Clear Harbor Asset Management LLC raised its stake in shares of American International Group, Inc. (NYSE:AIG) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,248 shares of the insurance provider’s stock after buying an additional 109 shares during the period. Clear Harbor Asset Management LLC’s holdings in American International Group were worth $332,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Israel Discount Bank of New York acquired a new position in shares of American International Group during the first quarter valued at about $145,000. Chicago Partners Investment Group LLC raised its position in shares of 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 period. FTB Advisors Inc. raised its position in shares of 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 period. Feltz Wealth PLAN Inc. acquired a new position in shares of American International Group during the first quarter valued at about $184,000. Finally, Lincoln National Corp acquired a new position in shares of American International Group during the first quarter valued at about $202,000. 87.76% of the stock is currently owned by institutional investors.
American International Group, Inc. (AIG) opened at 61.67 on Friday. American International Group, Inc. has a 52 week low of $57.35 and a 52 week high of $67.47. The company’s market capitalization is $55.71 billion. The stock’s 50 day moving average is $63.99 and its 200 day moving average is $63.00. American International Group also saw some unusual options trading on Wednesday. Investors acquired 12,371 call options on the company. This is an increase of 249% compared to the typical daily volume of 3,541 call options.
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 the Zacks’ consensus estimate of $1.20 by $0.33. The company had revenue of $11.23 billion for the quarter, compared to analysts’ expectations of $12.61 billion. American International Group had a positive return on equity of 6.06% and a negative net margin of 0.53%. During the same period last year, the firm posted $0.98 EPS. Analysts predict that American International Group, Inc. will post $5.28 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.08%. American International Group’s dividend payout ratio is -711.07%.
American International Group declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 3rd that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the insurance provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
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A number of analysts recently weighed in on AIG shares. TheStreet upgraded shares of American International Group from a “c” rating to a “b-” rating in a research report on Wednesday, May 3rd. BidaskClub downgraded shares of American International Group from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Wells Fargo & Company reiterated a “buy” rating on shares of American International Group in a research report on Thursday, April 20th. Zacks Investment Research downgraded shares of American International Group from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Morgan Stanley upgraded shares of American International Group from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $62.87 to $61.82 in a research report on Tuesday, May 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. American International Group presently has a consensus rating of “Buy” and an average target price of $69.02.
American International Group Company Profile
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.
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