American International Group (NYSE:AIG) PT Lowered to $78.00

American International Group (NYSE:AIG) had its price target decreased by equities researchers at Evercore ISI from $81.00 to $78.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the insurance provider’s stock. Evercore ISI’s target price points to a potential upside of 5.06% from the stock’s previous close.

AIG has been the subject of a number of other reports. HSBC lowered shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 target price for the company. in a research note on Wednesday, May 15th. Morgan Stanley raised their price target on American International Group from $72.00 to $79.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Citigroup lifted their price objective on shares of American International Group from $79.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Keefe, Bruyette & Woods increased their price objective on shares of American International Group from $82.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Finally, Bank of America upped their price objective on American International Group from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, June 11th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $81.38.

American International Group Stock Performance

Shares of AIG opened at $74.24 on Thursday. The firm has a market capitalization of $49.27 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 2.05 and a beta of 1.08. The company has a 50-day simple moving average of $76.75 and a two-hundred day simple moving average of $73.21. American International Group has a one year low of $56.55 and a one year high of $80.83. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.29 and a quick ratio of 0.29.

American International Group (NYSE:AIG) last issued its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.11. American International Group had a return on equity of 10.54% and a net margin of 9.98%. The firm had revenue of $12.58 billion for the quarter, compared to analysts’ expectations of $12.04 billion. During the same period in the previous year, the firm posted $1.63 EPS. On average, analysts anticipate that American International Group will post 7.02 EPS for the current fiscal year.

American International Group announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 1st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 19.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other American International Group news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the sale, the insider now directly owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American International Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in shares of American International Group during the 1st quarter worth approximately $29,000. Valued Wealth Advisors LLC boosted its stake in shares of American International Group by 303.3% in the first quarter. Valued Wealth Advisors LLC now owns 367 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 276 shares during the last quarter. CENTRAL TRUST Co increased its position in shares of American International Group by 123.8% during the first quarter. CENTRAL TRUST Co now owns 452 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 250 shares in the last quarter. Neo Ivy Capital Management acquired a new position in American International Group in the 4th quarter valued at $40,000. Finally, Scarborough Advisors LLC acquired a new stake in American International Group during the 4th quarter worth $40,000. Hedge funds and other institutional investors own 90.60% of the company’s stock.

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.