American Financial Group (NYSE:AFG) Announces Quarterly Earnings Results, Beats Expectations By $0.34 EPS

American Financial Group (NYSE:AFG) released its quarterly earnings data on Tuesday. The insurance provider reported $2.69 EPS for the quarter, topping the consensus estimate of $2.35 by $0.34, Zacks reports. American Financial Group had a return on equity of 17.41% and a net margin of 9.21%.The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period last year, the company earned $2.31 EPS. American Financial Group’s revenue for the quarter was up 13.4% on a year-over-year basis.

American Financial Group Price Performance

NYSE AFG traded up $5.59 during trading hours on Wednesday, reaching $137.09. The company’s stock had a trading volume of 21,501 shares, compared to its average volume of 490,467. The firm’s 50-day moving average price is $138.39 and its 200-day moving average price is $130.55. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33. American Financial Group has a 1 year low of $114.73 and a 1 year high of $150.19. The company has a market capitalization of $11.43 billion, a price-to-earnings ratio of 15.07 and a beta of 0.78.

American Financial Group Announces Dividend

The firm also recently declared a special dividend, which will be paid on Wednesday, November 26th. Investors of record on Monday, November 17th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Monday, November 17th. American Financial Group’s payout ratio is currently 38.68%.

Insider Buying and Selling

In related news, Director Stephen Craig Lindner, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $134.31, for a total value of $1,343,100.00. Following the transaction, the director directly owned 326,730 shares of the company’s stock, valued at approximately $43,883,106.30. The trade was a 2.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 17.40% of the company’s stock.

Institutional Trading of American Financial Group

Several hedge funds have recently modified their holdings of AFG. Ameriprise Financial Inc. raised its holdings in shares of American Financial Group by 29.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 424,723 shares of the insurance provider’s stock worth $53,605,000 after acquiring an additional 97,102 shares in the last quarter. Bank of America Corp DE increased its position in shares of American Financial Group by 42.9% during the 2nd quarter. Bank of America Corp DE now owns 319,364 shares of the insurance provider’s stock valued at $40,307,000 after purchasing an additional 95,942 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of American Financial Group during the 2nd quarter valued at approximately $7,747,000. The Manufacturers Life Insurance Company increased its position in shares of American Financial Group by 61.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 123,569 shares of the insurance provider’s stock valued at $15,596,000 after purchasing an additional 47,015 shares during the last quarter. Finally, Lighthouse Investment Partners LLC increased its position in shares of American Financial Group by 51.1% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 89,271 shares of the insurance provider’s stock valued at $11,267,000 after purchasing an additional 30,208 shares during the last quarter. 64.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AFG has been the topic of several research reports. Wall Street Zen raised American Financial Group from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Jefferies Financial Group lifted their price objective on American Financial Group from $125.00 to $130.00 and gave the company a “hold” rating in a research report on Monday, August 11th. Keefe, Bruyette & Woods lowered their price objective on American Financial Group from $127.00 to $124.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of American Financial Group in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $136.75.

About American Financial Group

American Financial Group, Inc, an insurance holding company, provides specialty property and casualty insurance products in the United States. The company offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers’ compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance.