Morningstar Investment Services LLC acquired a new position in shares of American International Group Inc (NYSE:AIG) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 181,725 shares of the insurance provider’s stock, valued at approximately $9,682,000.
Other institutional investors have also modified their holdings of the company. Clearbridge Investments LLC grew its position in American International Group by 39.7% in the 1st quarter. Clearbridge Investments LLC now owns 10,351,337 shares of the insurance provider’s stock valued at $445,729,000 after buying an additional 2,943,241 shares during the last quarter. Prudential Financial Inc. raised its holdings in American International Group by 343.1% during the second quarter. Prudential Financial Inc. now owns 3,576,403 shares of the insurance provider’s stock worth $190,550,000 after purchasing an additional 2,769,272 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in American International Group by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 12,218,437 shares of the insurance provider’s stock worth $650,999,000 after purchasing an additional 1,343,572 shares in the last quarter. TD Asset Management Inc. raised its holdings in American International Group by 65.7% during the second quarter. TD Asset Management Inc. now owns 2,753,723 shares of the insurance provider’s stock worth $146,719,000 after purchasing an additional 1,092,328 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in American International Group by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 10,338,730 shares of the insurance provider’s stock valued at $406,656,000 after purchasing an additional 655,288 shares during the period. 90.99% of the stock is currently owned by institutional investors.
Shares of NYSE:AIG traded up $0.59 during trading on Wednesday, hitting $56.09. 87,473 shares of the stock were exchanged, compared to its average volume of 3,312,213. The company has a market cap of $48.20 billion, a PE ratio of 47.94, a P/E/G ratio of 1.08 and a beta of 1.19. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average price of $54.53 and a two-hundred day moving average price of $50.38. American International Group Inc has a 12-month low of $36.16 and a 12-month high of $57.58.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 17th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Monday, September 16th. American International Group’s dividend payout ratio (DPR) is 109.40%.
In other news, CEO Seraina Macia sold 7,550 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $56.00, for a total value of $422,800.00. Following the completion of the transaction, the chief executive officer now owns 11,055 shares in the company, valued at $619,080. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.10% of the stock is currently owned by corporate insiders.
AIG has been the topic of several recent analyst reports. Deutsche Bank cut American International Group from a “buy” rating to a “hold” rating and set a $53.35 target price on the stock. in a research report on Wednesday, June 5th. They noted that the move was a valuation call. Keefe, Bruyette & Woods upped their price objective on American International Group from $58.00 to $62.00 and gave the stock an “outperform” rating in a report on Sunday, July 7th. Morgan Stanley reiterated a “buy” rating and issued a $63.00 price objective on shares of American International Group in a research report on Monday, August 12th. ValuEngine cut American International Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, William Blair raised American International Group from a “market perform” rating to an “outperform” rating in a report on Thursday, July 18th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $57.03.
American International Group Profile
American International Group, Inc provides insurance products for commercial, institutional, and individual customers in North America and internationally. The company's General Insurance segment offers general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products, as well as various risk-sharing and other customized structured programs; commercial, industrial, and energy-related property insurance; and aerospace, political risk, trade credit, portfolio solutions, surety, crop, and marine insurance.
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