American International Group (NYSE:AIG) Shares Gap Up on Analyst Upgrade

American International Group, Inc. (NYSE:AIG – Get Rating)’s stock price gapped up before the market opened on Tuesday after Piper Sandler raised their price target on the stock from $76.00 to $77.00. The stock had previously closed at $53.96, but opened at $55.40. American International Group shares last traded at $56.00, with a volume of 957,008 shares trading hands.

A number of other analysts also recently issued reports on AIG. StockNews.com assumed coverage on American International Group in a research report on Thursday, May 18th. They set a “hold” rating for the company. Atlantic Securities downgraded American International Group from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $70.00 to $65.00 in a research report on Wednesday, February 22nd. Keefe, Bruyette & Woods cut their price objective on American International Group from $76.00 to $73.00 and set an “outperform” rating for the company in a research report on Tuesday, April 18th. Credit Suisse Group reissued a “neutral” rating and set a $60.00 price objective on shares of American International Group in a research report on Friday, April 21st. Finally, Barclays raised their price objective on American International Group from $55.00 to $58.00 in a research report on Tuesday, May 9th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, American International Group currently has a consensus rating of “Hold” and a consensus price target of $67.07.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in American International Group by 4.7% during the first quarter. BlackRock Inc. now owns 66,444,103 shares of the insurance provider’s stock worth $3,346,125,000 after buying an additional 2,967,775 shares during the period. Wellington Management Group LLP increased its holdings in shares of American International Group by 30.4% in the first quarter. Wellington Management Group LLP now owns 31,807,640 shares of the insurance provider’s stock valued at $1,601,833,000 after purchasing an additional 7,413,947 shares during the period. Diamond Hill Capital Management Inc. grew its holdings in American International Group by 1.1% during the third quarter. Diamond Hill Capital Management Inc. now owns 16,627,116 shares of the insurance provider’s stock worth $789,455,000 after acquiring an additional 173,366 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in American International Group by 27.2% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 15,156,369 shares of the insurance provider’s stock worth $763,275,000 after acquiring an additional 3,243,870 shares during the period. Finally, Geode Capital Management LLC grew its holdings in American International Group by 1.4% during the first quarter. Geode Capital Management LLC now owns 13,407,381 shares of the insurance provider’s stock worth $673,990,000 after acquiring an additional 180,340 shares during the period. Institutional investors and hedge funds own 89.01% of the company’s stock.

American International Group Price Performance

The stock has a fifty day moving average of $51.27 and a two-hundred day moving average of $57.80. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.09. The stock has a market cap of $40.36 billion, a price-to-earnings ratio of 7.28, a price-to-earnings-growth ratio of 0.83 and a beta of 1.11.

American International Group (NYSE:AIG – Get Rating) last posted its earnings results on Friday, May 5th. The insurance provider reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.20. American International Group had a return on equity of 8.55% and a net margin of 11.71%. The company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $11.35 billion. During the same period in the previous year, the business earned $1.30 earnings per share. On average, equities research analysts anticipate that American International Group, Inc. will post 6.47 earnings per share for the current year.

American International Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, June 15th. This is an increase from American International Group’s previous quarterly dividend of $0.32. This represents a $1.44 annualized dividend and a yield of 2.58%. American International Group’s dividend payout ratio is 16.71%.

American International Group Company Profile

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American International Group, Inc engages in the provision of a range of property casualty insurance, life insurance, retirement products, and other financial services to commercial and individual customers. It operates through the following segments: General Insurance, Life and Retirement and Other Operations.