State Treasurer State of Michigan decreased its position in shares of American International Group Inc (NYSE:AIG) by 1.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 250,552 shares of the insurance provider’s stock after selling 2,700 shares during the period. State Treasurer State of Michigan’s holdings in American International Group were worth $10,789,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of AIG. CNB Bank purchased a new position in shares of American International Group during the 4th quarter worth approximately $28,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of American International Group during the 1st quarter worth approximately $29,000. Lindbrook Capital LLC purchased a new position in shares of American International Group during the 4th quarter worth approximately $39,000. Proficio Capital Partners LLC grew its holdings in shares of American International Group by 92.7% during the 4th quarter. Proficio Capital Partners LLC now owns 1,328 shares of the insurance provider’s stock worth $52,000 after acquiring an additional 639 shares during the period. Finally, Stamos Capital Partners L.P. purchased a new position in shares of American International Group during the 4th quarter worth approximately $75,000. Hedge funds and other institutional investors own 91.08% of the company’s stock.
Shares of American International Group stock traded up $0.98 during midday trading on Tuesday, hitting $51.70. The company had a trading volume of 115,387 shares, compared to its average volume of 5,569,822. The company has a quick ratio of 0.26, a current ratio of 0.27 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $44.91 billion, a P/E ratio of 44.18, a PEG ratio of 0.96 and a beta of 1.40. American International Group Inc has a 52-week low of $36.16 and a 52-week high of $56.36.
American International Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 13th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.28 annualized dividend and a dividend yield of 2.48%. American International Group’s payout ratio is currently 109.40%.
AIG has been the topic of a number of research analyst reports. Compass Point initiated coverage on American International Group in a report on Tuesday, January 15th. They set a “neutral” rating and a $44.00 target price on the stock. ValuEngine downgraded American International Group from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Credit Suisse Group began coverage on American International Group in a research note on Tuesday, February 5th. They issued a “neutral” rating and a $46.00 price target on the stock. Wells Fargo & Co restated a “buy” rating and issued a $54.00 price target on shares of American International Group in a research note on Wednesday, February 13th. Finally, Argus downgraded American International Group from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $55.17.
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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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