Bank of America Increases American International Group (NYSE:AIG) Price Target to $82.00

American International Group (NYSE:AIG) had its target price raised by investment analysts at Bank of America from $81.00 to $82.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. Bank of America‘s price objective points to a potential upside of 3.48% from the company’s previous close.

A number of other brokerages also recently issued reports on AIG. Piper Sandler increased their price target on American International Group from $87.00 to $89.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Evercore ISI lowered their price target on American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, June 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $87.00 price target on shares of American International Group in a research report on Thursday, June 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $87.00 price target on shares of American International Group in a research report on Tuesday, July 9th. Finally, Wells Fargo & Company increased their price target on American International Group from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, May 10th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $82.56.

American International Group Stock Up 0.3 %

Shares of AIG opened at $79.24 on Thursday. American International Group has a 52 week low of $57.02 and a 52 week high of $80.83. 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 company has a market capitalization of $52.59 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 2.61 and a beta of 1.08. The stock’s 50-day moving average price is $76.11 and its 200-day moving average price is $74.70.

American International Group (NYSE:AIG) last issued its 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 the consensus estimate of $12.04 billion. During the same quarter in the prior year, the business earned $1.63 earnings per share. On average, sell-side analysts predict that American International Group will post 6.4 EPS for the current year.

American International Group declared that its board has approved a stock repurchase program on Wednesday, May 1st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to purchase up to 19.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at American International Group

In other news, Director W Don Cornwell 1,000 shares of the company’s stock in a transaction on Tuesday, July 30th. The was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder International Group American sold 30,000,000 shares of the business’s 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 transaction, the insider now owns 294,203,636 shares in the company, valued at approximately $8,590,746,171.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director W Don Cornwell 1,000 shares of the stock in a transaction dated Tuesday, July 30th. The disclosure for this trade can be found here. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On American International Group

Several institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its position in American International Group by 41.7% during the 4th quarter. Blue Trust Inc. now owns 788 shares of the insurance provider’s stock worth $53,000 after purchasing an additional 232 shares during the period. Pinnacle Associates Ltd. boosted its stake in shares of American International Group by 11.5% during the 4th quarter. Pinnacle Associates Ltd. now owns 7,678 shares of the insurance provider’s stock worth $520,000 after acquiring an additional 793 shares in the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of American International Group during the 4th quarter worth approximately $231,000. International Assets Investment Management LLC purchased a new stake in shares of American International Group during the 4th quarter worth approximately $26,590,000. Finally, Nilsine Partners LLC purchased a new stake in shares of American International Group during the 4th quarter worth approximately $247,000. Institutional investors and hedge funds own 90.60% of the company’s stock.

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.