American International Group Inc (AIG) Shares Bought by Pennsylvania Trust Co
Pennsylvania Trust Co increased its stake in American International Group Inc (NYSE:AIG) by 90.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,183 shares of the insurance provider’s stock after purchasing an additional 19,545 shares during the quarter. Pennsylvania Trust Co’s holdings in American International Group were worth $1,508,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of AIG. Man Group plc lifted its holdings in American International Group by 41.4% in the 3rd quarter. Man Group plc now owns 70,347 shares of the insurance provider’s stock valued at $3,746,000 after acquiring an additional 20,596 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in American International Group by 149.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,721 shares of the insurance provider’s stock valued at $251,000 after acquiring an additional 2,829 shares during the last quarter. Great Lakes Advisors LLC acquired a new stake in American International Group in the 3rd quarter valued at about $261,000. Koshinski Asset Management Inc. acquired a new stake in American International Group in the 3rd quarter valued at about $504,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in American International Group by 12.5% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 181,997 shares of the insurance provider’s stock valued at $9,690,000 after acquiring an additional 20,200 shares during the last quarter. 91.01% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on the stock. Argus downgraded shares of American International Group from a “buy” rating to a “hold” rating in a report on Friday, February 15th. Credit Suisse Group assumed coverage on shares of American International Group in a report on Tuesday, February 5th. They issued a “neutral” rating and a $46.00 price target for the company. Zacks Investment Research raised shares of American International Group from a “strong sell” rating to a “hold” rating in a report on Tuesday. Compass Point assumed coverage on shares of American International Group in a report on Tuesday, January 15th. They issued a “neutral” rating and a $44.00 price target for the company. Finally, Bank of America restated a “buy” rating and set a $46.00 price objective on shares of American International Group in a report on Thursday, April 11th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $55.07.
American International Group (NYSE:AIG) last issued its earnings results on Wednesday, February 13th. The insurance provider reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($1.10). The business had revenue of $12.33 billion during the quarter, compared to analyst estimates of $12.13 billion. American International Group had a negative net margin of 0.01% and a positive return on equity of 1.76%. During the same quarter in the prior year, the company earned $0.57 EPS. On average, sell-side analysts expect that American International Group Inc will post 4.4 EPS for the current fiscal year.
American International Group declared that its board has approved a share repurchase program on Wednesday, February 13th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.32 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.28 dividend on an annualized basis and a yield of 2.78%. American International Group’s dividend payout ratio is currently 109.40%.
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About American International Group
American International Group, Inc provides insurance products for commercial, institutional, and individual customers in North America and internationally. The company's General Insurance segment offers general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products, as well as various risk-sharing and other customized structured programs; commercial, industrial, and energy-related property insurance; and aerospace, political risk, trade credit, portfolio solutions, surety, crop, and marine insurance.
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