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.
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