State of Michigan Retirement System raised its holdings in American International Group Inc (NYSE:AIG) by 10.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 219,996 shares of the insurance provider’s stock after buying an additional 20,644 shares during the quarter. State of Michigan Retirement System’s holdings in American International Group were worth $6,859,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in AIG. Cerebellum GP LLC bought a new stake in shares of American International Group in the second quarter valued at approximately $35,000. Harbor Investment Advisory LLC grew its position in American International Group by 539.9% in the 1st quarter. Harbor Investment Advisory LLC now owns 3,270 shares of the insurance provider’s stock worth $79,000 after purchasing an additional 2,759 shares during the last quarter. Stephenson National Bank & Trust increased its holdings in shares of American International Group by 16.8% during the 2nd quarter. Stephenson National Bank & Trust now owns 2,608 shares of the insurance provider’s stock worth $81,000 after purchasing an additional 375 shares during the period. Trust Co. of Vermont raised its position in shares of American International Group by 30.1% during the first quarter. Trust Co. of Vermont now owns 3,890 shares of the insurance provider’s stock valued at $94,000 after buying an additional 900 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in shares of American International Group by 13.0% in the first quarter. First Horizon Advisors Inc. now owns 4,073 shares of the insurance provider’s stock valued at $98,000 after buying an additional 467 shares during the period. 90.08% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have commented on the company. Keefe, Bruyette & Woods upped their price target on American International Group from $36.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Credit Suisse Group reaffirmed a “hold” rating on shares of American International Group in a research report on Wednesday, May 6th. William Blair lowered shares of American International Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 5th. Morgan Stanley raised their price objective on shares of American International Group from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, June 11th. Finally, Bank of America started coverage on shares of American International Group in a research note on Monday, June 1st. They issued a “neutral” rating on the stock. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. American International Group has a consensus rating of “Hold” and an average price target of $44.23.
American International Group (NYSE:AIG) last announced its earnings results on Monday, May 4th. The insurance provider reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.72). The company had revenue of $10.92 billion for the quarter, compared to analyst estimates of $11.58 billion. American International Group had a return on equity of 4.31% and a net margin of 8.59%. During the same quarter in the previous year, the company posted $1.58 earnings per share. As a group, sell-side analysts anticipate that American International Group Inc will post 2.6 EPS for the current year.
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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