American International Group (NYSE:AIG) Given New $80.00 Price Target at TD Cowen

American International Group (NYSE:AIG) had its price objective decreased by TD Cowen from $83.00 to $80.00 in a report issued on Tuesday, Benzinga reports. TD Cowen currently has a hold rating on the insurance provider’s stock.

AIG has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their price objective on shares of American International Group from $80.00 to $93.00 and gave the company a neutral rating in a research report on Thursday, July 11th. BMO Capital Markets increased their price target on American International Group from $88.00 to $89.00 and gave the stock an outperform rating in a report on Monday, May 13th. Citigroup cut 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, July 23rd. Wells Fargo & Company lowered their target price on American International Group from $79.00 to $77.00 and set an equal weight rating for the company in a research note on Friday, August 9th. Finally, Bank of America lifted their price target on shares of American International Group from $81.00 to $82.00 and gave the company a neutral rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $83.47.

American International Group Price Performance

Shares of AIG opened at $73.56 on Tuesday. The stock has a market cap of $48.82 billion, a P/E ratio of 10.98, a price-to-earnings-growth ratio of 2.48 and a beta of 1.07. American International Group has a 1 year low of $57.02 and a 1 year high of $80.83. The stock’s 50-day moving average price is $74.87 and its two-hundred day moving average price is $74.97. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.05.

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

American International Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Monday, September 16th. American International Group’s dividend payout ratio is currently 23.88%.

American International Group declared that its Board of Directors has authorized a share 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 repurchase up to 19.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at American International Group

In other news, major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly 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 can be accessed through the SEC website. Insiders sold a total of 39,964,738 shares of company stock worth $1,132,432,195 over the last quarter. 0.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On American International Group

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of American International Group in the fourth quarter valued at about $746,005,000. Swedbank AB acquired a new stake in American International Group during the first quarter worth approximately $99,951,000. Canada Pension Plan Investment Board boosted its holdings in shares of American International Group by 98.9% during the first quarter. Canada Pension Plan Investment Board now owns 1,893,990 shares of the insurance provider’s stock worth $148,053,000 after acquiring an additional 941,607 shares during the period. Bank of Montreal Can grew its position in shares of American International Group by 83.6% in the second quarter. Bank of Montreal Can now owns 1,312,741 shares of the insurance provider’s stock valued at $97,825,000 after purchasing an additional 597,765 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its stake in shares of American International Group by 95.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,221,724 shares of the insurance provider’s stock worth $82,772,000 after purchasing an additional 597,661 shares during the period. Institutional investors and hedge funds own 90.60% of the company’s stock.

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.