Charles Schwab Investment Management Inc. Grows Stake in American International Group, Inc. (NYSE:AIG)

Charles Schwab Investment Management Inc. grew its holdings in shares of American International Group, Inc. (NYSE:AIG) by 0.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,395,566 shares of the insurance provider’s stock after purchasing an additional 32,065 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in American International Group were worth $297,800,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. OFI Invest Asset Management acquired a new stake in American International Group in the 3rd quarter worth approximately $26,000. Headlands Technologies LLC acquired a new stake in shares of American International Group during the third quarter worth $32,000. CNB Bank acquired a new stake in shares of American International Group during the third quarter worth $42,000. SouthState Corp grew its holdings in shares of American International Group by 41.7% during the third quarter. SouthState Corp now owns 737 shares of the insurance provider’s stock valued at $45,000 after buying an additional 217 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of 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 during the period. Institutional investors and hedge funds own 90.60% of the company’s stock.

American International Group Stock Up 0.1 %

AIG stock traded up $0.09 during midday trading on Wednesday, hitting $80.37. The company’s stock had a trading volume of 1,198,995 shares, compared to its average volume of 3,972,586. American International Group, Inc. has a 52-week low of $51.86 and a 52-week high of $80.76. The firm has a 50-day simple moving average of $75.73 and a 200-day simple moving average of $69.84. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $53.34 billion, a P/E ratio of 11.98, a PEG ratio of 1.11 and a beta of 1.02.

American International Group (NYSE:AIG) last issued its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.11. The company had revenue of $12.58 billion for the quarter, compared to the consensus estimate of $12.04 billion. American International Group had a return on equity of 10.54% and a net margin of 9.98%. During the same quarter in the prior year, the business earned $1.63 EPS. As a group, equities analysts forecast that American International Group, Inc. will post 7.05 EPS for the current year.

American International Group declared that its board has initiated a stock repurchase plan on Wednesday, May 1st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 19.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

American International Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.40 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a yield of 1.99%. This is an increase from American International Group’s previous quarterly dividend of $0.36. American International Group’s payout ratio is currently 21.49%.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of brokerages have commented on AIG. Wells Fargo & Company lifted their price target on American International Group from $74.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Bank of America downgraded 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 report on Tuesday, February 20th. Citigroup increased their price target on shares of American International Group from $79.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. lifted their price objective on shares of American International Group from $73.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Piper Sandler upped their price objective on shares of American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a report on Friday, April 19th. 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.44.

About American International Group

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.