Granite Investment Advisors LLC cut its position in American International Group, Inc. (NYSE:AIG) by 8.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,632 shares of the insurance provider’s stock after selling 7,746 shares during the period. Granite Investment Advisors LLC’s holdings in American International Group were worth $5,460,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Canada Pension Plan Investment Board raised its stake in shares of 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 during the period. TIAA CREF Investment Management LLC raised its stake in shares of American International Group by 1.5% in the first quarter. TIAA CREF Investment Management LLC now owns 7,753,856 shares of the insurance provider’s stock worth $484,073,000 after buying an additional 116,955 shares during the period. Boston Partners raised its stake in shares of American International Group by 262.4% in the second quarter. Boston Partners now owns 6,861,857 shares of the insurance provider’s stock worth $429,003,000 after buying an additional 4,968,504 shares during the period. Pzena Investment Management LLC raised its stake in shares of American International Group by 7.0% in the first quarter. Pzena Investment Management LLC now owns 6,389,150 shares of the insurance provider’s stock worth $398,875,000 after buying an additional 416,152 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of American International Group by 1.1% in the first quarter. Legal & General Group Plc now owns 5,371,867 shares of the insurance provider’s stock worth $335,356,000 after buying an additional 57,104 shares during the period. Institutional investors and hedge funds own 85.88% of the company’s stock.

American International Group, Inc. (NYSE AIG) opened at 63.00 on Friday. American International Group, Inc. has a one year low of $57.35 and a one year high of $67.47. The firm’s market cap is $56.91 billion. The stock’s 50 day moving average is $64.08 and its 200 day moving average is $63.11.

American International Group (NYSE:AIG) last announced its earnings results on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.33. American International Group had a positive return on equity of 6.06% and a negative net margin of 0.53%. The business had revenue of $11.23 billion for the quarter, compared to analyst estimates of $12.61 billion. During the same quarter last year, the firm earned $0.98 EPS. On average, equities research analysts expect that American International Group, Inc. will post $5.28 earnings per share for the current year.

American International Group announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 3rd that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Thursday, September 14th. American International Group’s dividend payout ratio is presently -711.07%.

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AIG has been the subject of a number of research reports. BidaskClub downgraded shares of American International Group from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Morgan Stanley raised shares of American International Group from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $62.87 to $61.82 in a report on Tuesday, May 16th. Credit Suisse Group set a $72.00 price objective on shares of American International Group and gave the stock a “buy” rating in a report on Saturday, April 15th. Zacks Investment Research raised shares of American International Group from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a report on Wednesday, July 5th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of American International Group in a report on Wednesday, July 5th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average 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 that occurred on Thursday, May 18th. The shares were acquired at an average price of $61.48 per share, with a total value of $4,918,400.00. Following the transaction, the chief executive officer now owns 80,000 shares in the company, valued at $4,918,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.52% of the stock is currently owned by company 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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Institutional Ownership by Quarter for American International Group (NYSE:AIG)

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