NewEdge Wealth LLC Lowers Position in American International Group, Inc. $AIG

NewEdge Wealth LLC trimmed its holdings in shares of American International Group, Inc. (NYSE:AIG) by 70.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,711 shares of the insurance provider’s stock after selling 11,177 shares during the quarter. NewEdge Wealth LLC’s holdings in American International Group were worth $355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Modus Advisors LLC acquired a new stake in shares of American International Group during the fourth quarter valued at about $27,000. Navalign LLC acquired a new position in shares of American International Group in the 4th quarter worth approximately $29,000. Mcguire Capital Advisors Inc. acquired a new position in shares of American International Group in the 4th quarter worth approximately $29,000. SHP Wealth Management purchased a new position in shares of American International Group during the 4th quarter worth approximately $34,000. Finally, CENTRAL TRUST Co increased its holdings in American International Group by 48.7% in the 1st quarter. CENTRAL TRUST Co now owns 461 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 151 shares during the last quarter. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

American International Group Stock Down 0.7%

Shares of NYSE AIG opened at $80.23 on Thursday. The stock has a market cap of $42.54 billion, a P/E ratio of 14.15, a PEG ratio of 0.74 and a beta of 0.53. The business’s fifty day simple moving average is $76.87 and its 200-day simple moving average is $76.49. American International Group, Inc. has a 12-month low of $71.25 and a 12-month high of $87.29. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23.

American International Group (NYSE:AIG) last released its earnings results on Friday, May 1st. The insurance provider reported $2.11 EPS for the quarter, topping the consensus estimate of $1.89 by $0.22. American International Group had a return on equity of 10.93% and a net margin of 11.86%.The firm had revenue of $6.65 billion during the quarter, compared to analysts’ expectations of $7.03 billion. During the same period in the previous year, the firm posted $1.17 EPS. As a group, equities analysts predict that American International Group, Inc. will post 7.97 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AIG has been the topic of a number of research reports. Morgan Stanley decreased their price target on American International Group from $83.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Monday, April 6th. Barclays boosted their price objective on American International Group from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Wells Fargo & Company raised their target price on American International Group from $85.00 to $89.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Citigroup lifted their target price on American International Group from $85.00 to $88.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Finally, Piper Sandler reiterated a “neutral” rating and set a $80.00 price target (down from $88.00) on shares of American International Group in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $88.22.

American International Group 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.