Concord Wealth Partners Reduces Holdings in American International Group, Inc. (NYSE:AIG)

Concord Wealth Partners decreased its position in shares of American International Group, Inc. (NYSE:AIG) by 45.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 810 shares of the insurance provider’s stock after selling 682 shares during the period. Concord Wealth Partners’ holdings in American International Group were worth $55,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AIG. Invesco Ltd. grew its holdings in American International Group by 3.0% during the 3rd quarter. Invesco Ltd. now owns 17,085,545 shares of the insurance provider’s stock worth $1,035,384,000 after acquiring an additional 503,547 shares in the last quarter. FMR LLC grew its holdings in American International Group by 5.0% during the 3rd quarter. FMR LLC now owns 12,745,085 shares of the insurance provider’s stock worth $772,352,000 after acquiring an additional 604,901 shares in the last quarter. Northern Trust Corp grew its holdings in American International Group by 1.8% during the 3rd quarter. Northern Trust Corp now owns 7,711,308 shares of the insurance provider’s stock worth $467,305,000 after acquiring an additional 133,828 shares in the last quarter. LSV Asset Management grew its holdings in American International Group by 13.2% during the 3rd quarter. LSV Asset Management now owns 5,496,879 shares of the insurance provider’s stock worth $333,111,000 after acquiring an additional 639,079 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in American International Group by 18.7% during the 4th quarter. Nordea Investment Management AB now owns 2,032,907 shares of the insurance provider’s stock worth $138,014,000 after acquiring an additional 319,948 shares in the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of American International Group from $87.00 to $89.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Morgan Stanley raised their price objective 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, April 15th. Evercore ISI lifted their price target on shares of American International Group from $80.00 to $81.00 and gave the company an “in-line” rating in a report on Friday. Keefe, Bruyette & Woods lifted their price target on shares of American International Group from $82.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Finally, Bank of America lowered shares of American International Group from a “buy” rating to a “neutral” rating and lifted their price target for the company from $75.00 to $77.00 in a report on Tuesday, February 20th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, American International Group has an average rating of “Moderate Buy” and an average target price of $80.44.

Insiders Place Their Bets

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

American International Group Trading Up 0.5 %

Shares of NYSE:AIG opened at $78.48 on Friday. American International Group, Inc. has a fifty-two week low of $48.95 and a fifty-two week high of $79.70. The company has a market cap of $53.44 billion, a PE ratio of 11.71, a P/E/G ratio of 1.09 and a beta of 1.02. The company’s 50-day moving average price is $75.24 and its 200 day moving average price is $69.36. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.44.

American International Group (NYSE:AIG) last released its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.11. American International Group had a net margin of 9.98% and a return on equity of 10.68%. The company had revenue of $12.58 billion for the quarter, compared to the consensus estimate of $12.04 billion. During the same period in the previous year, the firm earned $1.63 EPS. Sell-side analysts anticipate that American International Group, Inc. will post 6.95 earnings per share for the current year.

American International Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th 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 2.04%. This is an increase from American International Group’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, June 14th. American International Group’s payout ratio is 21.49%.

American International Group declared that its board has approved a share repurchase program 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 programs are generally a sign that the company’s board believes its stock is undervalued.

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.