American International Group (NYSE:AIG) Price Target Cut to $77.00

American International Group (NYSE:AIG) had its price objective dropped by research analysts at Wells Fargo & Company from $79.00 to $77.00 in a report released on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 6.86% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. Morgan Stanley cut their price target on shares of 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. Bank of America lifted their price target 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. Keefe, Bruyette & Woods restated an “outperform” rating and set a $87.00 price objective on shares of American International Group in a research note on Thursday, June 27th. JPMorgan Chase & Co. increased their price target on shares of American International Group from $80.00 to $93.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Finally, Citigroup lowered their price objective on American International Group from $89.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, American International Group has an average rating of “Hold” and an average target price of $83.13.

American International Group Stock Performance

AIG stock traded down $0.08 during midday trading on Friday, reaching $72.06. 3,541,157 shares of the company’s stock traded hands, compared to its average volume of 4,243,853. The firm has a market capitalization of $47.82 billion, a PE ratio of 10.76, a price-to-earnings-growth ratio of 2.48 and a beta of 1.07. The company has a 50-day moving average price of $75.26 and a two-hundred day moving average price of $74.89. 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.

American International Group (NYSE:AIG) last issued its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.14). American International Group had a positive return on equity of 9.37% and a negative net margin of 1.54%. The business had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $11.64 billion. During the same quarter last year, the business posted $1.75 EPS. The company’s quarterly revenue was up .0% on a year-over-year basis. As a group, equities analysts anticipate that American International Group will post 6.4 EPS for the current year.

American International Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 1st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to reacquire up to 19.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at American International Group

In other American International Group news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the transaction, the insider now directly owns 294,203,636 shares in the company, valued at approximately $8,590,746,171.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 39,964,738 shares of company stock valued at $1,132,432,195 in the last three months. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On American International Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in American International Group during the 4th quarter worth $746,005,000. Swedbank AB purchased a new stake in American International Group during the 1st quarter valued at about $99,951,000. Canada Pension Plan Investment Board lifted its stake in American International Group by 98.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,893,990 shares of the insurance provider’s stock worth $148,053,000 after purchasing an additional 941,607 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in American International Group by 95.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,221,724 shares of the insurance provider’s stock valued at $82,772,000 after acquiring an additional 597,661 shares during the last quarter. Finally, Third Point LLC boosted its position in shares of American International Group by 16.9% during the 4th quarter. Third Point LLC now owns 3,450,000 shares of the insurance provider’s stock worth $233,738,000 after purchasing an additional 500,000 shares during the period. 90.60% of the stock is owned by institutional investors and hedge funds.

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.