Optas LLC Purchases Shares of 2,937 American International Group, Inc. (NYSE:AIG)

Optas LLC acquired a new position in shares of American International Group, Inc. (NYSE:AIG) in the 1st quarter, Holdings Channel reports. The fund acquired 2,937 shares of the insurance provider’s stock, valued at approximately $230,000.

Several other institutional investors also recently modified their holdings of the stock. LPL Financial LLC raised its position in shares of American International Group by 6.6% during the 3rd quarter. LPL Financial LLC now owns 213,517 shares of the insurance provider’s stock valued at $12,939,000 after buying an additional 13,236 shares in the last quarter. Synovus Financial Corp lifted its stake in American International Group by 18.5% during the third quarter. Synovus Financial Corp now owns 29,617 shares of the insurance provider’s stock worth $1,795,000 after purchasing an additional 4,625 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in American International Group by 76.5% during the third quarter. Tower Research Capital LLC TRC now owns 29,528 shares of the insurance provider’s stock worth $1,789,000 after purchasing an additional 12,798 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of American International Group by 12.5% in the 3rd quarter. Bank of Nova Scotia now owns 66,344 shares of the insurance provider’s stock worth $4,020,000 after purchasing an additional 7,388 shares in the last quarter. Finally, Teza Capital Management LLC raised its holdings in shares of American International Group by 180.6% during the 3rd quarter. Teza Capital Management LLC now owns 31,778 shares of the insurance provider’s stock valued at $1,926,000 after buying an additional 20,453 shares in the last quarter. 90.60% of the stock is currently owned by institutional investors.

Insider Transactions at American International Group

In related news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the sale, the insider now owns 294,203,636 shares of the company’s stock, valued at $8,590,746,171.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.61% of the company’s stock.

American International Group Trading Down 1.0 %

Shares of NYSE AIG traded down $0.73 during midday trading on Friday, hitting $74.24. 9,261,732 shares of the company traded hands, compared to its average volume of 4,674,544. The stock has a 50-day moving average price of $76.75 and a 200 day moving average price of $73.30. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $49.27 billion, a P/E ratio of 11.08, a P/E/G ratio of 2.04 and a beta of 1.08. American International Group, Inc. has a 12-month low of $56.55 and a 12-month high of $80.83.

American International Group (NYSE:AIG) last announced its earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.11. American International Group had a return on equity of 10.54% and a net margin of 9.98%. The firm had revenue of $12.58 billion during the quarter, compared to analyst estimates of $12.04 billion. During the same quarter in the prior year, the company earned $1.63 EPS. As a group, analysts expect that American International Group, Inc. will post 7.02 earnings per share for the current year.

American International Group announced that its board has approved a share repurchase program on Wednesday, May 1st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 19.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

American International Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Friday, June 14th. This is a boost from American International Group’s previous quarterly dividend of $0.36. American International Group’s payout ratio is 23.88%.

Analyst Upgrades and Downgrades

AIG has been the subject of several research reports. Evercore ISI cut their target price on American International Group from $81.00 to $78.00 and set an “in-line” rating for the company in a research note on Thursday. HSBC cut shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 target price on the stock. in a research report on Wednesday, May 15th. Bank of America raised their price objective on American International Group from $82.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, June 11th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $87.00 target price on shares of American International Group in a report on Thursday. Finally, Piper Sandler lifted their price target on American International Group from $87.00 to $89.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $81.38.

American International Group Company Profile

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.