American International Group (NYSE:AIG) Price Target Cut to $78.00 by Analysts at Evercore ISI

American International Group (NYSE:AIG) had its price target reduced by Evercore ISI from $81.00 to $78.00 in a research report released on Thursday, Benzinga reports. They currently have an in-line rating on the insurance provider’s stock.

A number of other equities research analysts have also recently commented on the company. Wells Fargo & Company boosted their price objective on American International Group from $80.00 to $82.00 and gave the company an equal weight rating in a report on Friday, May 10th. Bank of America boosted their price target on shares of American International Group from $82.00 to $84.00 and gave the company a neutral rating in a research note on Tuesday, June 11th. JPMorgan Chase & Co. lifted their price objective on shares of American International Group from $73.00 to $80.00 and gave the company a neutral rating in a report on Monday, April 8th. Citigroup upped their target price on shares of American International Group from $79.00 to $87.00 and gave the stock a buy rating in a report on Tuesday, April 16th. Finally, Piper Sandler lifted their price target on American International Group from $87.00 to $89.00 and gave the company an overweight rating in a research note on Friday, April 19th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $81.38.

American International Group Trading Down 1.0 %

NYSE:AIG opened at $74.24 on Thursday. American International Group has a 12 month low of $56.55 and a 12 month high of $80.83. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $49.27 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 2.04 and a beta of 1.08. The firm has a fifty day simple moving average of $76.75 and a two-hundred day simple moving average of $73.30.

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

American International Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.40 dividend. This is an increase from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date was Friday, June 14th. American International Group’s dividend payout ratio (DPR) is currently 23.88%.

American International Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 1st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 19.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at American International Group

In other American International Group news, major shareholder International Group American sold 30,000,000 shares of the 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 completion of the transaction, the insider now owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On American International Group

Several institutional investors have recently made changes to their positions in the stock. Valued Wealth Advisors LLC grew its holdings in American International Group by 303.3% during the 1st quarter. Valued Wealth Advisors LLC now owns 367 shares of the insurance provider’s stock valued at $29,000 after buying an additional 276 shares in the last quarter. Rise Advisors LLC bought a new stake in American International Group during the 1st quarter worth approximately $29,000. CENTRAL TRUST Co lifted its stake in American International Group by 123.8% in the 1st quarter. CENTRAL TRUST Co now owns 452 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 250 shares in the last quarter. Neo Ivy Capital Management bought a new position in American International Group in the 4th quarter valued at $40,000. Finally, Scarborough Advisors LLC purchased a new position in shares of American International Group during the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 90.60% of the company’s stock.

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.