American International Group (AIG) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of American International Group (NYSE:AIG) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “American International Group’s shares have underperformed the industry year to date. The company has been suffering from tough market conditions and its massive size with numerous uncorrelated businesses creating little or no synergy. A number of asset sale and business divestitures made over the past many years have however, streamlined the company to some extent. Recently the insurance giant appointed Brian Duperreault as its new CEO with expectations of improving operations by completing restructuring initiatives already underway and making further changes. Nevertheless, its underperforming commercial lines business and an exposure to catastrophes continue to bother.”
AIG has been the subject of a number of other research reports. Wells Fargo & Company reiterated a buy rating and issued a $75.00 target price on shares of American International Group in a research report on Sunday, October 1st. Buckingham Research initiated coverage on shares of American International Group in a report on Monday, September 11th. They set an underperform rating and a $52.00 price target on the stock. ValuEngine downgraded shares of American International Group from a buy rating to a hold rating in a report on Wednesday, October 11th. Keefe, Bruyette & Woods restated a buy rating and set a $74.00 price target on shares of American International Group in a report on Wednesday, December 6th. Finally, UBS cut their price target on shares of American International Group from $65.00 to $64.00 and set a neutral rating on the stock in a report on Tuesday, September 19th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $67.70.
American International Group (NYSE:AIG) last released its earnings results on Thursday, November 2nd. The insurance provider reported ($1.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($2.45). American International Group had a positive return on equity of 3.43% and a negative net margin of 5.07%. The company had revenue of $12.67 billion during the quarter, compared to analysts’ expectations of $12.05 billion. During the same quarter in the previous year, the company earned $1.23 EPS. analysts expect that American International Group will post 2.76 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Friday, December 8th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.28 annualized dividend and a dividend yield of 2.20%. American International Group’s dividend payout ratio (DPR) is currently -51.00%.
Several institutional investors have recently modified their holdings of the company. Bank of Nova Scotia Trust Co. bought a new position in shares of American International Group in the third quarter worth about $109,000. Peddock Capital Advisors LLC raised its stake in shares of American International Group by 100.0% during the second quarter. Peddock Capital Advisors LLC now owns 2,542 shares of the insurance provider’s stock worth $159,000 after buying an additional 1,271 shares during the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of American International Group during the third quarter worth approximately $163,000. Rational Advisors LLC raised its stake in shares of American International Group by 100.0% during the third quarter. Rational Advisors LLC now owns 3,000 shares of the insurance provider’s stock worth $184,000 after buying an additional 1,500 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in American International Group by 30.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,076 shares of the insurance provider’s stock valued at $192,000 after purchasing an additional 716 shares during the period. Institutional investors and hedge funds own 86.10% of the company’s stock.
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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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