Procyon Advisors LLC reduced its stake in American International Group, Inc. (NYSE:AIG – Free Report) by 61.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,637 shares of the insurance provider’s stock after selling 13,960 shares during the quarter. Procyon Advisors LLC’s holdings in American International Group were worth $751,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. Capital Research Global Investors lifted its position in shares of American International Group by 1.4% in the 4th quarter. Capital Research Global Investors now owns 34,890,814 shares of the insurance provider’s stock worth $2,540,050,000 after purchasing an additional 482,724 shares during the period. Wellington Management Group LLP raised its stake in American International Group by 7.2% during the fourth quarter. Wellington Management Group LLP now owns 26,805,310 shares of the insurance provider’s stock worth $1,951,427,000 after buying an additional 1,791,964 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in American International Group by 3.4% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 14,147,050 shares of the insurance provider’s stock valued at $1,029,905,000 after buying an additional 461,912 shares during the period. Franklin Resources Inc. boosted its position in American International Group by 14.0% during the fourth quarter. Franklin Resources Inc. now owns 10,446,819 shares of the insurance provider’s stock valued at $760,528,000 after acquiring an additional 1,284,354 shares during the last quarter. Finally, Norges Bank bought a new stake in American International Group during the fourth quarter valued at $718,013,000. 90.60% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other American International Group news, EVP Christopher Flatt sold 46,182 shares of the company’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $83.26, for a total transaction of $3,845,113.32. Following the sale, the executive vice president now directly owns 21,400 shares of the company’s stock, valued at $1,781,764. This represents a 68.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.61% of the company’s stock.
American International Group Trading Up 2.3%
American International Group (NYSE:AIG – Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The insurance provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.04 by $0.13. American International Group had a positive return on equity of 8.01% and a negative net margin of 4.25%. The firm had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.89 billion. During the same period in the prior year, the business posted $1.25 earnings per share. As a group, research analysts predict that American International Group, Inc. will post 6.24 earnings per share for the current fiscal year.
American International Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.06%. This is a positive change from American International Group’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, June 13th. American International Group’s dividend payout ratio is -67.67%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on AIG. The Goldman Sachs Group boosted their price objective on American International Group from $79.00 to $87.00 and gave the company a “neutral” rating in a research note on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft boosted their price target on American International Group to $91.00 and gave the company a “buy” rating in a research note on Wednesday, April 2nd. HSBC raised shares of American International Group from a “hold” rating to a “buy” rating and set a $93.00 price objective for the company in a research report on Wednesday, March 5th. UBS Group dropped their target price on shares of American International Group from $88.00 to $86.00 and set a “buy” rating on the stock in a research report on Tuesday, February 18th. Finally, Barclays increased their target price on shares of American International Group from $92.00 to $93.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.12.
About American International Group
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.
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