BidaskClub Lowers American International Group, Inc. (AIG) to Sell
BidaskClub downgraded shares of American International Group, Inc. (NYSE:AIG) from a hold rating to a sell rating in a research note released on Sunday morning.
Other equities research analysts have also issued reports about the company. Credit Suisse Group set a $72.00 price objective on American International Group and gave the company a buy rating in a research note on Saturday, April 15th. Wells Fargo & Company restated a buy rating on shares of American International Group in a research report on Wednesday, July 5th. Deutsche Bank AG restated a sell rating and set a $60.00 price target (up from $57.00) on shares of American International Group in a research report on Wednesday, August 9th. Atlantic Securities lowered American International Group from an overweight rating to a neutral rating and set a $70.00 price target on the stock. in a research report on Wednesday, August 9th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $69.02.
Shares of American International Group (AIG) opened at 63.03 on Friday. The company’s market cap is $56.94 billion. The company has a 50 day moving average price of $64.06 and a 200 day moving average price of $63.01. American International Group has a one year low of $57.35 and a one year high of $67.47.
American International Group (NYSE:AIG) last released its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share for the quarter, beating the 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 prior year, the company posted $0.98 EPS. Equities research analysts expect that American International Group will post $5.28 earnings per share for the current year.
The business 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 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, September 14th. American International Group’s dividend payout ratio (DPR) is currently -711.07%.
American International Group declared that its board has authorized a share buyback plan on Wednesday, May 3rd that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In related news, CEO Brian Duperreault purchased 80,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were bought at an average price of $61.48 per share, with a total value of $4,918,400.00. Following the purchase, the chief executive officer now directly owns 80,000 shares in the company, valued at approximately $4,918,400. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.52% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board boosted its stake in American International Group by 12.6% in the second quarter. Canada Pension Plan Investment Board now owns 11,631,827 shares of the insurance provider’s stock worth $727,222,000 after buying an additional 1,300,900 shares in the last quarter. TIAA CREF Investment Management LLC boosted 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 worth $616,283,000 after buying an additional 2,103,522 shares in the last quarter. Alliancebernstein L.P. boosted its stake in American International Group by 1.7% in the second quarter. Alliancebernstein L.P. now owns 9,432,868 shares of the insurance provider’s stock worth $589,743,000 after buying an additional 159,529 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in American International Group by 7.0% in the second quarter. Bank of New York Mellon Corp now owns 8,904,042 shares of the insurance provider’s stock worth $556,681,000 after buying an additional 584,450 shares in the last quarter. Finally, Boston Partners boosted 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 worth $429,003,000 after buying an additional 4,968,504 shares in 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.
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