Suntrust Banks Inc. lessened its holdings in American International Group Inc (NYSE:AIG) by 41.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,668 shares of the insurance provider’s stock after selling 18,414 shares during the quarter. Suntrust Banks Inc.’s holdings in American International Group were worth $1,012,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in AIG. Norinchukin Bank The grew its stake in shares of American International Group by 10.1% in the fourth quarter. Norinchukin Bank The now owns 69,225 shares of the insurance provider’s stock valued at $2,728,000 after acquiring an additional 6,372 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in American International Group by 13.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 335,564 shares of the insurance provider’s stock worth $13,225,000 after buying an additional 38,625 shares in the last quarter. Bank of New York Mellon Corp grew its stake in American International Group by 12.1% during the fourth quarter. Bank of New York Mellon Corp now owns 9,974,712 shares of the insurance provider’s stock worth $393,104,000 after buying an additional 1,077,501 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in American International Group by 17.4% during the fourth quarter. Wedge Capital Management L L P NC now owns 1,073,892 shares of the insurance provider’s stock worth $42,322,000 after buying an additional 159,462 shares in the last quarter. Finally, Stephens Inc. AR grew its stake in American International Group by 36.0% during the fourth quarter. Stephens Inc. AR now owns 22,207 shares of the insurance provider’s stock worth $875,000 after buying an additional 5,875 shares in the last quarter. 91.01% of the stock is currently owned by institutional investors and hedge funds.
NYSE AIG traded up $0.07 during trading hours on Friday, reaching $46.04. The company’s stock had a trading volume of 3,729,295 shares, compared to its average volume of 3,683,242. The firm has a market cap of $40.04 billion, a PE ratio of 39.35, a price-to-earnings-growth ratio of 0.95 and a beta of 1.37. American International Group Inc has a 52 week low of $36.16 and a 52 week high of $56.79. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.26 and a quick ratio of 0.26.
American International Group declared that its board has initiated a stock repurchase program on Wednesday, February 13th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the insurance provider to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.28 annualized dividend and a yield of 2.78%. American International Group’s payout ratio is 109.40%.
A number of brokerages have issued reports on AIG. Zacks Investment Research upgraded shares of American International Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 16th. Bank of America reiterated a “buy” rating and set a $46.00 price objective on shares of American International Group in a research note on Thursday, April 11th. Wells Fargo & Co reiterated a “buy” rating and set a $54.00 price objective on shares of American International Group in a research note on Wednesday, February 13th. Credit Suisse Group assumed coverage on shares of American International Group in a research note on Tuesday, February 5th. They set a “neutral” rating and a $46.00 price objective on the stock. Finally, ValuEngine downgraded shares of American International Group from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $55.07.
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About American International Group
American International Group, Inc provides insurance products for commercial, institutional, and individual customers in North America and internationally. 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, crop, and marine insurance.
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