American Financial Group (NYSE:AFG) Releases Quarterly Earnings Results, Beats Expectations By $0.50 EPS

American Financial Group (NYSE:AFG) posted its earnings results on Tuesday. The insurance provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.50, Zacks reports. American Financial Group had a net margin of 10.76% and a return on equity of 19.50%.

American Financial Group Stock Down 0.9%

American Financial Group stock traded down $1.34 during midday trading on Tuesday, hitting $140.58. 453,122 shares of the company’s stock were exchanged, compared to its average volume of 557,517. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.48 and a current ratio of 0.48. The firm has a 50-day moving average of $137.58 and a two-hundred day moving average of $132.97. American Financial Group has a 12 month low of $122.88 and a 12 month high of $150.02. The company has a market cap of $11.68 billion, a PE ratio of 13.36 and a beta of 0.62.

American Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, July 15th. American Financial Group’s dividend payout ratio is presently 33.46%.

Wall Street Analysts Forecast Growth

AFG has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised their price objective on American Financial Group from $140.00 to $148.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of American Financial Group in a research report on Thursday, June 11th. Piper Sandler boosted their price objective on American Financial Group from $135.00 to $140.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company increased their target price on shares of American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $150.75.

Insiders Place Their Bets

In related news, SVP Michelle A. Gillis sold 2,247 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total transaction of $312,333.00. Following the transaction, the senior vice president directly owned 13,135 shares in the company, valued at $1,825,765. The trade was a 14.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total transaction of $1,535,518.50. Following the sale, the insider directly owned 584,098 shares in the company, valued at approximately $78,882,434.90. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 16.90% of the company’s stock.

Institutional Trading of American Financial Group

Several hedge funds and other institutional investors have recently bought and sold shares of AFG. Global Retirement Partners LLC increased its holdings in shares of American Financial Group by 904.8% during the 4th quarter. Global Retirement Partners LLC now owns 211 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 190 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in American Financial Group in the 4th quarter valued at $45,000. CIBC Private Wealth Group LLC increased its holdings in shares of American Financial Group by 86.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 376 shares of the insurance provider’s stock worth $51,000 after buying an additional 174 shares during the last quarter. Quarry LP purchased a new stake in American Financial Group in the fourth quarter valued at $52,000. Finally, State of Wyoming acquired a new position in American Financial Group during the second quarter worth $57,000. 64.37% of the stock is owned by institutional investors and hedge funds.

About American Financial Group

American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.

The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.