Bank of New York Mellon Corp Sells 248,026 Shares of American International Group, Inc. (NYSE:AIG)

Bank of New York Mellon Corp reduced its position in shares of American International Group, Inc. (NYSE:AIG) by 2.6% during the second quarter, Holdings Channel reports. The firm owned 9,134,240 shares of the insurance provider’s stock after selling 248,026 shares during the period. Bank of New York Mellon Corp’s holdings in American International Group were worth $678,126,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Fortitude Family Office LLC lifted its position in shares of American International Group by 199.2% during the second quarter. Fortitude Family Office LLC now owns 359 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 239 shares in the last quarter. Rise Advisors LLC bought a new stake in American International Group in the first quarter worth about $29,000. Valued Wealth Advisors LLC raised its position in 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 period. Versant Capital Management Inc raised its position in shares of American International Group by 326.0% in the second quarter. Versant Capital Management Inc now owns 443 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 339 shares during the period. Finally, CENTRAL TRUST Co raised its position in shares of 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 institutional investors.

Insider Transactions at American International Group

In other news, major shareholder International Group American sold 1,932,609 shares of the business’s 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 in the company, valued at approximately $8,534,313,988.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 39,964,738 shares of company stock worth $1,132,432,195. 0.61% of the stock is currently owned by insiders.

American International Group Price Performance

AIG stock traded down $0.53 during midday trading on Monday, reaching $74.79. The company had a trading volume of 1,534,150 shares, compared to its average volume of 4,160,281. 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, Inc. has a 1 year low of $57.45 and a 1 year high of $80.83. The company has a market capitalization of $49.64 billion, a P/E ratio of 11.16, a P/E/G ratio of 2.48 and a beta of 1.07. The firm has a 50-day moving average price of $74.88 and a 200-day moving average price of $75.23.

American International Group (NYSE:AIG) last released its quarterly earnings results 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 positive return on equity of 9.37% and a negative net margin of 1.54%. The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $11.64 billion. During the same period in the prior year, the firm earned $1.75 EPS. American International Group’s quarterly revenue was up .0% on a year-over-year basis. On average, research analysts anticipate that American International Group, Inc. will post 6.4 earnings per share for the current fiscal year.

American International Group announced that its board has approved a share buyback plan on Wednesday, May 1st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to repurchase up to 19.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

American International Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.40 dividend. 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 2.14%. American International Group’s payout ratio is 23.88%.

Analysts Set New Price Targets

Several research firms have recently issued reports on AIG. Bank of America boosted their price target on shares of American International Group from $81.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Wells Fargo & Company lowered their price target on shares of American International Group from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. StockNews.com lowered shares of American International Group from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. Morgan Stanley reduced their price objective on shares of American International Group from $82.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Finally, Piper Sandler reduced their price objective on shares of American International Group from $89.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, American International Group has a consensus rating of “Hold” and an average target price of $83.47.

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.