Wetherby Asset Management Inc. increased its position in American International Group, Inc. (NYSE:AIG) by 3.8% during the second quarter, Holdings Channel reports. The institutional investor owned 16,657 shares of the insurance provider’s stock after buying an additional 615 shares during the period. Wetherby Asset Management Inc.’s holdings in American International Group were worth $1,041,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of AIG. Old Mutual Global Investors UK Ltd. boosted its stake in American International Group by 450.2% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 2,166,582 shares of the insurance provider’s stock worth $135,259,000 after buying an additional 1,772,801 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in American International Group by 12.6% in the second quarter. Canada Pension Plan Investment Board now owns 11,631,827 shares of the insurance provider’s stock worth $727,222,000 after buying an additional 1,300,900 shares in the last quarter. TD Asset Management Inc. boosted its stake in American International Group by 49.4% in the first quarter. TD Asset Management Inc. now owns 3,245,019 shares of the insurance provider’s stock worth $202,587,000 after buying an additional 1,073,157 shares in the last quarter. Swiss National Bank boosted its stake in American International Group by 20.9% in the first quarter. Swiss National Bank now owns 3,639,456 shares of the insurance provider’s stock worth $227,211,000 after buying an additional 629,400 shares in the last quarter. Finally, Harbour Capital Advisors LLC boosted its stake in American International Group by 5,983.4% in the second quarter. Harbour Capital Advisors LLC now owns 507,475 shares of the insurance provider’s stock worth $8,117,000 after buying an additional 499,133 shares in the last quarter. Hedge funds and other institutional investors own 85.88% of the company’s stock.
American International Group, Inc. (AIG) opened at 64.01 on Thursday. The stock has a 50 day moving average price of $64.09 and a 200 day moving average price of $63.11. The firm has a market capitalization of $59.26 billion, a price-to-earnings ratio of 130.10 and a beta of 1.14. American International Group, Inc. has a 1-year low of $57.35 and a 1-year high of $67.47.
American International Group (NYSE:AIG) last posted its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.33. The firm had revenue of $11.23 billion for the quarter, compared to analyst estimates of $12.61 billion. American International Group had a positive return on equity of 6.06% and a negative net margin of 0.53%. During the same period in the previous year, the firm earned $0.98 earnings per share. Analysts predict that American International Group, Inc. will post $5.28 EPS for the current year.
American International Group declared that its Board of Directors has authorized a stock repurchase program on Wednesday, May 3rd that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Thursday, September 14th. American International Group’s payout ratio is -711.07%.
A number of analysts recently commented on AIG shares. Morgan Stanley upgraded American International Group from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $62.87 to $61.82 in a research report on Tuesday, May 16th. Zacks Investment Research upgraded American International Group from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Wednesday, July 5th. Wells Fargo & Company reiterated a “buy” rating on shares of American International Group in a research report on Wednesday, April 12th. TheStreet upgraded American International Group from a “c” rating to a “b-” rating in a research report on Wednesday, May 3rd. Finally, Credit Suisse Group set a $72.00 price objective on American International Group and gave the stock a “buy” rating in a research report on Saturday, April 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $69.02.
In other news, CEO Brian Duperreault bought 80,000 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were bought at an average cost of $61.48 per share, with a total value of $4,918,400.00. Following the transaction, the chief executive officer now directly owns 80,000 shares in the company, valued at approximately $4,918,400. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.52% of the stock is currently owned by insiders.
American International Group Company Profile
American International Group, Inc is a global insurance company. The Company provides a range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers. Its segments include Commercial Insurance, Consumer Insurance, Other Operations and Legacy Portfolio.
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