PNC Financial Services Group Inc. Decreases Stock Position in American International Group, Inc. $AIG

PNC Financial Services Group Inc. decreased its position in shares of American International Group, Inc. (NYSE:AIG) by 5.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 196,773 shares of the insurance provider’s stock after selling 11,146 shares during the period. PNC Financial Services Group Inc.’s holdings in American International Group were worth $15,455,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Franklin Resources Inc. grew its holdings in American International Group by 6.1% during the 2nd quarter. Franklin Resources Inc. now owns 12,536,144 shares of the insurance provider’s stock valued at $1,072,969,000 after buying an additional 716,209 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of American International Group by 4.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 12,111,405 shares of the insurance provider’s stock valued at $951,230,000 after purchasing an additional 499,330 shares in the last quarter. Norges Bank bought a new stake in American International Group in the second quarter worth $787,724,000. Raymond James Financial Inc. raised its stake in American International Group by 4.4% during the second quarter. Raymond James Financial Inc. now owns 3,429,324 shares of the insurance provider’s stock valued at $293,516,000 after purchasing an additional 143,361 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in American International Group by 1.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,390,248 shares of the insurance provider’s stock valued at $266,270,000 after purchasing an additional 48,900 shares during the last quarter. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

American International Group Stock Performance

AIG stock opened at $79.25 on Wednesday. American International Group, Inc. has a twelve month low of $71.25 and a twelve month high of $88.07. The firm has a market cap of $42.52 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 0.60 and a beta of 0.61. The business’s fifty day simple moving average is $78.98 and its two-hundred day simple moving average is $78.86. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.22.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Tuesday, February 10th. The insurance provider reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.06. The firm had revenue of $6.55 billion for the quarter, compared to analysts’ expectations of $6.99 billion. American International Group had a net margin of 11.56% and a return on equity of 9.79%. During the same period in the prior year, the business posted $1.30 earnings per share. Analysts predict that American International Group, Inc. will post 6.24 earnings per share for the current year.

American International Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. American International Group’s dividend payout ratio (DPR) is 33.21%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of American International Group from $85.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. HSBC lifted their price target on American International Group from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Cantor Fitzgerald raised their price objective on American International Group from $77.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday. Mizuho boosted their target price on American International Group from $83.00 to $86.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Wall Street Zen lowered American International Group from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $87.58.

American International Group Company Profile

American International Group, Inc (AIG) is a global insurance holding company that provides a broad range of property-casualty insurance, specialty insurance, and risk management solutions to institutional, commercial and individual customers. Through its operating subsidiaries, AIG underwrites commercial and personal lines products—ranging from general liability, property, and casualty coverages to specialty lines such as professional liability, surety, cyber and marine—along with related services designed to help clients manage and transfer risk.

The company also has a long history in life insurance, retirement solutions and asset management through businesses that have been restructured or separated over time.