American International Group (NYSE:AIG) Posts Quarterly Earnings Results, Beats Estimates By $0.63 EPS

American International Group (NYSE:AIG) issued its earnings results on Tuesday. The insurance provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.63, Zacks reports. American International Group had a net margin of 11.51% and a return on equity of 7.88%.

American International Group Price Performance

Shares of AIG traded up $1.78 during trading hours on Tuesday, hitting $80.74. 5,268,284 shares of the stock were exchanged, compared to its average volume of 4,505,981. American International Group has a 12-month low of $69.24 and a 12-month high of $88.07. The company has a market cap of $44.73 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 0.77 and a beta of 0.68. The stock’s 50-day moving average price is $79.49 and its two-hundred day moving average price is $81.28. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63.

American International Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Tuesday, September 16th. American International Group’s payout ratio is presently 34.09%.

Institutional Investors Weigh In On American International Group

A number of large investors have recently made changes to their positions in the stock. Viking Global Investors LP purchased a new stake in shares of American International Group in the 2nd quarter valued at approximately $155,413,000. Adage Capital Partners GP L.L.C. grew its position in American International Group by 462.9% in the second quarter. Adage Capital Partners GP L.L.C. now owns 627,838 shares of the insurance provider’s stock worth $53,737,000 after acquiring an additional 516,300 shares during the period. Canada Pension Plan Investment Board grew its position in American International Group by 26.5% in the second quarter. Canada Pension Plan Investment Board now owns 770,522 shares of the insurance provider’s stock worth $65,949,000 after acquiring an additional 161,582 shares during the period. Man Group plc grew its position in American International Group by 165.0% in the second quarter. Man Group plc now owns 231,820 shares of the insurance provider’s stock worth $19,841,000 after acquiring an additional 144,329 shares during the period. Finally, Raymond James Financial Inc. grew its position in American International Group by 4.4% in the second quarter. Raymond James Financial Inc. now owns 3,429,324 shares of the insurance provider’s stock worth $293,516,000 after acquiring an additional 143,361 shares during the period. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AIG. Cantor Fitzgerald upgraded American International Group to a “hold” rating in a research note on Tuesday, August 12th. Piper Sandler reduced their price target on American International Group from $96.00 to $88.00 and set an “overweight” rating for the company in a research report on Thursday, October 2nd. Cfra Research raised shares of American International Group to a “moderate buy” rating in a report on Monday, August 11th. Jefferies Financial Group lifted their target price on shares of American International Group from $96.00 to $99.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of American International Group from $97.00 to $91.00 and set an “outperform” rating for the company in a report on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $89.81.

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.