M&G Plc Purchases New Position in American International Group, Inc. (NYSE:AIG)

M&G Plc acquired a new stake in American International Group, Inc. (NYSE:AIG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 118,217 shares of the insurance provider’s stock, valued at approximately $8,748,000.

Several other hedge funds also recently made changes to their positions in AIG. International Assets Investment Management LLC purchased a new position in shares of American International Group during the fourth quarter worth about $26,590,000. Cerity Partners LLC raised its stake in shares of American International Group by 27.7% during the fourth quarter. Cerity Partners LLC now owns 42,855 shares of the insurance provider’s stock worth $2,903,000 after purchasing an additional 9,295 shares during the last quarter. Perigon Wealth Management LLC purchased a new position in American International Group in the 4th quarter valued at $322,000. Graypoint LLC increased its stake in American International Group by 11.5% in the 4th quarter. Graypoint LLC now owns 8,656 shares of the insurance provider’s stock valued at $586,000 after buying an additional 896 shares during the period. Finally, Simplicity Solutions LLC lifted its stake in shares of American International Group by 3.2% in the 4th quarter. Simplicity Solutions LLC now owns 23,231 shares of the insurance provider’s stock worth $1,574,000 after acquiring an additional 724 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.

American International Group Stock Performance

American International Group stock opened at $71.63 on Wednesday. American International Group, Inc. has a fifty-two week low of $57.02 and a fifty-two week high of $80.83. The company has a market capitalization of $47.54 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 2.48 and a beta of 1.07. The stock has a fifty day moving average of $75.02 and a two-hundred day moving average of $74.97. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.29 and a current ratio of 0.29.

American International Group (NYSE:AIG) last posted its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.14). American International Group had a negative net margin of 1.54% and a positive return on equity of 9.37%. The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $11.64 billion. During the same period in the previous year, the business earned $1.75 EPS. The firm’s revenue was up .0% on a year-over-year basis. On average, analysts anticipate that American International Group, Inc. will post 6.4 EPS for the current fiscal year.

American International Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.23%. American International Group’s dividend payout ratio (DPR) is presently 23.88%.

American International Group announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 1st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 19.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods dropped their price target on shares of American International Group from $96.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday. JPMorgan Chase & Co. boosted their target price on American International Group from $80.00 to $93.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Citigroup decreased their price target on American International Group from $89.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, July 23rd. Wells Fargo & Company reduced their target price on American International Group from $79.00 to $77.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Finally, Evercore ISI lowered their price target on shares of American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, American International Group has a consensus rating of “Hold” and an average target price of $83.47.

Insider Activity

In other American International Group news, major shareholder International Group American sold 1,932,609 shares of American International Group stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the sale, the insider now directly owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 39,964,738 shares of company stock valued at $1,132,432,195 over the last 90 days. Insiders own 0.61% of the company’s stock.

American International Group 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.