American International Group, Inc. (NYSE:AIG) is Townsend & Associates Inc’s 7th Largest Position

Townsend & Associates Inc boosted its holdings in shares of American International Group, Inc. (NYSE:AIG) by 63.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 442,852 shares of the insurance provider’s stock after acquiring an additional 171,950 shares during the period. American International Group accounts for about 3.8% of Townsend & Associates Inc’s portfolio, making the stock its 7th largest position. Townsend & Associates Inc’s holdings in American International Group were worth $30,628,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of AIG. Brown Advisory Inc. increased its position in American International Group by 9.6% during the third quarter. Brown Advisory Inc. now owns 84,219 shares of the insurance provider’s stock valued at $5,104,000 after acquiring an additional 7,409 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of American International Group by 1.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 233,228 shares of the insurance provider’s stock worth $14,134,000 after purchasing an additional 3,749 shares during the period. IFM Investors Pty Ltd grew its holdings in American International Group by 2.1% during the 3rd quarter. IFM Investors Pty Ltd now owns 153,934 shares of the insurance provider’s stock valued at $9,328,000 after purchasing an additional 3,238 shares during the last quarter. Advisor Partners II LLC raised its position in American International Group by 0.4% in the 3rd quarter. Advisor Partners II LLC now owns 51,946 shares of the insurance provider’s stock worth $3,148,000 after purchasing an additional 197 shares during the period. Finally, Park Avenue Securities LLC lifted its stake in American International Group by 1.8% in the third quarter. Park Avenue Securities LLC now owns 26,147 shares of the insurance provider’s stock worth $1,585,000 after purchasing an additional 457 shares during the last quarter. Institutional investors own 90.60% of the company’s stock.

American International Group Stock Up 0.3 %

AIG traded up $0.21 on Thursday, hitting $80.10. The company had a trading volume of 984,794 shares, compared to its average volume of 3,960,604. The stock has a market capitalization of $53.16 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 1.11 and a beta of 1.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a fifty day moving average price of $75.73 and a 200-day moving average price of $69.84. American International Group, Inc. has a 12-month low of $51.86 and a 12-month high of $80.76.

American International Group (NYSE:AIG) last released its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.11. The business had revenue of $12.58 billion for the quarter, compared to analysts’ expectations of $12.04 billion. American International Group had a net margin of 9.98% and a return on equity of 10.54%. During the same period last year, the business earned $1.63 EPS. Analysts predict that American International Group, Inc. will post 7.05 EPS for the current fiscal year.

American International Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.40 dividend. This is a positive change from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 annualized dividend and a yield of 2.00%. The ex-dividend date is Friday, June 14th. American International Group’s payout ratio is currently 21.49%.

American International Group declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 1st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 19.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have commented on AIG. Wells Fargo & Company upped their price objective on American International Group from $74.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. TD Cowen began coverage on shares of American International Group in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $78.00 price target on the stock. UBS Group boosted their price objective on shares of American International Group from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Bank of America lowered shares of American International Group from a “buy” rating to a “neutral” rating and raised their target price for the stock from $75.00 to $77.00 in a research report on Tuesday, February 20th. Finally, Keefe, Bruyette & Woods boosted their price target on American International Group from $82.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, American International Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.44.

Insider Activity

In other American International Group news, Director John C. Inglis bought 659 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average cost of $75.39 per share, for a total transaction of $49,682.01. Following the purchase, the director now directly owns 659 shares in the company, valued at $49,682.01. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Peter Zaffino sold 333,000 shares of American International Group stock in a transaction on Friday, March 15th. The shares were sold at an average price of $75.87, for a total transaction of $25,264,710.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John C. Inglis bought 659 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $75.39 per share, for a total transaction of $49,682.01. Following the completion of the transaction, the director now owns 659 shares in the company, valued at $49,682.01. The disclosure for this purchase can be found here. Company insiders own 0.61% of the company’s stock.

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.