American International Group (AIG) Raised to Hold at Zacks Investment Research

American International Group (NYSE:AIG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “American International Group’s shares have underperformed the industry year to date. The company has been suffering from tough market conditions and its massive size with numerous uncorrelated businesses creating little or no synergy. A number of asset sale and business divestitures made over the past many years have however, streamlined the company to some extent. Recently the insurance giant appointed Brian Duperreault as its new CEO with expectations of improving operations by completing restructuring initiatives already underway and making further changes. Nevertheless, its underperforming commercial lines business and an exposure to catastrophes continue to bother.”

Other equities research analysts have also recently issued reports about the company. Bank of America cut American International Group from a “buy” rating to a “neutral” rating and set a $69.00 price target for the company. in a report on Friday, November 3rd. Barclays lowered their target price on American International Group from $74.00 to $71.00 and set an “overweight” rating for the company in a research note on Monday, October 16th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $74.00 target price on shares of American International Group in a research note on Wednesday, December 6th. ValuEngine cut American International Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Finally, Wells Fargo & Company reissued a “buy” rating and issued a $75.00 target price on shares of American International Group in a research note on Sunday, October 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $67.70.

American International Group (NYSE:AIG) traded up $0.28 during mid-day trading on Tuesday, reaching $59.79. The company had a trading volume of 4,163,400 shares, compared to its average volume of 5,853,521. American International Group has a 12-month low of $57.90 and a 12-month high of $67.47. The firm has a market cap of $53,497.07, a PE ratio of 23.71, a price-to-earnings-growth ratio of 1.96 and a beta of 1.17. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.26 and a quick ratio of 0.26.

American International Group (NYSE:AIG) last released its quarterly earnings results on Thursday, November 2nd. The insurance provider reported ($1.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.23 by ($2.45). American International Group had a negative net margin of 5.07% and a positive return on equity of 3.43%. The business had revenue of $12.67 billion for the quarter, compared to analyst estimates of $12.05 billion. During the same period in the prior year, the business earned $1.23 earnings per share. equities research analysts forecast that American International Group will post 2.76 earnings per share for the current year.

Several large investors have recently bought and sold shares of the company. AXA boosted its position in shares of American International Group by 121.8% in the 3rd quarter. AXA now owns 912,168 shares of the insurance provider’s stock worth $55,998,000 after purchasing an additional 500,990 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of American International Group by 121.9% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 15,631,331 shares of the insurance provider’s stock worth $959,607,000 after purchasing an additional 8,586,682 shares during the last quarter. Knightsbridge Asset Management LLC boosted its position in shares of American International Group by 2.2% in the 3rd quarter. Knightsbridge Asset Management LLC now owns 155,243 shares of the insurance provider’s stock worth $9,530,000 after purchasing an additional 3,368 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of American International Group in the 3rd quarter worth $163,000. Finally, Davis Selected Advisers boosted its position in shares of American International Group by 0.9% in the 3rd quarter. Davis Selected Advisers now owns 357,634 shares of the insurance provider’s stock worth $21,955,000 after purchasing an additional 3,340 shares during the last quarter. Institutional investors and hedge funds own 86.10% of the company’s stock.

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About American International Group

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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