Piper Sandler Trims American International Group (NYSE:AIG) Target Price to $86.00

American International Group (NYSE:AIG) had its price objective decreased by Piper Sandler from $89.00 to $86.00 in a research note published on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the insurance provider’s stock.

AIG has been the topic of several other research reports. JPMorgan Chase & Co. increased their price objective on American International Group from $80.00 to $93.00 and gave the stock a neutral rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods reiterated an outperform rating and set a $87.00 price objective on shares of American International Group in a research report on Thursday, June 27th. Evercore ISI lowered their price objective on American International Group from $81.00 to $78.00 and set an in-line rating on the stock in a research report on Thursday, June 27th. Bank of America increased their price objective on American International Group from $81.00 to $82.00 and gave the stock a neutral rating in a research report on Thursday, August 1st. Finally, BMO Capital Markets increased their price objective on American International Group from $88.00 to $89.00 and gave the stock an outperform rating in a research report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $83.47.

American International Group Stock Down 2.6 %

Shares of NYSE:AIG opened at $70.13 on Friday. American International Group has a 52 week low of $57.02 and a 52 week high of $80.83. 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 company’s fifty day moving average is $75.93 and its 200-day moving average is $74.84. The company has a market capitalization of $46.54 billion, a PE ratio of 10.47, a P/E/G ratio of 2.48 and a beta of 1.07.

American International Group (NYSE:AIG) last announced its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.14). American International Group had a negative net margin of 1.54% and a positive return on equity of 9.37%. The company had revenue of $1.00 million during the quarter, compared to the consensus estimate of $11.64 billion. During the same period last year, the company earned $1.75 earnings per share. The business’s revenue was up .0% compared to the same quarter last year. Equities research analysts predict that American International Group will post 6.4 earnings per share for the current fiscal year.

American International Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.40 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.60 annualized dividend and a yield of 2.28%. American International Group’s dividend payout ratio (DPR) is currently 23.88%.

American International Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 1st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to buy up to 19.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other American International Group news, major shareholder International Group American sold 1,932,609 shares of American International Group stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder International Group American sold 1,932,609 shares of American International Group stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the sale, the insider now owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director W Don Cornwell 1,000 shares of the company’s stock in a transaction dated Tuesday, July 30th. The disclosure for this trade can be found here. 0.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On American International Group

Several large investors have recently bought and sold shares of the stock. Fortitude Family Office LLC raised its holdings in shares of American International Group by 199.2% in the second quarter. Fortitude Family Office LLC now owns 359 shares of the insurance provider’s stock valued at $27,000 after buying an additional 239 shares during the last quarter. Rise Advisors LLC acquired a new stake in American International Group during the first quarter worth approximately $29,000. Valued Wealth Advisors LLC boosted its position in American International Group by 303.3% during the first quarter. Valued Wealth Advisors LLC now owns 367 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 276 shares during the last quarter. Versant Capital Management Inc raised its stake in American International Group by 326.0% during the second quarter. Versant Capital Management Inc now owns 443 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 339 shares during the period. Finally, CENTRAL TRUST Co raised its stake in American International Group by 123.8% during the first quarter. CENTRAL TRUST Co now owns 452 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 250 shares during the period. Institutional investors and hedge funds 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.