CIBC Asset Management Inc Has $8.39 Million Position in American International Group, Inc. (NYSE:AIG)

CIBC Asset Management Inc increased its stake in shares of American International Group, Inc. (NYSE:AIG) by 3.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,256 shares of the insurance provider’s stock after buying an additional 4,770 shares during the period. CIBC Asset Management Inc’s holdings in American International Group were worth $8,394,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of AIG. Israel Discount Bank of New York bought a new stake in American International Group during the first quarter valued at about $145,000. Chicago Partners Investment Group LLC raised its stake in American International Group by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 2,642 shares of the insurance provider’s stock valued at $165,000 after buying an additional 14 shares during the last quarter. FTB Advisors Inc. raised its stake in American International Group by 147.9% in the first quarter. FTB Advisors Inc. now owns 2,868 shares of the insurance provider’s stock valued at $176,000 after buying an additional 1,711 shares during the last quarter. Feltz Wealth PLAN Inc. bought a new stake in American International Group during the first quarter valued at about $184,000. Finally, Lincoln National Corp bought a new stake in American International Group during the first quarter valued at about $202,000. 86.02% of the stock is owned by institutional investors and hedge funds.

Shares of American International Group, Inc. (AIG) opened at 66.06 on Friday. American International Group, Inc. has a 12 month low of $56.80 and a 12 month high of $67.47. The firm’s 50-day moving average price is $63.89 and its 200-day moving average price is $63.11. The company has a market capitalization of $61.16 billion, a price-to-earnings ratio of 134.27 and a beta of 1.14.

American International Group (NYSE:AIG) last announced its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.33. American International Group had a negative net margin of 0.53% and a positive return on equity of 5.95%. The business had revenue of $11.23 billion during the quarter, compared to the consensus estimate of $12.61 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. Equities research analysts expect that American International Group, Inc. will post $5.02 EPS for the current year.

American International Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 3rd that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the insurance provider to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Thursday, September 14th. American International Group’s dividend payout ratio is presently -711.07%.

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $75.00 price objective on shares of American International Group in a research note on Thursday. Zacks Investment Research raised American International Group from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub raised American International Group from a “sell” rating to a “hold” rating in a research note on Tuesday. Royal Bank Of Canada reissued a “buy” rating and set a $71.00 price target on shares of American International Group in a research note on Monday, April 24th. Finally, Wells Fargo & Company reissued a “buy” rating on shares of American International Group in a research note on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $65.22.

In other American International Group news, CEO Brian Duperreault acquired 80,000 shares of the stock in a transaction that occurred on Thursday, May 18th. The stock was acquired at an average price of $61.48 per share, with a total value of $4,918,400.00. Following the transaction, the chief executive officer now directly owns 80,000 shares in the company, valued at $4,918,400. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.52% of the stock is owned by corporate insiders.

About American International Group

American International Group, Inc is a global insurance company. The Company provides a range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers. Its segments include Commercial Insurance, Consumer Insurance, Other Operations and Legacy Portfolio.

Want to see what other hedge funds are holding AIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American International Group, Inc. (NYSE:AIG).