Summit Global Investments Purchases 33,533 Shares of American International Group, Inc. (NYSE:AIG)

Summit Global Investments boosted its position in shares of American International Group, Inc. (NYSE:AIG) by 24.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 172,697 shares of the insurance provider’s stock after purchasing an additional 33,533 shares during the period. American International Group comprises 0.8% of Summit Global Investments’ holdings, making the stock its 28th largest position. Summit Global Investments’ holdings in American International Group were worth $11,700,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of AIG. OFI Invest Asset Management bought a new position in shares of American International Group in the 3rd quarter valued at about $26,000. Headlands Technologies LLC bought a new position in shares of American International Group in the 3rd quarter valued at about $32,000. CNB Bank bought a new position in shares of American International Group in the 3rd quarter valued at about $42,000. SouthState Corp grew its holdings in shares of American International Group by 41.7% in the 3rd quarter. SouthState Corp now owns 737 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 217 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of American International Group by 41.7% in the 4th quarter. Blue Trust Inc. now owns 788 shares of the insurance provider’s stock valued at $53,000 after acquiring an additional 232 shares in the last quarter. Institutional investors own 90.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. BMO Capital Markets decreased their price objective on American International Group from $83.00 to $81.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. JPMorgan Chase & Co. raised their target price on shares of American International Group from $73.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Keefe, Bruyette & Woods raised their target price on shares of American International Group from $82.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. TD Cowen started coverage on shares of American International Group in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $78.00 target price for the company. Finally, Evercore ISI raised their target price on shares of American International Group from $74.00 to $80.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, American International Group has an average rating of “Moderate Buy” and a consensus price target of $80.38.

American International Group Price Performance

Shares of NYSE AIG traded up $2.40 during midday trading on Thursday, reaching $78.21. 4,839,974 shares of the company were exchanged, compared to its average volume of 3,946,534. The stock’s 50-day moving average price is $75.10 and its 200-day moving average price is $69.30. The stock has a market cap of $53.26 billion, a P/E ratio of 15.63, a PEG ratio of 1.08 and a beta of 1.02. American International Group, Inc. has a one year low of $48.95 and a one year high of $79.70. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.44.

American International Group (NYSE:AIG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.11. The firm had revenue of $12.58 billion for the quarter, compared to analysts’ expectations of $12.04 billion. American International Group had a net margin of 7.78% and a return on equity of 10.68%. During the same quarter in the previous year, the firm posted $1.63 earnings per share. On average, sell-side analysts anticipate that American International Group, Inc. will post 6.95 earnings per share for the current fiscal year.

American International Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.36 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.44 annualized dividend and a dividend yield of 1.84%. American International Group’s dividend payout ratio is 28.86%.

American International Group declared that its board has initiated a stock repurchase plan on Wednesday, May 1st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 19.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other American International Group news, Director John C. Inglis acquired 659 shares of American International Group stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average price of $75.39 per share, with a total value of $49,682.01. Following the completion of the purchase, the director now directly owns 659 shares in the company, valued at approximately $49,682.01. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Peter Zaffino sold 333,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $75.87, for a total value of $25,264,710.00. Following the transaction, the chief executive officer now owns 505,420 shares in the company, valued at $38,346,215.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John C. Inglis bought 659 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average price of $75.39 per share, for a total transaction of $49,682.01. Following the acquisition, the director now owns 659 shares of the company’s stock, valued at $49,682.01. The disclosure for this purchase can be found here. 0.61% of the stock is currently owned by insiders.

American International Group Profile

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.