Cibc World Markets Corp trimmed its holdings in shares of American International Group, Inc. (NYSE:AIG) by 61.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 218,593 shares of the insurance provider’s stock after selling 342,413 shares during the period. Cibc World Markets Corp’s holdings in American International Group were worth $10,405,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of AIG. Ceredex Value Advisors LLC purchased a new stake in American International Group during the 2nd quarter valued at $173,039,000. Capital International Investors grew its stake in shares of American International Group by 15.4% during the 1st quarter. Capital International Investors now owns 23,354,888 shares of the insurance provider’s stock valued at $1,079,231,000 after acquiring an additional 3,108,664 shares during the period. Ameriprise Financial Inc. grew its stake in shares of American International Group by 28.6% during the 1st quarter. Ameriprise Financial Inc. now owns 8,967,195 shares of the insurance provider’s stock valued at $414,379,000 after acquiring an additional 1,993,118 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of American International Group during the 1st quarter valued at approximately $77,963,000. Finally, BlackRock Inc. raised its holdings in American International Group by 1.6% during the 1st quarter. BlackRock Inc. now owns 77,772,167 shares of the insurance provider’s stock valued at $3,593,851,000 after buying an additional 1,213,996 shares during the period. Institutional investors and hedge funds own 89.09% of the company’s stock.
AIG opened at $54.43 on Wednesday. The business’s 50-day simple moving average is $51.08 and its 200-day simple moving average is $49.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.32 and a current ratio of 0.32. American International Group, Inc. has a one year low of $25.57 and a one year high of $55.78. The stock has a market capitalization of $46.55 billion, a P/E ratio of 11.41, a price-to-earnings-growth ratio of 1.11 and a beta of 1.37.
American International Group announced that its Board of Directors has initiated a share repurchase program on Thursday, August 5th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 14.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Thursday, September 16th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Wednesday, September 15th. American International Group’s dividend payout ratio is presently 50.79%.
Several equities analysts have recently commented on AIG shares. Morgan Stanley raised their price target on American International Group from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, August 16th. Wolfe Research initiated coverage on shares of American International Group in a research note on Monday, August 16th. They set an “outperform” rating and a $63.00 price target on the stock. TheStreet upgraded shares of American International Group from a “c” rating to a “b-” rating in a research note on Wednesday, September 8th. raised their price target on shares of American International Group from $48.00 to $51.00 and gave the company a “neutral” rating in a research report on Monday, June 21st. Finally, Royal Bank of Canada increased their price objective on shares of American International Group from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, August 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $51.15.
About American International Group
American International Group, Inc engages in the provision of a range of property casualty insurance, life insurance, retirement products, and other financial services to commercial and individual customers. It operates through the following segments: General Insurance, Life and Retirement and Other Operations.
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