Texas Permanent School Fund Corp Increases Stock Position in American International Group, Inc. (NYSE:AIG)

Texas Permanent School Fund Corp lifted its holdings in shares of American International Group, Inc. (NYSE:AIG) by 0.1% during the first quarter, HoldingsChannel.com reports. The fund owned 145,118 shares of the insurance provider’s stock after purchasing an additional 169 shares during the quarter. Texas Permanent School Fund Corp’s holdings in American International Group were worth $11,344,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Capital Research Global Investors grew its position in shares of American International Group by 0.4% during the fourth quarter. Capital Research Global Investors now owns 41,770,175 shares of the insurance provider’s stock worth $2,829,930,000 after acquiring an additional 176,286 shares during the last quarter. Norges Bank acquired a new stake in shares of American International Group during the fourth quarter worth $746,005,000. Putnam Investments LLC lifted its holdings in shares of American International Group by 3.8% during the fourth quarter. Putnam Investments LLC now owns 8,245,693 shares of the insurance provider’s stock worth $558,646,000 after purchasing an additional 300,712 shares during the period. LSV Asset Management lifted its holdings in shares of American International Group by 5.3% during the fourth quarter. LSV Asset Management now owns 5,786,940 shares of the insurance provider’s stock worth $392,065,000 after purchasing an additional 290,061 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of American International Group by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,395,566 shares of the insurance provider’s stock worth $297,800,000 after purchasing an additional 32,065 shares during the period. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other American International Group 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 completion of the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.61% of the stock is owned by company insiders.

American International Group Stock Up 0.7 %

Shares of AIG traded up $0.54 during trading on Friday, reaching $77.50. The company’s stock had a trading volume of 110,013 shares, compared to its average volume of 4,104,663. The company has a fifty day moving average of $76.72 and a two-hundred day moving average of $73.75. American International Group, Inc. has a twelve month low of $57.02 and a twelve month high of $80.83. The company has a market cap of $51.43 billion, a price-to-earnings ratio of 11.49, a P/E/G ratio of 2.07 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 (NYSE:AIG) last issued its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share 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 business had revenue of $12.58 billion during the quarter, compared to the consensus estimate of $12.04 billion. During the same period in the previous year, the business earned $1.63 EPS. On average, sell-side analysts predict that American International Group, Inc. will post 7.07 EPS for the current fiscal year.

American International Group declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 1st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 19.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

American International Group Increases Dividend

The business also recently disclosed 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. This is an increase from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend was Friday, June 14th. American International Group’s dividend payout ratio is presently 23.88%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AIG shares. Evercore ISI decreased their price target on American International Group from $81.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, June 27th. JPMorgan Chase & Co. increased their price target on American International Group from $80.00 to $93.00 and gave the stock a “neutral” rating in a report on Thursday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $87.00 price target on shares of American International Group in a report on Thursday, June 27th. Piper Sandler raised their target price on American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $87.00 target price on shares of American International Group in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, American International Group presently has an average rating of “Hold” and a consensus target price of $82.50.

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.