Sumitomo Life Insurance Co. Sells 315 Shares of American International Group, Inc. (NYSE:AIG)

Sumitomo Life Insurance Co. cut its holdings in shares of American International Group, Inc. (NYSE:AIG) by 2.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 12,121 shares of the insurance provider’s stock after selling 315 shares during the period. Sumitomo Life Insurance Co.’s holdings in American International Group were worth $821,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. OFI Invest Asset Management purchased a new stake in American International Group during the third quarter valued at approximately $26,000. Headlands Technologies LLC purchased a new stake in American International Group during the third quarter valued at approximately $32,000. CNB Bank purchased a new stake in American International Group during the third quarter valued at approximately $42,000. SouthState Corp lifted its position in American International Group by 41.7% during the third quarter. SouthState Corp now owns 737 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 217 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of American International Group by 41.7% in the fourth quarter. Blue Trust Inc. now owns 788 shares of the insurance provider’s stock worth $53,000 after buying an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.

American International Group Stock Down 0.9 %

AIG stock opened at $73.05 on Tuesday. The firm has a market cap of $49.74 billion, a PE ratio of 14.64, a P/E/G ratio of 1.04 and a beta of 1.03. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.31 and a current ratio of 0.31. The firm’s fifty day moving average is $73.86 and its 200 day moving average is $68.17. American International Group, Inc. has a one year low of $48.95 and a one year high of $78.95.

American International Group (NYSE:AIG) last released its quarterly earnings results on Wednesday, February 14th. The insurance provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.59 by $0.20. The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $11.61 billion. American International Group had a net margin of 7.78% and a return on equity of 10.68%. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the business earned $1.36 earnings per share. On average, research analysts forecast that American International Group, Inc. will post 7.11 EPS for the current year.

American International Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a $0.36 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.44 annualized dividend and a dividend yield of 1.97%. American International Group’s dividend payout ratio (DPR) is 28.86%.

Insider Activity

In related news, Director John C. Inglis bought 659 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average price of $75.39 per share, for a total transaction of $49,682.01. Following the completion of the transaction, the director now directly owns 659 shares in the company, valued at $49,682.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Peter Zaffino sold 333,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $75.87, for a total value of $25,264,710.00. Following the transaction, the chief executive officer now directly owns 505,420 shares of the company’s stock, valued at $38,346,215.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John C. Inglis bought 659 shares of American International Group stock in a transaction on Thursday, March 14th. The shares were purchased at an average cost of $75.39 per share, for a total transaction of $49,682.01. Following the completion of the purchase, the director now directly owns 659 shares of the company’s stock, valued at $49,682.01. The disclosure for this purchase can be found here. Company insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Bank of America cut shares of American International Group from a “buy” rating to a “neutral” rating and raised their price target for the stock from $75.00 to $77.00 in a report on Tuesday, February 20th. TD Cowen assumed coverage on shares of American International Group in a report on Wednesday, January 10th. They issued a “market perform” rating and a $78.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of American International Group from $73.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Morgan Stanley raised their price target on shares of American International Group from $72.00 to $79.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Royal Bank of Canada raised their price target on shares of American International Group from $76.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, American International Group presently has a consensus rating of “Hold” and a consensus price target of $78.06.

American International Group 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.