Royal Bank of Canada reaffirmed their outperform rating on shares of American International Group (NYSE:AIG) in a report issued on Wednesday morning, BenzingaRatingsTable reports. The firm currently has a $56.00 price objective on the insurance provider’s stock.
AIG has been the subject of several other research reports. Wells Fargo & Co increased their target price on American International Group from $50.00 to $57.00 and gave the stock an outperform rating in a research report on Wednesday. Bank of America reiterated a buy rating and set a $56.00 target price (up previously from $50.00) on shares of American International Group in a research report on Tuesday. Argus cut American International Group from a buy rating to a hold rating in a research report on Friday, February 15th. Credit Suisse Group began coverage on American International Group in a research report on Tuesday, February 5th. They set a neutral rating and a $46.00 target price for the company. Finally, Zacks Investment Research upgraded American International Group from a strong sell rating to a hold rating in a research report on Tuesday, April 16th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $55.17.
NYSE:AIG opened at $51.64 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.27 and a quick ratio of 0.26. American International Group has a 12-month low of $36.16 and a 12-month high of $56.36. The stock has a market cap of $44.91 billion, a P/E ratio of 44.14, a price-to-earnings-growth ratio of 0.96 and a beta of 1.40.
American International Group (NYSE:AIG) last released its earnings results on Monday, May 6th. The insurance provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.52. American International Group had a positive return on equity of 2.48% and a negative net margin of 0.60%. The firm had revenue of $12.90 billion during the quarter, compared to analysts’ expectations of $12.25 billion. During the same quarter last year, the business posted $1.04 earnings per share. As a group, research analysts anticipate that American International Group will post 4.8 EPS for the current year.
American International Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 13th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Thursday, June 13th. American International Group’s payout ratio is presently 109.40%.
A number of institutional investors have recently made changes to their positions in AIG. Nordea Investment Management AB lifted its stake in shares of American International Group by 6.2% in the 3rd quarter. Nordea Investment Management AB now owns 442,892 shares of the insurance provider’s stock valued at $23,579,000 after purchasing an additional 25,764 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of American International Group by 2.8% in the 3rd quarter. Legal & General Group Plc now owns 4,529,125 shares of the insurance provider’s stock valued at $241,094,000 after purchasing an additional 124,095 shares during the last quarter. Vanguard Group Inc lifted its stake in shares of American International Group by 0.3% in the 3rd quarter. Vanguard Group Inc now owns 66,104,610 shares of the insurance provider’s stock valued at $3,519,409,000 after purchasing an additional 225,775 shares during the last quarter. Great Lakes Advisors LLC bought a new stake in shares of American International Group in the 3rd quarter valued at approximately $261,000. Finally, Marshall Wace North America L.P. bought a new stake in shares of American International Group in the 3rd quarter valued at approximately $453,000. 91.08% of the stock is owned by institutional investors.
American International Group Company Profile
American International Group, Inc provides insurance products for commercial, institutional, and individual customers in North America and internationally. The company's General Insurance segment offers general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products, as well as various risk-sharing and other customized structured programs; commercial, industrial, and energy-related property insurance; and aerospace, political risk, trade credit, portfolio solutions, surety, crop, and marine insurance.
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