American International Group (NYSE:AIG) Shares Gap Up After Analyst Upgrade

American International Group, Inc. (NYSE:AIG)’s share price gapped up before the market opened on Thursday after Bank of America raised their price target on the stock from $82.00 to $86.00. The stock had previously closed at $75.60, but opened at $77.39. Bank of America currently has a neutral rating on the stock. American International Group shares last traded at $76.69, with a volume of 207,770 shares changing hands.

A number of other research firms have also issued reports on AIG. Evercore ISI reduced their target price on shares of American International Group from $79.00 to $78.00 and set an “in-line” rating for the company in a research note on Wednesday. Jefferies Financial Group boosted their target price on shares of American International Group from $82.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays started coverage on shares of American International Group in a research report on Wednesday, September 4th. They set an “overweight” rating and a $90.00 price target on the stock. StockNews.com downgraded shares of American International Group from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. Finally, TD Cowen dropped their price target on shares of American International Group from $83.00 to $80.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.50.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On American International Group

Large investors have recently made changes to their positions in the company. Forum Financial Management LP grew its position in American International Group by 1.1% during the second quarter. Forum Financial Management LP now owns 12,173 shares of the insurance provider’s stock valued at $904,000 after purchasing an additional 128 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in American International Group by 5.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 2,691 shares of the insurance provider’s stock valued at $210,000 after purchasing an additional 136 shares in the last quarter. Quent Capital LLC grew its position in American International Group by 4.0% during the second quarter. Quent Capital LLC now owns 3,834 shares of the insurance provider’s stock valued at $285,000 after purchasing an additional 146 shares in the last quarter. New Republic Capital LLC grew its position in American International Group by 5.2% during the first quarter. New Republic Capital LLC now owns 3,290 shares of the insurance provider’s stock valued at $257,000 after purchasing an additional 164 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its position in American International Group by 2.8% during the first quarter. Avantax Advisory Services Inc. now owns 6,106 shares of the insurance provider’s stock valued at $477,000 after purchasing an additional 165 shares in the last quarter. Institutional investors and hedge funds own 90.60% of the company’s stock.

American International Group Price Performance

The stock’s 50-day moving average is $73.66 and its 200 day moving average is $75.51. The stock has a market capitalization of $49.73 billion, a PE ratio of -59.31, a P/E/G ratio of 3.88 and a beta of 1.06. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.22.

American International Group (NYSE:AIG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.14). The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $11.64 billion. American International Group had a positive return on equity of 9.52% and a negative net margin of 1.54%. The business’s revenue was up .0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.75 earnings per share. As a group, equities analysts predict that American International Group, Inc. will post 5.09 earnings per share for the current year.

American International Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Monday, September 16th. American International Group’s dividend payout ratio is currently -124.03%.

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.