Lazard Asset Management LLC Increases Stock Position in American International Group, Inc. (NYSE:AIG)

Lazard Asset Management LLC boosted its position in American International Group, Inc. (NYSE:AIG) by 61.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 276,002 shares of the insurance provider’s stock after purchasing an additional 105,218 shares during the period. Lazard Asset Management LLC’s holdings in American International Group were worth $21,574,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Essex Financial Services Inc. bought a new position in shares of American International Group in the fourth quarter valued at approximately $260,000. TCW Group Inc. bought a new stake in shares of American International Group during the 4th quarter worth $724,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of American International Group in the 4th quarter worth about $948,000. Sequoia Financial Advisors LLC grew its position in American International Group by 121.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 38,809 shares of the insurance provider’s stock valued at $2,629,000 after buying an additional 21,279 shares during the period. Finally, Eudaimonia Partners LLC bought a new position in American International Group during the fourth quarter valued at about $635,000. 90.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on AIG shares. Piper Sandler boosted their target price on shares of American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Bank of America dropped their price objective on American International Group from $84.00 to $81.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. JPMorgan Chase & Co. boosted their price objective on American International Group from $80.00 to $93.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. HSBC downgraded shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 target price for the company. in a research note on Wednesday, May 15th. Finally, Evercore ISI dropped their price target on shares of American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, June 27th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $82.50.

American International Group Price Performance

AIG stock opened at $77.24 on Monday. The firm has a 50 day simple moving average of $76.11 and a two-hundred day simple moving average of $74.51. The stock has a market cap of $51.26 billion, a PE ratio of 11.53, a P/E/G ratio of 2.55 and a beta of 1.08. American International Group, Inc. has a one year low of $57.02 and a one year high of $80.83. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.29 and a quick ratio of 0.29.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.11. The business had revenue of $12.58 billion during the quarter, compared to analyst estimates of $12.04 billion. American International Group had a net margin of 9.98% and a return on equity of 10.54%. During the same period in the prior year, the business posted $1.63 earnings per share. On average, analysts predict that American International Group, Inc. will post 6.4 EPS for the current fiscal year.

American International Group Increases Dividend

The business also recently declared 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 represents a $1.60 annualized dividend and a yield of 2.07%. This is a positive change from American International Group’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, June 14th. American International Group’s dividend payout ratio (DPR) is presently 23.88%.

American International Group declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 1st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to reacquire up to 19.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related 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 transaction, the insider now directly owns 294,203,636 shares of the company’s stock, valued at $8,590,746,171.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.61% of the company’s stock.

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.