Zacks Investment Research upgraded shares of American International Group (NYSE:AIG) from a strong sell rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “American International Group’s shares have underperformed the industry year to date. The company has been suffering from tough market conditions and its massive size with numerous uncorrelated businesses creating little or no synergy. A number of asset sale and business divestitures made over the past many years have however, streamlined the company to some extent. Recently the insurance giant appointed Brian Duperreault as its new CEO with expectations of improving operations by completing restructuring initiatives already underway and making further changes. Nevertheless, its underperforming commercial lines business and an exposure to catastrophes continue to bother.”
Several other brokerages also recently issued reports on AIG. Bank of America downgraded shares of American International Group from a buy rating to a neutral rating and set a $69.00 target price for the company. in a research note on Friday, November 3rd. Wells Fargo & Company set a $75.00 target price on shares of American International Group and gave the company a buy rating in a research note on Tuesday, October 17th. Barclays cut their price objective on shares of American International Group from $74.00 to $71.00 and set an overweight rating for the company in a research report on Monday, October 16th. B. Riley restated a neutral rating on shares of American International Group in a research report on Monday, November 6th. Finally, Keefe, Bruyette & Woods restated a buy rating and set a $75.00 price objective on shares of American International Group in a research report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $67.70.
American International Group (NYSE AIG) opened at $59.93 on Tuesday. American International Group has a one year low of $57.90 and a one year high of $67.47. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.26 and a current ratio of 0.26. The company has a market cap of $53,748.79, a PE ratio of 23.82, a PEG ratio of 1.97 and a beta of 1.17.
American International Group (NYSE:AIG) last issued its earnings results on Thursday, November 2nd. The insurance provider reported ($1.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.23 by ($2.45). American International Group had a negative net margin of 5.07% and a positive return on equity of 3.43%. The firm had revenue of $12.67 billion during the quarter, compared to analyst estimates of $12.05 billion. During the same quarter last year, the business posted $1.23 earnings per share. research analysts anticipate that American International Group will post 2.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Friday, December 8th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.14%. American International Group’s dividend payout ratio (DPR) is presently -51.00%.
Several large investors have recently modified their holdings of the company. AXA lifted its holdings in shares of American International Group by 121.8% during the third quarter. AXA now owns 912,168 shares of the insurance provider’s stock worth $55,998,000 after purchasing an additional 500,990 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of American International Group by 121.9% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 15,631,331 shares of the insurance provider’s stock worth $959,607,000 after purchasing an additional 8,586,682 shares during the period. Knightsbridge Asset Management LLC lifted its holdings in shares of American International Group by 2.2% during the third quarter. Knightsbridge Asset Management LLC now owns 155,243 shares of the insurance provider’s stock worth $9,530,000 after purchasing an additional 3,368 shares during the period. Chicago Partners Investment Group LLC acquired a new position in shares of American International Group during the third quarter worth $163,000. Finally, Davis Selected Advisers lifted its holdings in shares of American International Group by 0.9% during the third quarter. Davis Selected Advisers now owns 357,634 shares of the insurance provider’s stock worth $21,955,000 after purchasing an additional 3,340 shares during the period. Institutional investors own 86.10% of the company’s stock.
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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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