American International Group Inc (NYSE:AIG) Position Raised by Spears Abacus Advisors LLC
Spears Abacus Advisors LLC boosted its position in shares of American International Group Inc (NYSE:AIG) by 8.8% in the first quarter, Holdings Channel reports. The institutional investor owned 574,680 shares of the insurance provider’s stock after acquiring an additional 46,509 shares during the quarter. American International Group makes up approximately 3.2% of Spears Abacus Advisors LLC’s holdings, making the stock its 11th biggest holding. Spears Abacus Advisors LLC’s holdings in American International Group were worth $24,746,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of AIG. Meiji Yasuda Life Insurance Co grew its position in American International Group by 3.7% during the 1st quarter. Meiji Yasuda Life Insurance Co now owns 11,777 shares of the insurance provider’s stock valued at $507,000 after purchasing an additional 423 shares during the last quarter. Andra AP fonden bought a new position in American International Group during the 1st quarter valued at about $1,318,000. Meiji Yasuda Asset Management Co Ltd. lifted its stake in American International Group by 12.0% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 25,722 shares of the insurance provider’s stock valued at $1,108,000 after acquiring an additional 2,760 shares during the period. Neuburgh Advisers LLC lifted its stake in American International Group by 9.5% during the 1st quarter. Neuburgh Advisers LLC now owns 13,040 shares of the insurance provider’s stock valued at $562,000 after acquiring an additional 1,136 shares during the period. Finally, Loews Corp lifted its stake in American International Group by 9.1% during the 1st quarter. Loews Corp now owns 8,466 shares of the insurance provider’s stock valued at $365,000 after acquiring an additional 709 shares during the period. Institutional investors own 90.12% of the company’s stock.
AIG has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of American International Group from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Thursday, May 9th. Bank of America restated a “buy” rating and set a $56.00 target price (up previously from $50.00) on shares of American International Group in a research note on Tuesday, May 7th. Compass Point upgraded shares of American International Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $44.00 to $56.00 in a research note on Friday, February 15th. Wells Fargo & Co restated a “buy” rating and set a $54.00 target price on shares of American International Group in a research note on Wednesday, February 13th. Finally, ValuEngine upgraded shares of American International Group from a “sell” rating to a “hold” rating in a research note on Monday, February 25th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $54.85.
Shares of NYSE:AIG traded down $0.15 during trading on Wednesday, hitting $52.93. The company’s stock had a trading volume of 158,522 shares, compared to its average volume of 5,486,354. American International Group Inc has a 12 month low of $36.16 and a 12 month high of $56.36. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $45.90 billion, a PE ratio of 45.20, a price-to-earnings-growth ratio of 0.97 and a beta of 1.21.
American International Group (NYSE:AIG) last issued its quarterly earnings data on Monday, May 6th. The insurance provider reported $1.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.52. American International Group had a negative net margin of 0.60% and a positive return on equity of 2.48%. The firm had revenue of $12.90 billion for the quarter, compared to analysts’ expectations of $12.25 billion. During the same quarter in the prior year, the business earned $1.04 EPS. Analysts expect that American International Group Inc will post 4.96 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, June 13th. American International Group’s dividend payout ratio (DPR) is presently 109.40%.
American International Group announced that its board has initiated a stock buyback program on Wednesday, February 13th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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American International Group Profile
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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