American Financial Group (NYSE:AFG) Hits New 52-Week High – Here’s What Happened

Shares of American Financial Group, Inc. (NYSE:AFG) hit a new 52-week high during trading on Friday. The company traded as high as $148.71 and last traded at $148.5030, with a volume of 55,292 shares changing hands. The stock had previously closed at $145.73.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their target price on shares of American Financial Group from $153.00 to $147.00 and set a “market perform” rating on the stock in a research report on Monday. Piper Sandler lifted their price target on shares of American Financial Group from $140.00 to $156.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Wall Street Zen lowered shares of American Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. Wells Fargo & Company dropped their price objective on shares of American Financial Group from $175.00 to $166.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Weiss Ratings upgraded shares of American Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $152.75.

American Financial Group Stock Up 1.4%

The company has a debt-to-equity ratio of 0.38, a current ratio of 0.49 and a quick ratio of 0.49. The stock has a 50 day simple moving average of $142.43 and a 200-day simple moving average of $137.85. The firm has a market cap of $12.25 billion, a PE ratio of 12.91 and a beta of 0.59.

American Financial Group (NYSE:AFG) last released its earnings results on Tuesday, August 4th. The insurance provider reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.50. American Financial Group had a return on equity of 20.35% and a net margin of 11.51%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the firm posted $2.14 earnings per share. The company’s quarterly revenue was up 5.5% on a year-over-year basis. Sell-side analysts predict that American Financial Group, Inc. will post 12.29 EPS for the current fiscal year.

American Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 15th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Thursday, October 15th. This is a positive change from American Financial Group’s previous quarterly dividend of $0.88. American Financial Group’s dividend payout ratio (DPR) is presently 33.92%.

Insider Activity

In related news, VP Mark A. Weiss sold 2,813 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $144.76, for a total value of $407,209.88. Following the completion of the transaction, the vice president directly owned 6,648 shares in the company, valued at $962,364.48. The trade was a 29.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian S. Hertzman sold 950 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $142.87, for a total transaction of $135,726.50. Following the completion of the transaction, the chief financial officer owned 11,123 shares of the company’s stock, valued at approximately $1,589,143.01. The trade was a 7.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Cassaday & Co Wealth Management LLC bought a new position in shares of American Financial Group during the first quarter valued at $26,000. Global Retirement Partners LLC purchased a new position in American Financial Group in the 2nd quarter worth about $32,000. Versant Capital Management Inc raised its position in American Financial Group by 135.7% in the 3rd quarter. Versant Capital Management Inc now owns 264 shares of the insurance provider’s stock worth $36,000 after buying an additional 152 shares during the last quarter. Keating Financial Advisory Services Inc. bought a new position in American Financial Group during the 2nd quarter valued at about $42,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in American Financial Group during the 2nd quarter valued at about $46,000. Hedge funds and other institutional investors own 64.37% of the company’s stock.

About American Financial Group

American Financial Group, Inc is an insurance holding company headquartered in Cincinnati, Ohio. Through its Great American Insurance Group businesses, the company primarily provides property and casualty insurance products, with an emphasis on specialty commercial markets that require specialized underwriting expertise.

Its insurance offerings include coverage for commercial transportation, agriculture, workers’ compensation, excess and surplus risks, environmental exposures, inland marine, and other niche industries.