American International Group (NYSE:AIG) Hits New 1-Year High Following Analyst Upgrade

American International Group, Inc. (NYSE:AIG)’s share price reached a new 52-week high during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $80.00 to $82.00. Wells Fargo & Company currently has an equal weight rating on the stock. American International Group traded as high as $80.78 and last traded at $80.72, with a volume of 263100 shares trading hands. The stock had previously closed at $79.88.

Several other equities research analysts also recently weighed in on AIG. Piper Sandler increased their target price on shares of American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. JPMorgan Chase & Co. increased 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. Evercore ISI upped their price target on shares of American International Group from $80.00 to $81.00 and gave the stock an “in-line” rating in a report on Friday, May 3rd. Bank of America cut shares of American International Group from a “buy” rating to a “neutral” rating and upped their price target for the stock from $75.00 to $77.00 in a report on Tuesday, February 20th. Finally, UBS Group upped their price target on shares of American International Group from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.56.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AIG. OFI Invest Asset Management purchased a new position in American International Group in the 3rd quarter worth approximately $26,000. Rise Advisors LLC purchased a new stake in shares of American International Group during the 1st quarter valued at approximately $29,000. Valued Wealth Advisors LLC raised its position in shares of American International Group by 303.3% during the 1st quarter. Valued Wealth Advisors LLC now owns 367 shares of the insurance provider’s stock valued at $29,000 after buying an additional 276 shares during the period. Headlands Technologies LLC purchased a new stake in American International Group in the third quarter valued at approximately $32,000. Finally, CENTRAL TRUST Co raised its position in American International Group by 123.8% in the first quarter. CENTRAL TRUST Co now owns 452 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 250 shares during the period. 90.60% of the stock is owned by hedge funds and other institutional investors.

American International Group Trading Up 0.3 %

The company has a market cap of $53.17 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 1.11 and a beta of 1.02. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.05. The business has a 50-day simple moving average of $76.02 and a 200-day simple moving average of $69.98.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 EPS for the quarter, topping the consensus estimate of $1.66 by $0.11. The business had revenue of $12.58 billion during the quarter, compared to the consensus estimate of $12.04 billion. American International Group had a net margin of 9.98% and a return on equity of 10.54%. During the same quarter in the previous year, the firm posted $1.63 earnings per share. On average, analysts predict that American International Group, Inc. will post 7.05 EPS for the current fiscal year.

American International Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.00%. This is an increase from American International Group’s previous quarterly dividend of $0.36. American International Group’s payout ratio is presently 21.49%.

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

American International Group Company 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.