Evercore ISI Increases American International Group (NYSE:AIG) Price Target to $81.00

American International Group (NYSE:AIG) had its price objective raised by Evercore ISI from $80.00 to $81.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an in-line rating on the insurance provider’s stock.

AIG has been the subject of a number of other research reports. Wells Fargo & Company boosted their price objective on American International Group from $74.00 to $80.00 and gave the company an equal weight rating in a research note on Thursday, April 11th. TD Cowen started coverage on shares of American International Group in a research report on Wednesday, January 10th. They set a market perform rating and a $78.00 price objective on the stock. Royal Bank of Canada upped their target price on shares of American International Group from $76.00 to $80.00 and gave the company an outperform rating in a report on Thursday, February 15th. BMO Capital Markets decreased their target price on shares of American International Group from $83.00 to $81.00 and set an outperform rating for the company in a research note on Thursday, February 15th. Finally, Citigroup boosted their price target on American International Group from $79.00 to $87.00 and gave the company a buy rating in a research report on Tuesday, April 16th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $80.44.

American International Group Price Performance

Shares of NYSE:AIG opened at $78.48 on Friday. American International Group has a 12 month low of $48.95 and a 12 month high of $79.70. The firm has a market capitalization of $53.44 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.13 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.31 and a quick ratio of 0.31. The company’s fifty day moving average price is $75.39 and its 200 day moving average price is $69.56.

American International Group (NYSE:AIG) last issued its quarterly earnings data on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $12.58 billion for the quarter, compared to analyst estimates of $12.04 billion. During the same quarter last year, the company posted $1.63 earnings per share. As a group, sell-side analysts predict that American International Group will post 7.05 earnings per share for the current fiscal year.

American International Group declared that its board has initiated a stock buyback program on Wednesday, May 1st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to buy up to 19.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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 of this dividend 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%.

Insider Buying and Selling at American International Group

In other news, CEO Peter Zaffino sold 333,000 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 505,420 shares of the company’s stock, valued at approximately $38,346,215.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director John C. Inglis purchased 659 shares of the stock in a transaction that occurred on 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 acquisition, the director now directly owns 659 shares in the company, valued at approximately $49,682.01. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 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 disclosure for this sale can be found here. 0.61% of the stock is owned by corporate insiders.

Institutional Trading of American International Group

Several large investors have recently bought and sold shares of the company. Nordea Investment Management AB boosted its position in shares of American International Group by 18.7% in the 4th quarter. Nordea Investment Management AB now owns 2,032,907 shares of the insurance provider’s stock worth $138,014,000 after buying an additional 319,948 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of American International Group by 22.6% in the third quarter. American Century Companies Inc. now owns 422,852 shares of the insurance provider’s stock valued at $25,625,000 after purchasing an additional 77,874 shares in the last quarter. Essex Financial Services Inc. acquired a new stake in shares of American International Group in the fourth quarter valued at approximately $260,000. Sequoia Financial Advisors LLC increased its stake in shares of American International Group by 121.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 38,809 shares of the insurance provider’s stock worth $2,629,000 after purchasing an additional 21,279 shares in the last quarter. Finally, abrdn plc increased its stake in shares of American International Group by 19.6% during the 4th quarter. abrdn plc now owns 598,143 shares of the insurance provider’s stock worth $40,524,000 after purchasing an additional 98,143 shares in the last quarter. Institutional investors and hedge funds own 90.60% of the company’s stock.

About American International Group

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.