Royal Bank of Canada Buys 212,616 Shares of American International Group, Inc. (NYSE:AIG)

Royal Bank of Canada lifted its stake in American International Group, Inc. (NYSE:AIG) by 9.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,519,123 shares of the insurance provider’s stock after buying an additional 212,616 shares during the period. Royal Bank of Canada’s holdings in American International Group were worth $183,392,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Artemis Investment Management LLP lifted its stake in shares of American International Group by 115.9% in the fourth quarter. Artemis Investment Management LLP now owns 274,246 shares of the insurance provider’s stock valued at $19,965,000 after buying an additional 147,235 shares during the period. Beacon Investment Advisory Services Inc. lifted its stake in shares of American International Group by 5.2% in the fourth quarter. Beacon Investment Advisory Services Inc. now owns 70,816 shares of the insurance provider’s stock valued at $5,155,000 after buying an additional 3,490 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of American International Group by 54.3% in the fourth quarter. Jones Financial Companies Lllp now owns 12,690 shares of the insurance provider’s stock valued at $924,000 after buying an additional 4,468 shares during the period. Merit Financial Group LLC bought a new stake in shares of American International Group in the fourth quarter valued at about $1,260,000. Finally, Williams & Novak LLC bought a new stake in shares of American International Group in the fourth quarter valued at about $279,000. Institutional investors own 90.60% of the company’s stock.

American International Group Stock Performance

NYSE:AIG opened at $84.34 on Friday. American International Group, Inc. has a 1 year low of $69.00 and a 1 year high of $88.07. The firm has a 50 day moving average of $82.47 and a 200-day moving average of $77.73. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $48.60 billion, a P/E ratio of -40.55, a price-to-earnings-growth ratio of 1.01 and a beta of 0.69.

American International Group (NYSE:AIG) last posted its earnings results on Thursday, May 1st. The insurance provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.13. American International Group had a negative net margin of 4.25% and a positive return on equity of 8.01%. The company had revenue of $6.77 billion during the quarter, compared to analysts’ expectations of $6.89 billion. During the same quarter in the previous year, the company posted $1.25 earnings per share. As a group, sell-side analysts anticipate that American International Group, Inc. will post 6.24 EPS for the current fiscal year.

American International Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.13%. This is a boost from American International Group’s previous quarterly dividend of $0.40. American International Group’s payout ratio is -67.67%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Evercore ISI increased their target price on shares of American International Group from $81.00 to $89.00 and gave the company an “in-line” rating in a research note on Tuesday, April 1st. UBS Group dropped their price target on shares of American International Group from $88.00 to $86.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Jefferies Financial Group raised their price target on shares of American International Group from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. JPMorgan Chase & Co. restated a “neutral” rating and set a $91.00 price target (up previously from $83.00) on shares of American International Group in a research note on Tuesday, April 8th. Finally, Morgan Stanley raised their price target on shares of American International Group from $80.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.88.

Insider Activity

In related news, EVP Christopher Flatt sold 46,182 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $83.26, for a total value of $3,845,113.32. Following the completion of the sale, the executive vice president now owns 21,400 shares of the company’s stock, valued at $1,781,764. This trade represents a 68.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.50% of the stock is currently owned by corporate insiders.

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.