Highland Capital Management LLC Lowers Stock Holdings in American International Group, Inc. (NYSE:AIG)

Highland Capital Management LLC decreased its holdings in American International Group, Inc. (NYSE:AIG) by 7.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,551 shares of the insurance provider’s stock after selling 6,073 shares during the period. Highland Capital Management LLC’s holdings in American International Group were worth $5,609,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in AIG. Calamos Advisors LLC increased its holdings in American International Group by 0.3% in the 2nd quarter. Calamos Advisors LLC now owns 352,775 shares of the insurance provider’s stock worth $26,190,000 after acquiring an additional 953 shares in the last quarter. LRI Investments LLC grew its position in shares of American International Group by 1,550.4% during the second quarter. LRI Investments LLC now owns 4,324 shares of the insurance provider’s stock worth $321,000 after purchasing an additional 4,062 shares in the last quarter. Advisory Resource Group boosted its position in shares of American International Group by 5.5% during the second quarter. Advisory Resource Group now owns 56,045 shares of the insurance provider’s stock worth $4,161,000 after acquiring an additional 2,906 shares during the last quarter. Quotient Wealth Partners LLC boosted its stake in American International Group by 10.6% during the second quarter. Quotient Wealth Partners LLC now owns 7,104 shares of the insurance provider’s stock valued at $527,000 after buying an additional 678 shares during the last quarter. Finally, Everhart Financial Group Inc. raised its holdings in shares of American International Group by 16.0% during the 2nd quarter. Everhart Financial Group Inc. now owns 8,797 shares of the insurance provider’s stock worth $653,000 after acquiring an additional 1,215 shares in the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold 39,964,738 shares of company stock worth $1,132,432,195 over the last three months. 0.61% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AIG has been the subject of several research reports. TD Cowen lowered their price objective on shares of American International Group from $83.00 to $80.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. JPMorgan Chase & Co. boosted their target price on American International Group from $80.00 to $93.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Evercore ISI cut their price objective on shares of 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. HSBC cut shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 price target for the company. in a research note on Wednesday, May 15th. Finally, Wells Fargo & Company dropped 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 report on Friday, August 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $83.47.

American International Group Stock Performance

Shares of AIG stock traded up $0.56 during mid-day trading on Friday, reaching $75.32. The stock had a trading volume of 2,387,656 shares, compared to its average volume of 4,176,896. American International Group, Inc. has a 1-year low of $57.39 and a 1-year high of $80.83. The firm has a market cap of $49.99 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 2.48 and a beta of 1.07. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.05. The business’s fifty day moving average is $74.88 and its 200-day moving average is $75.23.

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

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

American International Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Monday, September 16th. American International Group’s dividend payout ratio (DPR) is presently 23.88%.

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.