Canada Pension Plan Investment Board Acquires 1,300,900 Shares of American International Group, Inc. (NYSE:AIG)
Canada Pension Plan Investment Board raised its position in shares of American International Group, Inc. (NYSE:AIG) by 12.6% during the second quarter, Holdings Channel reports. The institutional investor owned 11,631,827 shares of the insurance provider’s stock after buying an additional 1,300,900 shares during the period. American International Group accounts for about 1.7% of Canada Pension Plan Investment Board’s holdings, making the stock its 11th largest position. Canada Pension Plan Investment Board’s holdings in American International Group were worth $727,222,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AIG. Israel Discount Bank of New York acquired a new position in American International Group during the first quarter worth $145,000. Chicago Partners Investment Group LLC increased its position in shares of American International Group by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 2,642 shares of the insurance provider’s stock valued at $165,000 after buying an additional 14 shares during the last quarter. FTB Advisors Inc. increased its position in shares of American International Group by 147.9% in the first quarter. FTB Advisors Inc. now owns 2,868 shares of the insurance provider’s stock valued at $176,000 after buying an additional 1,711 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new position in shares of American International Group during the first quarter valued at approximately $184,000. Finally, Lincoln National Corp purchased a new position in shares of American International Group during the first quarter valued at approximately $202,000. Institutional investors and hedge funds own 85.88% of the company’s stock.
Shares of American International Group, Inc. (AIG) opened at 64.01 on Thursday. The stock’s 50 day moving average is $64.09 and its 200-day moving average is $63.11. American International Group, Inc. has a 12-month low of $57.35 and a 12-month high of $67.47. The company has a market capitalization of $59.26 billion, a P/E ratio of 130.10 and a beta of 1.14.
American International Group (NYSE:AIG) last posted its earnings results on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.33. The company had revenue of $11.23 billion during the quarter, compared to analysts’ expectations of $12.61 billion. American International Group had a negative net margin of 0.53% and a positive return on equity of 6.06%. During the same period last year, the company posted $0.98 earnings per share. Analysts anticipate that American International Group, Inc. will post $5.28 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 2.00%. American International Group’s payout ratio is -711.07%.
American International Group declared that its board has authorized a stock buyback plan on Wednesday, May 3rd that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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AIG has been the subject of several analyst reports. Wells Fargo & Company reissued a “buy” rating on shares of American International Group in a report on Wednesday, April 12th. Credit Suisse Group set a $72.00 price target on shares of American International Group and gave the company a “buy” rating in a report on Saturday, April 15th. Royal Bank Of Canada reissued a “buy” rating and issued a $71.00 price target on shares of American International Group in a report on Monday, April 24th. TheStreet raised shares of American International Group from a “c” rating to a “b-” rating in a report on Wednesday, May 3rd. Finally, Morgan Stanley raised shares of American International Group from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $62.87 to $61.82 in a report on Tuesday, May 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $69.02.
In related news, CEO Brian Duperreault bought 80,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was bought at an average cost of $61.48 per share, with a total value of $4,918,400.00. Following the completion of the purchase, the chief executive officer now owns 80,000 shares of the company’s stock, valued at approximately $4,918,400. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.52% of the company’s stock.
About American International Group
American International Group, Inc is a global insurance company. The Company provides a range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers. Its segments include Commercial Insurance, Consumer Insurance, Other Operations and Legacy Portfolio.
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