American International Group (NYSE:AIG) PT Lowered to $78.00 at Evercore ISI

American International Group (NYSE:AIG) had its price target lowered by Evercore ISI from $81.00 to $78.00 in a research report released on Thursday, Benzinga reports. The firm currently has an in-line rating on the insurance provider’s stock.

A number of other analysts have also recently commented on AIG. BMO Capital Markets upped their target price on shares of American International Group from $88.00 to $89.00 and gave the company an outperform rating in a report on Monday, May 13th. Bank of America raised their target price on American International Group from $82.00 to $84.00 and gave the stock a neutral rating in a report on Tuesday, June 11th. Citigroup boosted their price target on American International Group from $79.00 to $87.00 and gave the company a buy rating in a report on Tuesday, April 16th. Wells Fargo & Company lifted their price objective on American International Group from $80.00 to $82.00 and gave the company an equal weight rating in a research report on Friday, May 10th. Finally, Morgan Stanley boosted their price objective on American International Group from $72.00 to $79.00 and gave the company an equal weight rating in a research note on Monday, April 15th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $81.38.

American International Group Price Performance

Shares of AIG opened at $74.24 on Thursday. The firm has a fifty day simple moving average of $76.75 and a two-hundred day simple moving average of $73.30. The firm has a market cap of $49.27 billion, a PE ratio of 11.08, a P/E/G ratio of 2.04 and a beta of 1.08. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.05. American International Group has a 1-year low of $56.55 and a 1-year high of $80.83.

American International Group (NYSE:AIG) last posted its earnings results on Thursday, May 2nd. 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 10.54% and a net margin of 9.98%. The company had revenue of $12.58 billion for the quarter, compared to the consensus estimate of $12.04 billion. During the same quarter in the prior year, the company earned $1.63 earnings per share. On average, equities analysts anticipate that American International Group will post 7.02 EPS for the current year.

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

American International Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.40 dividend. This is an increase from American International Group’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a yield of 2.16%. American International Group’s payout ratio is presently 23.88%.

Insider Buying and Selling

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

Hedge Funds Weigh In On American International Group

Institutional investors and hedge funds have recently modified their holdings of the stock. LPL Financial LLC boosted its stake in American International Group by 6.6% during the third quarter. LPL Financial LLC now owns 213,517 shares of the insurance provider’s stock worth $12,939,000 after buying an additional 13,236 shares during the period. Synovus Financial Corp grew its holdings in American International Group by 18.5% during the 3rd quarter. Synovus Financial Corp now owns 29,617 shares of the insurance provider’s stock valued at $1,795,000 after purchasing an additional 4,625 shares during the last quarter. Tower Research Capital LLC TRC raised its position in American International Group by 76.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 29,528 shares of the insurance provider’s stock worth $1,789,000 after purchasing an additional 12,798 shares during the period. Bank of Nova Scotia lifted its stake in American International Group by 12.5% in the third quarter. Bank of Nova Scotia now owns 66,344 shares of the insurance provider’s stock worth $4,020,000 after purchasing an additional 7,388 shares during the last quarter. Finally, Teza Capital Management LLC boosted its position in shares of American International Group by 180.6% during the third quarter. Teza Capital Management LLC now owns 31,778 shares of the insurance provider’s stock valued at $1,926,000 after buying an additional 20,453 shares during the period. Hedge funds and other institutional investors 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.