IBM Retirement Fund increased its stake in American International Group, Inc. (NYSE:AIG) by 98.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,567 shares of the insurance provider’s stock after buying an additional 11,181 shares during the period. IBM Retirement Fund’s holdings in American International Group were worth $1,577,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Sigma Planning Corp raised its position in American International Group by 15.6% in the first quarter. Sigma Planning Corp now owns 3,680 shares of the insurance provider’s stock worth $230,000 after buying an additional 496 shares during the period. Blue Granite Capital LLC raised its position in American International Group by 11.8% in the first quarter. Blue Granite Capital LLC now owns 38,000 shares of the insurance provider’s stock worth $2,372,000 after buying an additional 4,000 shares during the period. Epoch Investment Partners Inc. raised its position in American International Group by 12.3% in the first quarter. Epoch Investment Partners Inc. now owns 4,342,201 shares of the insurance provider’s stock worth $271,084,000 after buying an additional 474,434 shares during the period. Bank of Nova Scotia raised its position in American International Group by 868.2% in the first quarter. Bank of Nova Scotia now owns 213,547 shares of the insurance provider’s stock worth $13,332,000 after buying an additional 191,490 shares during the period. Finally, Macquarie Group Ltd. raised its position in American International Group by 450.4% in the fourth quarter. Macquarie Group Ltd. now owns 186,542 shares of the insurance provider’s stock worth $12,183,000 after buying an additional 152,647 shares during the period. Institutional investors and hedge funds own 87.76% of the company’s stock.
American International Group, Inc. (AIG) opened at 61.34 on Friday. American International Group, Inc. has a 52 week low of $57.35 and a 52 week high of $67.47. The stock has a 50 day moving average of $63.93 and a 200 day moving average of $62.98. The company’s market cap is $55.41 billion. American International Group also was the target of some unusual options trading on Wednesday. Investors bought 12,371 call options on the stock. This is an increase of 249% compared to the typical volume of 3,541 call options.
American International Group (NYSE:AIG) last announced its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.33. The firm had revenue of $11.23 billion during the quarter, compared to the consensus estimate 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 prior year, the business earned $0.98 EPS. On average, analysts expect that American International Group, Inc. will post $5.28 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Thursday, September 14th. American International Group’s payout ratio is currently -711.07%.
American International Group declared that its Board of Directors has approved a share buyback plan on Wednesday, May 3rd that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
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A number of research analysts have recently commented on the stock. Deutsche Bank AG restated a “sell” rating and set a $60.00 price target (up from $57.00) on shares of American International Group in a research report on Wednesday, August 9th. TheStreet raised shares of American International Group from a “c” rating to a “b-” rating in a report on Wednesday, May 3rd. Atlantic Securities downgraded shares of American International Group from an “overweight” rating to a “neutral” rating and set a $70.00 price objective for the company. in a report on Wednesday, August 9th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $75.00 price objective on shares of American International Group in a report on Thursday, August 3rd. Finally, BidaskClub downgraded shares of American International Group from a “hold” rating to a “sell” rating in a report on Sunday, August 13th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. American International Group presently has an average rating of “Buy” and a consensus target price of $69.02.
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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