Hodges Capital Management Inc. Purchases New Position in American International Group, Inc. (NYSE:AIG)

Hodges Capital Management Inc. acquired a new position in shares of American International Group, Inc. (NYSE:AIG) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,700 shares of the insurance provider’s stock, valued at approximately $211,000.

A number of other hedge funds and other institutional investors have also modified their holdings of AIG. Rise Advisors LLC bought a new position in shares of American International Group in the 1st quarter valued at about $29,000. Neo Ivy Capital Management acquired a new stake in shares of American International Group in the 4th quarter valued at about $40,000. Scarborough Advisors LLC bought a new position in American International Group in the fourth quarter valued at $40,000. Blue Trust Inc. increased its position in shares of American International Group by 41.7% during the 4th quarter. Blue Trust Inc. now owns 788 shares of the insurance provider’s stock worth $53,000 after purchasing an additional 232 shares during the last quarter. Finally, Highlander Capital Management LLC increased its holdings in American International Group by 144.9% during the fourth quarter. Highlander Capital Management LLC now owns 845 shares of the insurance provider’s stock worth $57,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 90.60% of the company’s stock.

Analysts Set New Price Targets

AIG has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of American International Group from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, May 10th. Bank of America increased their price target on shares of American International Group from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, June 11th. Morgan Stanley lifted 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 research note on Monday, April 15th. JPMorgan Chase & Co. raised their target price 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. Finally, Evercore ISI lowered their price objective on American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, American International Group presently has an average rating of “Hold” and a consensus price target of $81.38.

American International Group Price Performance

American International Group stock traded down $0.73 during mid-day trading on Friday, reaching $74.24. The company had a trading volume of 9,261,732 shares, compared to its average volume of 4,674,544. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.05. The company has a market cap of $49.27 billion, a P/E ratio of 11.08, a P/E/G ratio of 2.06 and a beta of 1.08. American International Group, Inc. has a fifty-two week low of $56.55 and a fifty-two week high of $80.83. The business has a fifty day simple moving average of $76.75 and a 200 day simple moving average of $73.21.

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, beating 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 10.54%. The business had revenue of $12.58 billion during the quarter, compared to analyst estimates of $12.04 billion. During the same quarter last year, the business earned $1.63 EPS. On average, equities research analysts predict that American International Group, Inc. will post 7.02 earnings per share for the current year.

American International Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.40 per share. This is a positive change from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, June 14th. American International Group’s dividend payout ratio (DPR) is currently 23.88%.

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

Insiders Place Their Bets

In other American International Group news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the completion of the sale, the insider now owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.61% of the company’s stock.

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.