Summit Global Investments Purchases 33,533 Shares of American International Group, Inc. (NYSE:AIG)

Summit Global Investments grew its position in American International Group, Inc. (NYSE:AIG) by 24.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 172,697 shares of the insurance provider’s stock after acquiring an additional 33,533 shares during the quarter. American International Group comprises 0.8% of Summit Global Investments’ investment portfolio, making the stock its 28th largest holding. Summit Global Investments’ holdings in American International Group were worth $11,700,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AIG. Vicus Capital bought a new stake in shares of American International Group in the 3rd quarter valued at about $251,000. Xponance Inc. boosted its holdings in shares of American International Group by 2.1% in the 3rd quarter. Xponance Inc. now owns 96,301 shares of the insurance provider’s stock valued at $5,836,000 after buying an additional 1,965 shares in the last quarter. Pinnacle Associates Ltd. boosted its holdings in shares of American International Group by 5.2% in the 3rd quarter. Pinnacle Associates Ltd. now owns 6,885 shares of the insurance provider’s stock valued at $417,000 after buying an additional 340 shares in the last quarter. NorthRock Partners LLC boosted its holdings in shares of American International Group by 11.6% in the 3rd quarter. NorthRock Partners LLC now owns 5,161 shares of the insurance provider’s stock valued at $313,000 after buying an additional 535 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of American International Group by 3.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 11,131,560 shares of the insurance provider’s stock valued at $674,573,000 after buying an additional 408,335 shares in the last quarter. 90.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director John C. Inglis purchased 659 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average price of $75.39 per share, with a total value of $49,682.01. Following the acquisition, the director now owns 659 shares in the company, valued at $49,682.01. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director John C. Inglis purchased 659 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average price of $75.39 per share, with a total value of $49,682.01. Following the acquisition, the director now owns 659 shares in the company, valued at $49,682.01. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Zaffino sold 333,000 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $75.87, for a total transaction of $25,264,710.00. Following the completion of the sale, the chief executive officer now directly owns 505,420 shares of the company’s stock, valued at approximately $38,346,215.40. The disclosure for this sale can be found here. 0.61% of the stock is owned by insiders.

Analyst Ratings Changes

AIG has been the subject of a number of recent analyst reports. Citigroup lifted their target price on shares of American International Group from $79.00 to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Bank of America cut shares of American International Group from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $75.00 to $77.00 in a research note on Tuesday, February 20th. TD Cowen initiated coverage on shares of American International Group in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $78.00 target price for the company. BMO Capital Markets lowered their target price on shares of American International Group from $83.00 to $81.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Finally, Piper Sandler lifted their target price on shares of American International Group from $87.00 to $89.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.38.

American International Group Stock Performance

Shares of NYSE:AIG traded up $2.40 during trading on Thursday, hitting $78.21. 4,839,974 shares of the stock traded hands, compared to its average volume of 3,946,534. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.44. The company has a market cap of $53.26 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 1.08 and a beta of 1.02. The company has a fifty day moving average price of $75.10 and a two-hundred day moving average price of $69.30. American International Group, Inc. has a 52-week low of $48.95 and a 52-week high of $79.70.

American International Group (NYSE:AIG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.11. The firm had revenue of $12.58 billion during the quarter, compared to analyst estimates of $12.04 billion. American International Group had a net margin of 7.78% and a return on equity of 10.68%. During the same period in the previous year, the firm earned $1.63 EPS. As a group, equities analysts predict that American International Group, Inc. will post 6.95 EPS for the current year.

American International Group announced that its board has initiated a share buyback program on Wednesday, May 1st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 19.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

American International Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Wednesday, March 13th. American International Group’s payout ratio is presently 28.86%.

American International Group Company Profile

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: General Insurance, Life and Retirement, and Other Operations. The General Insurance segment provides commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products; and professional liability insurance.