Concord Wealth Partners Has $55,000 Stock Position in American International Group, Inc. (NYSE:AIG)

Concord Wealth Partners lowered its position in shares of American International Group, Inc. (NYSE:AIG) by 45.7% in the fourth quarter, HoldingsChannel reports. The firm owned 810 shares of the insurance provider’s stock after selling 682 shares during the period. Concord Wealth Partners’ holdings in American International Group were worth $55,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in American International Group in the 3rd quarter valued at about $26,000. Headlands Technologies LLC acquired a new stake in American International Group in the 3rd quarter valued at about $32,000. CNB Bank acquired a new stake in American International Group in the 3rd quarter valued at about $42,000. SouthState Corp increased its position in American International Group by 41.7% in the 3rd quarter. SouthState Corp now owns 737 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 217 shares in the last quarter. Finally, Blue Trust Inc. increased its position in American International Group by 41.7% in the 4th quarter. Blue Trust Inc. now owns 788 shares of the insurance provider’s stock valued at $53,000 after acquiring an additional 232 shares in the last quarter. Institutional investors and hedge funds own 90.60% of the company’s stock.

Analysts Set New Price Targets

AIG has been the subject of several research reports. Royal Bank of Canada raised their price objective on shares of American International Group from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, February 15th. Piper Sandler raised their price objective on shares of American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Evercore ISI lifted their price target on shares of American International Group from $80.00 to $81.00 and gave the stock an “in-line” rating in a research report on Friday. Citigroup lifted their price target on shares of American International Group from $79.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, BMO Capital Markets lowered their price target on shares of American International Group from $83.00 to $81.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $80.44.

Insider Activity

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

American International Group Stock Performance

Shares of AIG opened at $78.48 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.31 and a current ratio of 0.31. American International Group, Inc. has a twelve month low of $48.95 and a twelve month high of $79.70. The firm’s 50 day moving average price is $75.24 and its two-hundred day moving average price is $69.36. The firm has a market cap of $53.44 billion, a P/E ratio of 11.71, a PEG ratio of 1.09 and a beta of 1.02.

American International Group (NYSE:AIG) last announced its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.11. American International Group had a net margin of 9.98% and a return on equity of 10.68%. The firm had revenue of $12.58 billion for the quarter, compared to analyst estimates of $12.04 billion. During the same quarter in the previous year, the firm posted $1.63 earnings per share. On average, analysts forecast that American International Group, Inc. will post 6.95 EPS for the current fiscal year.

American International Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.40 dividend. The ex-dividend date is Friday, June 14th. This is an increase from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.04%. American International Group’s dividend payout ratio (DPR) is 21.49%.

American International Group declared that its Board of Directors has authorized a share buyback program on Wednesday, May 1st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to repurchase up to 19.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.