.00 price target on shares of American International Group in a research report on Monday, April 24th. Finally, Zacks Investment Research upgraded American International Group from a sell rating to a hold rating in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $69.02.

American International Group (AIG) opened at 62.65 on Wednesday. The stock’s 50 day moving average price is $64.07 and its 200-day moving average price is $63.09. The firm’s market capitalization is $56.60 billion. American International Group has a 12 month low of $57.35 and a 12 month high of $67.47.

American International Group (NYSE:AIG) last released its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.33. American International Group had a positive return on equity of 6.06% and a negative net margin of 0.53%. The company had revenue of $11.23 billion for the quarter, compared to analyst estimates of $12.61 billion. During the same period in the previous year, the company posted $0.98 earnings per share. Equities analysts anticipate that American International Group will post $5.28 EPS for the current fiscal year.

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American International Group declared that its board has authorized a stock buyback program on Wednesday, May 3rd that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the insurance provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Thursday, September 14th. American International Group’s dividend payout ratio is currently -711.07%.

In other American International Group news, CEO Brian Duperreault purchased 80,000 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was purchased at an average price of $61.48 per share, for a total transaction of $4,918,400.00. Following the completion of the purchase, the chief executive officer now directly owns 80,000 shares of the company’s stock, valued at $4,918,400. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.52% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Israel Discount Bank of New York acquired a new position in American International Group during the first quarter valued at $145,000. Peddock Capital Advisors LLC boosted its position in American International Group by 100.0% in the second quarter. Peddock Capital Advisors LLC now owns 2,542 shares of the insurance provider’s stock valued at $159,000 after buying an additional 1,271 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in American International Group by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 2,642 shares of the insurance provider’s stock valued at $165,000 after buying an additional 14 shares in the last quarter. FTB Advisors Inc. boosted its position in American International Group by 147.9% in the first quarter. FTB Advisors Inc. now owns 2,868 shares of the insurance provider’s stock valued at $176,000 after buying an additional 1,711 shares in the last quarter. Finally, Feltz Wealth PLAN Inc. acquired a new position in American International Group during the first quarter valued at $184,000. Hedge funds and other institutional investors own 85.88% of the company’s stock.

American International Group Company Profile

American International Group, Inc is a global insurance company. The Company provides a range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers. Its segments include Commercial Insurance, Consumer Insurance, Other Operations and Legacy Portfolio.

Analyst Recommendations for American International Group (NYSE:AIG)

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