Bowen Hanes & Co. Inc. Invests $36 Million in American International Group, Inc. $AIG

Bowen Hanes & Co. Inc. bought a new stake in American International Group, Inc. (NYSE:AIG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 420,595 shares of the insurance provider’s stock, valued at approximately $35,999,000.

A number of other large investors also recently added to or reduced their stakes in AIG. AlphaCore Capital LLC grew its stake in shares of American International Group by 6.8% in the second quarter. AlphaCore Capital LLC now owns 14,110 shares of the insurance provider’s stock valued at $1,208,000 after buying an additional 902 shares in the last quarter. Mufg Securities Americas Inc. boosted its holdings in American International Group by 21.6% during the 2nd quarter. Mufg Securities Americas Inc. now owns 12,773 shares of the insurance provider’s stock valued at $1,093,000 after acquiring an additional 2,270 shares during the period. Journey Strategic Wealth LLC acquired a new position in American International Group in the 2nd quarter valued at about $291,000. Franklin Resources Inc. increased its stake in American International Group by 6.1% during the second quarter. Franklin Resources Inc. now owns 12,536,144 shares of the insurance provider’s stock worth $1,072,969,000 after purchasing an additional 716,209 shares during the period. Finally, Swiss National Bank lifted its position in shares of American International Group by 0.4% during the second quarter. Swiss National Bank now owns 1,767,164 shares of the insurance provider’s stock worth $151,252,000 after purchasing an additional 7,900 shares in the last quarter. 90.60% of the stock is currently owned by institutional investors and hedge funds.

American International Group Stock Performance

Shares of American International Group stock opened at $76.01 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. American International Group, Inc. has a 52 week low of $69.24 and a 52 week high of $88.07. The firm’s 50 day moving average is $78.54 and its two-hundred day moving average is $80.83. The firm has a market capitalization of $41.01 billion, a P/E ratio of 14.40, a P/E/G ratio of 0.77 and a beta of 0.73.

American International Group (NYSE:AIG) last issued its earnings results on Wednesday, November 5th. The insurance provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.63. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.82 billion. American International Group had a net margin of 11.51% and a return on equity of 7.88%. During the same quarter in the prior year, the business posted $1.23 EPS. Research analysts forecast that American International Group, Inc. will post 6.24 EPS for the current fiscal year.

American International Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Tuesday, December 16th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $1.80 annualized dividend and a dividend yield of 2.4%. American International Group’s dividend payout ratio (DPR) is presently 32.73%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Piper Sandler dropped their price objective on shares of American International Group from $96.00 to $88.00 and set an “overweight” rating for the company in a report on Thursday, October 2nd. Keefe, Bruyette & Woods dropped their price target on shares of American International Group from $97.00 to $91.00 and set an “outperform” rating for the company in a research note on Tuesday, August 12th. The Goldman Sachs Group reduced their price objective on American International Group from $86.00 to $84.00 and set a “neutral” rating on the stock in a research note on Wednesday. Weiss Ratings reissued a “buy (b-)” rating on shares of American International Group in a research note on Wednesday. Finally, Wolfe Research initiated coverage on American International Group in a report on Tuesday, September 16th. They set a “peer perform” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.73.

About American International Group

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: General Insurance, Life and Retirement, and Other Operations. The General Insurance segment provides commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty, and crisis management insurance products; and professional liability insurance.