Essex Financial Services Inc. Purchases New Holdings in American International Group, Inc. (NYSE:AIG)

Essex Financial Services Inc. purchased a new stake in American International Group, Inc. (NYSE:AIG) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 3,841 shares of the insurance provider’s stock, valued at approximately $260,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cary Street Partners Investment Advisory LLC raised its position in American International Group by 0.9% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 18,553 shares of the insurance provider’s stock valued at $1,257,000 after purchasing an additional 157 shares in the last quarter. Meeder Advisory Services Inc. raised its position in American International Group by 1.3% in the 3rd quarter. Meeder Advisory Services Inc. now owns 12,808 shares of the insurance provider’s stock valued at $776,000 after purchasing an additional 162 shares in the last quarter. Avantax Advisory Services Inc. raised its position in American International Group by 3.6% in the 3rd quarter. Avantax Advisory Services Inc. now owns 4,819 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 167 shares in the last quarter. Steph & Co. raised its position in American International Group by 3.3% in the 3rd quarter. Steph & Co. now owns 5,448 shares of the insurance provider’s stock valued at $330,000 after purchasing an additional 176 shares in the last quarter. Finally, Lindbrook Capital LLC raised its position in American International Group by 2.7% in the 4th quarter. Lindbrook Capital LLC now owns 6,764 shares of the insurance provider’s stock valued at $458,000 after purchasing an additional 176 shares in the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AIG has been the topic of several research analyst reports. Royal Bank of Canada raised their target price on American International Group from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, February 15th. Morgan Stanley lifted their price target on American International Group from $72.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. BMO Capital Markets cut their price target on American International Group from $83.00 to $81.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Piper Sandler lifted their price target on American International Group from $87.00 to $89.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods lifted their price target on American International Group from $82.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, American International Group presently has an average rating of “Moderate Buy” and an average price target of $80.44.

Insider Activity at American International Group

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

American International Group Trading Up 0.5 %

Shares of AIG stock opened at $78.48 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.44. American International Group, Inc. has a twelve month low of $48.95 and a twelve month high of $79.70. The company has a market capitalization of $53.44 billion, a P/E ratio of 11.71, a price-to-earnings-growth ratio of 1.09 and a beta of 1.02. The business’s 50 day moving average is $75.24 and its two-hundred day moving average is $69.36.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Wednesday, May 1st. 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 10.68% and a net margin of 9.98%. The firm 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 business earned $1.63 earnings per share. Equities analysts forecast that American International Group, Inc. will post 6.95 EPS for the current year.

American International Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.40 dividend. The ex-dividend date is Friday, June 14th. 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 dividend yield of 2.04%. American International Group’s payout ratio is 21.49%.

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

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.