Sumitomo Life Insurance Co. decreased its position in shares of American International Group Inc (NYSE:AIG) by 9.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,703 shares of the insurance provider’s stock after selling 2,940 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in American International Group were worth $1,150,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norinchukin Bank The lifted its holdings in American International Group by 10.1% in the 4th quarter. Norinchukin Bank The now owns 69,225 shares of the insurance provider’s stock valued at $2,728,000 after purchasing an additional 6,372 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of American International Group by 13.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 335,564 shares of the insurance provider’s stock worth $13,225,000 after acquiring an additional 38,625 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of American International Group by 12.1% during the 4th quarter. Bank of New York Mellon Corp now owns 9,974,712 shares of the insurance provider’s stock worth $393,104,000 after acquiring an additional 1,077,501 shares during the period. Wedge Capital Management L L P NC raised its holdings in shares of American International Group by 17.4% during the 4th 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 acquiring an additional 159,462 shares during the period. Finally, Stephens Inc. AR raised its holdings in shares of American International Group by 36.0% during the 4th quarter. Stephens Inc. AR now owns 22,207 shares of the insurance provider’s stock worth $875,000 after acquiring an additional 5,875 shares during the period. 91.08% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently commented on the company. Wells Fargo & Co reiterated a “buy” rating and set a $54.00 price target on shares of American International Group in a report on Wednesday, February 13th. Bank of America reiterated a “buy” rating and set a $56.00 price target (up previously from $50.00) on shares of American International Group in a report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and set a $56.00 price target on shares of American International Group in a report on Wednesday. Zacks Investment Research upgraded American International Group from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Thursday. Finally, Compass Point started coverage on American International Group in a research report on Tuesday, January 15th. They set a “neutral” rating and a $44.00 price objective for the company. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. American International Group currently has an average rating of “Buy” and an average target price of $55.17.
American International Group (NYSE:AIG) last announced its quarterly earnings data on Monday, May 6th. The insurance provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.52. The business had revenue of $12.90 billion during the quarter, compared to analysts’ expectations of $12.25 billion. American International Group had a positive return on equity of 2.48% and a negative net margin of 0.60%. During the same quarter last year, the business posted $1.04 EPS. On average, analysts anticipate that American International Group Inc will post 4.8 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Thursday, June 13th. American International Group’s payout ratio is presently 109.40%.
American International Group announced that its board has authorized a stock repurchase program on Wednesday, February 13th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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American International Group Company Profile
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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