State of Alaska Department of Revenue Lowers Stock Holdings in American International Group, Inc. (NYSE:AIG)

State of Alaska Department of Revenue lessened its stake in American International Group, Inc. (NYSE:AIG) by 9.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 107,205 shares of the insurance provider’s stock after selling 10,660 shares during the period. State of Alaska Department of Revenue’s holdings in American International Group were worth $8,379,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its stake in shares of American International Group by 18.7% during the fourth quarter. Nordea Investment Management AB now owns 2,032,907 shares of the insurance provider’s stock worth $138,014,000 after purchasing an additional 319,948 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of American International Group by 22.6% in the 3rd quarter. American Century Companies Inc. now owns 422,852 shares of the insurance provider’s stock worth $25,625,000 after acquiring an additional 77,874 shares during the period. Essex Financial Services Inc. acquired a new position in shares of American International Group during the fourth quarter worth about $260,000. TCW Group Inc. acquired a new position in shares of American International Group during the fourth quarter worth about $724,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in American International Group during the fourth quarter worth about $948,000. 90.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.61% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Piper Sandler increased their target price 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. Evercore ISI reduced their target price on American International Group from $81.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, June 27th. HSBC cut shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 price target on the stock. in a research note on Wednesday, May 15th. Wells Fargo & Company raised their price objective on shares of American International Group from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, May 10th. Finally, Morgan Stanley raised their price target on American International Group from $72.00 to $79.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $81.38.

American International Group Trading Down 0.2 %

Shares of NYSE:AIG traded down $0.18 during trading on Wednesday, reaching $75.15. 2,341,229 shares of the stock were exchanged, compared to its average volume of 4,134,611. American International Group, Inc. has a 12-month low of $56.88 and a 12-month high of $80.83. The firm’s 50-day moving average price is $76.74 and its 200 day moving average price is $73.42. 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 $49.87 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 2.04 and a beta of 1.08.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $12.04 billion. During the same quarter in the prior year, the business earned $1.63 earnings per share. On average, sell-side analysts anticipate that American International Group, Inc. will post 7.02 earnings per share for the current fiscal year.

American International Group announced that its board has initiated a stock buyback program on Wednesday, May 1st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to buy up to 19.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

American International Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, June 14th. This is a positive change from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 annualized dividend and a yield of 2.13%. American International Group’s dividend payout ratio (DPR) is 23.88%.

American International Group 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.