BidaskClub Lowers American International Group, Inc. (NYSE:AIG) to Sell

BidaskClub cut shares of American International Group, Inc. (NYSE:AIG) from a hold rating to a sell rating in a research report sent to investors on Monday, July 24th.

AIG has been the topic of a number of other research reports. TheStreet raised shares of American International Group from a c rating to a b- rating in a report on Wednesday, May 3rd. Wells Fargo & Company reissued a buy rating on shares of American International Group in a report on Thursday, April 20th. Vetr raised shares of American International Group from a buy rating to a strong-buy rating and set a $72.50 target price on the stock in a report on Tuesday, March 28th. Morgan Stanley raised shares of American International Group from an equal weight rating to an overweight rating and lowered their target price for the company from $62.87 to $61.82 in a report on Tuesday, May 16th. Finally, Zacks Investment Research cut shares of American International Group from a buy rating to a hold rating in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $69.02.

American International Group (AIG) opened at 61.34 on Monday. American International Group has a 52 week low of $57.35 and a 52 week high of $67.47. The company’s market cap is $55.41 billion. The company’s 50-day moving average price is $63.93 and its 200 day moving average price is $62.98. American International Group also was the target of some unusual options trading activity on Wednesday. Stock investors purchased 12,371 call options on the company. This is an increase of approximately 249% compared to the average volume of 3,541 call options.

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

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American International Group announced that its board has initiated a stock repurchase plan on Wednesday, May 3rd that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the insurance provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 2.09%. American International Group’s payout ratio is -711.07%.

Hedge funds have recently bought and sold shares of the stock. Boston Partners raised its stake in American International Group by 262.4% in the second quarter. Boston Partners now owns 6,861,857 shares of the insurance provider’s stock valued at $429,003,000 after buying an additional 4,968,504 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in American International Group by 307.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,167,213 shares of the insurance provider’s stock valued at $260,534,000 after buying an additional 3,144,446 shares during the last quarter. Prudential Financial Inc. raised its stake in American International Group by 202.5% in the second quarter. Prudential Financial Inc. now owns 4,009,199 shares of the insurance provider’s stock valued at $250,655,000 after buying an additional 2,683,775 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in American International Group during the second quarter valued at about $134,359,000. Finally, TIAA CREF Investment Management LLC raised its stake in American International Group by 27.1% in the second quarter. TIAA CREF Investment Management LLC now owns 9,857,378 shares of the insurance provider’s stock valued at $616,283,000 after buying an additional 2,103,522 shares during the last quarter. Institutional investors and hedge funds own 87.76% of the company’s stock.

About American International Group

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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