American International Group (NYSE:AIG) Price Target Raised to $90.00

American International Group (NYSE:AIG) had its price target upped by JPMorgan Chase & Co. from $86.00 to $90.00 in a report released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

Several other analysts have also commented on AIG. Wells Fargo & Company increased their price target on shares of American International Group from $85.00 to $89.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Bank of America cut their price objective on shares of American International Group from $80.00 to $79.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Piper Sandler reiterated a “neutral” rating and set a $80.00 price objective (down from $88.00) on shares of American International Group in a research note on Wednesday, July 15th. Cantor Fitzgerald raised shares of American International Group from a “neutral” rating to an “overweight” rating and increased their target price for the company from $85.00 to $92.00 in a research report on Thursday, July 9th. Finally, BMO Capital Markets raised their target price on shares of American International Group from $83.00 to $89.00 in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $88.22.

American International Group Price Performance

NYSE AIG opened at $78.28 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.65 and a current ratio of 0.65. The firm’s 50 day moving average price is $76.63 and its 200-day moving average price is $76.52. American International Group has a 52-week low of $71.25 and a 52-week high of $87.29. The company has a market cap of $41.50 billion, a PE ratio of 13.81, a P/E/G ratio of 0.73 and a beta of 0.53.

American International Group (NYSE:AIG) last announced its earnings results on Friday, May 1st. The insurance provider reported $2.11 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.65 billion for the quarter, compared to analysts’ expectations of $7.03 billion. During the same quarter last year, the firm earned $1.17 EPS. Sell-side analysts forecast that American International Group will post 8 EPS for the current fiscal year.

American International Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were paid a dividend of $0.50 per share. The ex-dividend date was Monday, June 15th. This is a positive change from American International Group’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.6%. American International Group’s payout ratio is presently 35.27%.

Hedge Funds Weigh In On American International Group

Hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in American International Group by 39.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,371,853 shares of the insurance provider’s stock worth $1,400,613,000 after purchasing an additional 4,661,246 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of American International Group by 36.9% in the fourth quarter. Franklin Resources Inc. now owns 15,618,321 shares of the insurance provider’s stock worth $1,336,147,000 after buying an additional 4,210,363 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of American International Group by 22.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 10,256,290 shares of the insurance provider’s stock worth $805,529,000 after buying an additional 1,846,979 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of American International Group by 6.1% during the first quarter. Bank of New York Mellon Corp now owns 8,237,375 shares of the insurance provider’s stock worth $619,862,000 after buying an additional 474,035 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of American International Group by 10.8% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,482,558 shares of the insurance provider’s stock worth $640,133,000 after buying an additional 731,802 shares during the period. Institutional investors and hedge funds own 90.60% of the company’s stock.

About American International Group

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.