Zacks Investment Research lowered shares of American International Group, Inc. (NYSE:AIG) from a hold rating to a sell rating in a research report sent to investors on Tuesday, October 17th.
According to Zacks, “AIG's shares have underperformed the industry year to date. Its weak commercial lines business remains a drag. Adverse reserve development and exposure to catastrophe are the other headwinds. Decling topline is another major concern. Regulators have removed the company from SIFI tag which brings geater capital flexibility to the company. Several turnaround measures undertaken by the company like strategic divestitures, asset sales, increasing share buybacks, dividend hikes, personnel changes, cost control, reinsurance deals, and lowering of hedge fund investments are expected to deliver strong earnings by curbing volatility. Though some of these efforts have paid off, many more reforms are required for a turnaround.”
A number of other research firms have also recently commented on AIG. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $75.00 target price on shares of American International Group in a research note on Thursday, August 3rd. BidaskClub raised American International Group from a sell rating to a hold rating in a research note on Tuesday, August 1st. Deutsche Bank AG reissued a sell rating and issued a $60.00 price objective (up previously from $57.00) on shares of American International Group in a research note on Wednesday, August 9th. Atlantic Securities lowered American International Group from an overweight rating to a neutral rating and set a $70.00 target price for the company. in a report on Wednesday, August 9th. Finally, Wells Fargo & Company restated a buy rating on shares of American International Group in a report on Wednesday, July 5th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. American International Group has a consensus rating of Hold and a consensus target price of $68.18.
Shares of American International Group (AIG) traded down 0.46% during trading on Tuesday, hitting $64.55. 4,020,238 shares of the stock traded hands. American International Group has a 52 week low of $57.35 and a 52 week high of $67.47. The firm’s market cap is $58.31 billion. The company has a 50-day moving average of $61.71 and a 200-day moving average of $62.37.
American International Group (NYSE:AIG) last released its earnings results on Wednesday, August 2nd. The insurance provider reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.33. The firm had revenue of $11.23 billion for the quarter, compared to analysts’ expectations of $12.61 billion. American International Group had a positive return on equity of 6.06% and a negative net margin of 0.53%. During the same quarter in the prior year, the firm posted $0.98 earnings per share. On average, analysts forecast that American International Group will post $3.39 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.98%. The ex-dividend date was Thursday, September 14th. American International Group’s payout ratio is -711.07%.
A number of hedge funds have recently bought and sold shares of AIG. Waldron LP acquired a new stake in American International Group in the 1st quarter worth about $208,000. Israel Discount Bank of New York purchased a new position in American International Group in the 1st quarter worth approximately $145,000. FDO Partners LLC purchased a new position in American International Group in the 1st quarter worth approximately $774,000. Legal & General Group Plc lifted its stake in American International Group by 1.1% in the 1st quarter. Legal & General Group Plc now owns 5,371,867 shares of the insurance provider’s stock worth $335,356,000 after purchasing an additional 57,104 shares in the last quarter. Finally, Mirador Capital Partners LP lifted its stake in American International Group by 10.8% in the 1st quarter. Mirador Capital Partners LP now owns 31,923 shares of the insurance provider’s stock worth $1,993,000 after purchasing an additional 3,106 shares in the last quarter. Institutional investors own 83.91% of the company’s stock.
American International Group Company Profile
American International Group, Inc is a global insurance company. The Company provides a range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers. Its segments include Commercial Insurance, Consumer Insurance, Other Operations and Legacy Portfolio.
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