Convergence Investment Partners LLC purchased a new position in shares of American International Group, Inc. (NYSE:AIG – Free Report) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 17,407 shares of the insurance provider’s stock, valued at approximately $1,489,000.
Several other institutional investors and hedge funds also recently made changes to their positions in AIG. AlphaQuest LLC bought a new position in American International Group in the 3rd quarter worth about $2,724,000. Allstate Corp bought a new position in American International Group in the 3rd quarter worth about $1,689,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in American International Group by 21.6% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 583,680 shares of the insurance provider’s stock worth $45,842,000 after purchasing an additional 103,762 shares during the period. Algebris UK Ltd. bought a new position in American International Group in the 3rd quarter worth about $15,032,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in American International Group in the 3rd quarter worth about $2,257,000. Institutional investors own 90.60% of the company’s stock.
American International Group Stock Performance
Shares of NYSE AIG opened at $76.15 on Friday. The stock has a market cap of $40.37 billion, a price-to-earnings ratio of 13.43, a P/E/G ratio of 0.72 and a beta of 0.53. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. American International Group, Inc. has a 1-year low of $71.25 and a 1-year high of $87.46. The stock’s 50-day moving average is $76.24 and its 200 day moving average is $77.67.
American International Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.6%. This is a positive change from American International Group’s previous quarterly dividend of $0.45. American International Group’s payout ratio is 31.75%.
Analysts Set New Price Targets
Several research analysts have commented on AIG shares. Morgan Stanley cut their target price on American International Group from $83.00 to $82.00 and set an “equal weight” rating for the company in a research note on Monday, April 6th. JPMorgan Chase & Co. lowered their price target on American International Group from $97.00 to $86.00 and set a “neutral” rating on the stock in a report on Monday, April 20th. Keefe, Bruyette & Woods raised their price target on American International Group from $97.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, May 8th. HSBC raised their price target on American International Group from $89.00 to $94.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Mizuho raised their price target on American International Group from $84.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $88.06.
Check Out Our Latest Analysis on AIG
American International Group Profile
American International Group, Inc (AIG) is a global insurance holding company that provides a broad range of property-casualty insurance, specialty insurance, and risk management solutions to institutional, commercial and individual customers. Through its operating subsidiaries, AIG underwrites commercial and personal lines products—ranging from general liability, property, and casualty coverages to specialty lines such as professional liability, surety, cyber and marine—along with related services designed to help clients manage and transfer risk.
The company also has a long history in life insurance, retirement solutions and asset management through businesses that have been restructured or separated over time.
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