Verition Fund Management LLC Invests $4.50 Million in American International Group Inc (AIG)
Verition Fund Management LLC acquired a new position in American International Group Inc (NYSE:AIG) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 82,719 shares of the insurance provider’s stock, valued at approximately $4,502,000.
Several other hedge funds have also recently made changes to their positions in AIG. Sound Shore Management Inc. CT bought a new stake in shares of American International Group in the 1st quarter worth approximately $196,526,000. Orbis Allan Gray Ltd lifted its position in shares of American International Group by 39.5% during the 4th quarter. Orbis Allan Gray Ltd now owns 8,865,081 shares of the insurance provider’s stock worth $528,182,000 after buying an additional 2,510,464 shares during the period. Standard Life Aberdeen plc lifted its position in shares of American International Group by 73.5% during the 4th quarter. Standard Life Aberdeen plc now owns 5,648,140 shares of the insurance provider’s stock worth $336,588,000 after buying an additional 2,393,028 shares during the period. AustralianSuper Pty Ltd bought a new position in shares of American International Group during the 1st quarter worth approximately $92,514,000. Finally, Point72 Asset Management L.P. lifted its position in shares of American International Group by 383.7% during the 1st quarter. Point72 Asset Management L.P. now owns 1,955,534 shares of the insurance provider’s stock worth $106,420,000 after buying an additional 1,551,242 shares during the period. Institutional investors own 85.97% of the company’s stock.
Several research firms recently commented on AIG. Wells Fargo & Co set a $62.00 target price on American International Group and gave the stock a “buy” rating in a research report on Thursday, June 7th. JPMorgan Chase & Co. restated a “neutral” rating and set a $63.00 target price on shares of American International Group in a research report on Saturday, June 2nd. UBS Group upgraded American International Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $53.71 to $63.00 in a research report on Thursday, May 17th. Goldman Sachs Group upgraded American International Group from a “neutral” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Thursday, May 10th. Finally, Morgan Stanley cut their target price on American International Group from $72.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, May 4th. Three analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. American International Group currently has a consensus rating of “Hold” and an average price target of $65.59.
Shares of American International Group opened at $54.57 on Thursday, according to Marketbeat. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.53. American International Group Inc has a 52-week low of $49.57 and a 52-week high of $67.30. The firm has a market capitalization of $49.49 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 1.04 and a beta of 1.20.
American International Group (NYSE:AIG) last issued its quarterly earnings data on Wednesday, May 2nd. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.22). American International Group had a negative net margin of 13.03% and a positive return on equity of 2.65%. The business had revenue of $11.73 billion during the quarter, compared to the consensus estimate of $11.60 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. equities research analysts forecast that American International Group Inc will post 4.83 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 28th. Shareholders of record on Thursday, June 14th will be given a $0.32 dividend. The ex-dividend date of this dividend is Wednesday, June 13th. This represents a $1.28 annualized dividend and a yield of 2.35%. American International Group’s payout ratio is 53.33%.
About American International Group
American International Group, Inc provides insurance products for commercial, institutional, and individual customers primarily in the United States, Europe, and Japan. 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, and marine insurance.
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