Pitcairn Co. Reduces Stake in American International Group, Inc. (NYSE:AIG)

Pitcairn Co. reduced its holdings in American International Group, Inc. (NYSE:AIG) by 58.7% during the first quarter, Holdings Channel.com reports. The fund owned 9,106 shares of the insurance provider’s stock after selling 12,924 shares during the quarter. Pitcairn Co.’s holdings in American International Group were worth $712,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of American International Group by 5.3% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 2,691 shares of the insurance provider’s stock worth $210,000 after purchasing an additional 136 shares in the last quarter. Sage Mountain Advisors LLC boosted its stake in shares of American International Group by 2.3% in the first quarter. Sage Mountain Advisors LLC now owns 6,700 shares of the insurance provider’s stock worth $524,000 after acquiring an additional 148 shares during the period. Kentucky Retirement Systems Insurance Trust Fund boosted its stake in shares of American International Group by 0.6% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 25,011 shares of the insurance provider’s stock worth $1,694,000 after acquiring an additional 154 shares during the period. Cary Street Partners Investment Advisory LLC boosted its stake in shares of American International Group by 0.9% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 18,553 shares of the insurance provider’s stock worth $1,257,000 after acquiring an additional 157 shares during the period. Finally, New Republic Capital LLC boosted its stake in shares of American International Group by 5.2% in the first quarter. New Republic Capital LLC now owns 3,290 shares of the insurance provider’s stock worth $257,000 after acquiring an additional 164 shares during the period. 90.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $87.00 price objective on shares of American International Group in a research note on Thursday, June 27th. Evercore ISI dropped their price target 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, June 27th. Wells Fargo & Company increased their price target on 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. Morgan Stanley reduced their price target on American International Group from $82.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Finally, Citigroup reduced their price objective on American International Group from $89.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $82.50.

Insider Buying and Selling

In other American International Group news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.61% of the company’s stock.

American International Group Trading Down 0.0 %

NYSE AIG traded down $0.01 on Thursday, reaching $75.25. The stock had a trading volume of 5,303,441 shares, compared to its average volume of 4,159,806. The firm has a market capitalization of $49.94 billion, a price-to-earnings ratio of 11.23, a P/E/G ratio of 2.52 and a beta of 1.08. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.05. American International Group, Inc. has a 12-month low of $57.02 and a 12-month high of $80.83. The stock has a fifty day moving average price of $76.25 and a two-hundred day moving average price of $74.35.

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, beating analysts’ consensus estimates 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 company had revenue of $12.58 billion for the quarter, compared to analyst estimates of $12.04 billion. During the same quarter in the previous year, the company earned $1.63 earnings per share. As a group, sell-side analysts forecast that American International Group, Inc. will post 6.45 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. Investors of record on Friday, June 14th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.13%. This is an increase from American International Group’s previous quarterly dividend of $0.36. American International Group’s payout ratio is presently 23.88%.

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

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.