APG Asset Management N.V. reduced its position in shares of American International Group, Inc. (NYSE:AIG) by 8.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 3,729,448 shares of the insurance provider’s stock after selling 360,878 shares during the period. APG Asset Management N.V. owned 0.40% of American International Group worth $233,165,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Wright Investors Service Inc. purchased a new stake in American International Group during the second quarter worth $310,000. Patriot Wealth Management Inc. boosted its stake in American International Group by 3.3% in the second quarter. Patriot Wealth Management Inc. now owns 139,727 shares of the insurance provider’s stock worth $8,736,000 after buying an additional 4,486 shares in the last quarter. Oakbrook Investments LLC purchased a new stake in American International Group during the second quarter worth $2,641,000. Whittier Trust Co. of Nevada Inc. boosted its stake in American International Group by 5.2% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 20,777 shares of the insurance provider’s stock worth $1,299,000 after buying an additional 1,028 shares in the last quarter. Finally, Sentinel Trust Co. LBA boosted its stake in American International Group by 5.3% in the second quarter. Sentinel Trust Co. LBA now owns 80,995 shares of the insurance provider’s stock worth $5,064,000 after buying an additional 4,085 shares in the last quarter. Institutional investors and hedge funds own 87.76% of the company’s stock.
American International Group, Inc. (NYSE:AIG) traded down 0.54% during trading on Friday, hitting $61.34. 4,494,724 shares of the stock traded hands. The stock’s market cap is $55.41 billion. American International Group, Inc. has a 12 month low of $57.35 and a 12 month high of $67.47. The firm’s 50-day moving average is $63.93 and its 200-day moving average is $62.98. American International Group also was the target of some unusual options trading on Wednesday. Traders acquired 12,371 call options on the stock. This is an increase of 249% compared to the typical volume of 3,541 call options.
American International Group (NYSE:AIG) last posted its quarterly earnings data 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. The business had revenue of $11.23 billion during the quarter, compared to the consensus estimate of $12.61 billion. American International Group had a positive return on equity of 6.06% and a negative net margin of 0.53%. During the same period in the prior year, the company earned $0.98 earnings per share. On average, analysts forecast that American International Group, Inc. will post $5.28 EPS for the current year.
American International Group announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 3rd that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Thursday, September 14th. American International Group’s payout ratio is currently -711.07%.
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A number of analysts have recently weighed in on the stock. BidaskClub cut shares of American International Group from a “hold” rating to a “sell” rating in a report on Sunday, August 13th. Deutsche Bank AG reiterated a “sell” rating and issued a $60.00 target price (up from $57.00) on shares of American International Group in a research note on Wednesday, August 9th. Atlantic Securities cut shares of American International Group from an “overweight” rating to a “neutral” rating and set a $70.00 target price for the company. in a research note on Wednesday, August 9th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $75.00 target price on shares of American International Group in a research note on Thursday, August 3rd. Finally, Zacks Investment Research upgraded shares of American International Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. American International Group presently has a consensus rating of “Buy” and a consensus price target of $69.02.
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.
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