Connable Office Inc. lowered its holdings in shares of American International Group Inc (NYSE:AIG) by 6.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 64,759 shares of the insurance provider’s stock after selling 4,336 shares during the period. Connable Office Inc.’s holdings in American International Group were worth $2,789,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of AIG. Oregon Public Employees Retirement Fund raised its holdings in shares of American International Group by 4,353.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 13,224,577 shares of the insurance provider’s stock worth $336,000 after buying an additional 12,927,638 shares in the last quarter. Norges Bank acquired a new position in shares of American International Group during the 4th quarter worth $354,739,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of American International Group by 49.9% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 22,573,630 shares of the insurance provider’s stock worth $889,627,000 after buying an additional 7,516,503 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of American International Group during the 4th quarter worth $291,537,000. Finally, Macquarie Group Ltd. increased its holdings in American International Group by 24.8% in the 4th quarter. Macquarie Group Ltd. now owns 16,690,982 shares of the insurance provider’s stock worth $657,792,000 after purchasing an additional 3,312,810 shares in the last quarter. 90.98% of the stock is owned by institutional investors.
AIG has been the subject of a number of recent research reports. ValuEngine cut American International Group from a “hold” rating to a “sell” rating in a report on Monday, February 4th. Credit Suisse Group initiated coverage on American International Group in a report on Tuesday, February 5th. They issued a “neutral” rating and a $46.00 target price for the company. Wells Fargo & Co reaffirmed a “buy” rating and issued a $54.00 target price on shares of American International Group in a report on Wednesday, February 13th. Compass Point raised American International Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $44.00 to $56.00 in a report on Friday, February 15th. Finally, Argus cut American International Group from a “buy” rating to a “hold” rating in a report on Friday, February 15th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $54.82.
American International Group (NYSE:AIG) last released its quarterly earnings results on Monday, May 6th. The insurance provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.52. American International Group had a positive return on equity of 2.48% and a negative net margin of 0.60%. The firm had revenue of $12.90 billion for the quarter, compared to analyst estimates of $12.25 billion. During the same quarter in the previous year, the company posted $1.04 EPS. Equities research analysts expect that American International Group Inc will post 4.96 EPS for the current year.
American International Group announced that its board has approved a share repurchase plan on Wednesday, February 13th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.32 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.44%. American International Group’s dividend payout ratio (DPR) is presently 109.40%.
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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