American International Group, Inc. (NYSE:AIG) Receives Consensus Rating of “Buy” from Brokerages
American International Group, Inc. (NYSE:AIG) has earned an average rating of “Buy” from the seventeen research firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation, nine have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $64.81.
AIG has been the topic of several recent research reports. Morgan Stanley upgraded American International Group from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $62.87 to $61.82 in a research note on Tuesday, May 16th. Wells Fargo & Company restated a “hold” rating on shares of American International Group in a research note on Friday, March 24th. J P Morgan Chase & Co cut their price target on American International Group from $69.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, April 3rd. Vetr upgraded American International Group from a “buy” rating to a “strong-buy” rating and set a $72.50 price target on the stock in a research note on Tuesday, March 28th. Finally, TheStreet upgraded American International Group from a “c” rating to a “b-” rating in a research note on Wednesday, May 3rd.
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In other American International Group news, CEO Brian Duperreault bought 80,000 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were acquired at an average cost of $61.48 per share, for a total transaction of $4,918,400.00. Following the purchase, the chief executive officer now owns 80,000 shares in the company, valued at approximately $4,918,400. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.52% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Israel Discount Bank of New York purchased a new position in American International Group during the first quarter valued at $145,000. Chicago Partners Investment Group LLC boosted its position in American International Group by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 2,642 shares of the insurance provider’s stock valued at $165,000 after buying an additional 14 shares during the last quarter. FTB Advisors Inc. boosted its position in American International Group by 147.9% in the first quarter. FTB Advisors Inc. now owns 2,868 shares of the insurance provider’s stock valued at $176,000 after buying an additional 1,711 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new position in American International Group during the first quarter valued at $184,000. Finally, Lincoln National Corp purchased a new position in American International Group during the first quarter valued at $202,000. Institutional investors and hedge funds own 86.16% of the company’s stock.
Shares of American International Group (NYSE AIG) traded down 0.42% during midday trading on Friday, reaching $63.96. The company’s stock had a trading volume of 1,714,673 shares. The stock has a 50-day moving average price of $63.59 and a 200-day moving average price of $63.21. American International Group has a 52-week low of $53.93 and a 52-week high of $67.47. The stock has a market cap of $59.21 billion, a price-to-earnings ratio of 130.00 and a beta of 1.13.
American International Group (NYSE:AIG) last posted its earnings results on Wednesday, May 3rd. The insurance provider reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.25. American International Group had a return on equity of 5.36% and a net margin of 1.00%. The firm had revenue of $11.31 billion for the quarter, compared to the consensus estimate of $11 billion. During the same quarter in the prior year, the business earned $0.65 EPS. Equities research analysts anticipate that American International Group will post $5.02 earnings per share for the current fiscal year.
American International Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 3rd that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 28th. Shareholders of record on Wednesday, June 14th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, June 12th. This represents a $1.28 annualized dividend and a yield of 1.99%. American International Group’s dividend payout ratio is 412.92%.
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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