TOWER TRUST & INVESTMENT Co Makes New $676,000 Investment in American International Group, Inc. $AIG

TOWER TRUST & INVESTMENT Co purchased a new stake in shares of American International Group, Inc. (NYSE:AIG) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 9,089 shares of the insurance provider’s stock, valued at approximately $676,000.

A number of other hedge funds have also added to or reduced their stakes in AIG. Bank of New York Mellon Corp purchased a new position in shares of American International Group during the second quarter valued at about $496,890,000. Diamond Hill Capital Management LLC Investment Advisor bought a new position in American International Group in the second quarter worth about $464,539,000. Wellington Management Group LLP lifted its holdings in American International Group by 6.9% in the second quarter. Wellington Management Group LLP now owns 30,331,704 shares of the insurance provider’s stock worth $2,260,622,000 after buying an additional 1,961,270 shares during the period. Man Group plc lifted its holdings in American International Group by 104.6% in the second quarter. Man Group plc now owns 3,612,368 shares of the insurance provider’s stock worth $269,230,000 after buying an additional 1,847,194 shares during the period. Finally, Bank of Nova Scotia lifted its holdings in American International Group by 131.5% in the second quarter. Bank of Nova Scotia now owns 1,175,453 shares of the insurance provider’s stock worth $87,607,000 after buying an additional 667,791 shares during the period. 90.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Peter Zaffino sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $76.47, for a total value of $15,294,000.00. Following the sale, the insider directly owned 592,833 shares of the company’s stock, valued at $45,333,939.51. The trade was a 25.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.60% of the company’s stock.

American International Group Trading Up 2.0%

Shares of NYSE AIG opened at $81.48 on Friday. American International Group, Inc. has a 1 year low of $71.25 and a 1 year high of $87.29. The stock has a market cap of $42.61 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 0.84 and a beta of 0.52. The firm has a 50-day moving average of $76.94 and a 200 day moving average of $76.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.61 and a quick ratio of 0.61.

American International Group (NYSE:AIG) last posted its quarterly earnings data on Friday, August 7th. The insurance provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. The business had revenue of $7.08 billion for the quarter, compared to analyst estimates of $7.25 billion. American International Group had a net margin of 11.13% and a return on equity of 11.05%. During the same quarter in the previous year, the firm posted $1.81 earnings per share. As a group, sell-side analysts expect that American International Group, Inc. will post 8.07 EPS for the current fiscal year.

American International Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Wednesday, September 16th. American International Group’s dividend payout ratio (DPR) is presently 36.56%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AIG. Cantor Fitzgerald reduced their target price on American International Group from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. JPMorgan Chase & Co. increased their target price on American International Group from $86.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Barclays raised their target price on American International Group from $80.00 to $81.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Argus restated a “buy” rating and set a $90.00 price target on shares of American International Group in a research report on Wednesday, September 2nd. Finally, HSBC reduced their price target on American International Group from $94.00 to $88.00 and set a “buy” rating on the stock in a research note on Monday, July 6th. Eight analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, American International Group has an average rating of “Hold” and a consensus target price of $87.68.

American International Group Profile

American International Group, Inc (NYSE:AIG) is a global insurance organization that provides property and casualty insurance products and related services to businesses, institutions, and individuals. Its offerings include commercial insurance, personal insurance, specialty coverage, accident and health products, and travel-related protection.

AIG serves customers through operations in the United States and international markets. Its commercial insurance business supports companies across industries with coverage such as property, casualty, liability, marine, and other specialty risks, while its personal insurance operations provide protection for individuals and families.

The company was founded in Shanghai in 1919 by Cornelius Vander Starr and is headquartered in New York City.