Wedge Capital Management L L P NC Has $45.40 Million Position in American International Group, Inc. (NYSE:AIG)
Wedge Capital Management L L P NC cut its stake in shares of American International Group, Inc. (NYSE:AIG) by 2.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 726,108 shares of the insurance provider’s stock after selling 21,067 shares during the period. Wedge Capital Management L L P NC’s holdings in American International Group were worth $45,396,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the stock. Israel Discount Bank of New York acquired a new position in American International Group during the first quarter valued at approximately $145,000. Chicago Partners Investment Group LLC raised 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 period. FTB Advisors Inc. raised 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 period. Feltz Wealth PLAN Inc. acquired a new position in American International Group during the first quarter valued at approximately $184,000. Finally, Lincoln National Corp acquired a new position in American International Group during the first quarter valued at approximately $202,000. Institutional investors and hedge funds own 85.88% of the company’s stock.
American International Group, Inc. (NYSE AIG) opened at 62.65 on Friday. American International Group, Inc. has a 12-month low of $57.35 and a 12-month high of $67.47. The stock’s market cap is $56.60 billion. The company’s 50 day moving average price is $64.07 and its 200-day moving average price is $63.09.
American International Group (NYSE:AIG) last announced its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.33. American International Group had a negative net margin of 0.53% and a positive return on equity of 6.06%. The business had revenue of $11.23 billion during the quarter, compared to the consensus estimate of $12.61 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. On average, analysts forecast that American International Group, Inc. will post $5.28 EPS for the current year.
American International Group declared that its board has approved a stock repurchase program on Wednesday, May 3rd that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Thursday, September 14th. American International Group’s dividend payout ratio is presently -711.07%.
AIG has been the topic of several recent analyst reports. TheStreet raised American International Group from a “c” rating to a “b-” rating in a report on Wednesday, May 3rd. Wells Fargo & Company reissued a “buy” rating on shares of American International Group in a report on Wednesday, July 5th. Zacks Investment Research raised American International Group from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Wednesday, July 5th. Royal Bank Of Canada reissued a “buy” rating and issued a $71.00 target price on shares of American International Group in a report on Monday, April 24th. Finally, Credit Suisse Group set a $72.00 target price on American International Group and gave the company a “buy” rating in a report on Saturday, April 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $69.02.
In other news, CEO Brian Duperreault bought 80,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was purchased at an average price of $61.48 per share, for a total transaction 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.52% of the stock is owned by corporate 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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