American International Group (NYSE:AIG) Price Target Lowered to $86.00 at Piper Sandler

American International Group (NYSE:AIG) had its price target dropped by investment analysts at Piper Sandler from $89.00 to $86.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 16.96% from the stock’s previous close.

AIG has been the topic of a number of other reports. Royal Bank of Canada reissued an “outperform” rating and issued a $87.00 price objective on shares of American International Group in a research note on Tuesday, July 9th. HSBC cut shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 price objective for the company. in a research note on Wednesday, May 15th. Morgan Stanley lowered their target price on American International Group from $82.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Evercore ISI cut their price target on American International Group from $81.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, June 27th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $87.00 price objective on shares of American International Group in a research report on Thursday, June 27th. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $82.38.

American International Group Stock Performance

American International Group stock traded down $1.38 during mid-day trading on Friday, reaching $73.53. 747,259 shares of the company were exchanged, compared to its average volume of 4,179,779. The firm has a market cap of $48.80 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 2.62 and a beta of 1.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.29 and a current ratio of 0.29. The firm’s 50-day simple moving average is $76.06 and its two-hundred day simple moving average is $74.70. American International Group has a twelve month low of $57.02 and a twelve month high of $80.83.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.14). The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $11.64 billion. American International Group had a negative net margin of 1.54% and a positive return on equity of 9.37%. American International Group’s revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.75 earnings per share. Equities analysts predict that American International Group will post 6.4 earnings per share for the current fiscal year.

American International Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 1st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 19.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director W Don Cornwell 1,000 shares of American International Group stock in a transaction on Tuesday, July 30th. The was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director W Don Cornwell 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The disclosure for this sale can be found here. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On American International Group

Several institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors increased its stake in American International Group by 0.4% in the 4th quarter. Capital Research Global Investors now owns 41,770,175 shares of the insurance provider’s stock worth $2,829,930,000 after acquiring an additional 176,286 shares during the last quarter. Norges Bank purchased a new position in shares of American International Group in the fourth quarter worth about $746,005,000. Putnam Investments LLC increased its holdings in shares of American International Group by 3.8% in the fourth quarter. Putnam Investments LLC now owns 8,245,693 shares of the insurance provider’s stock worth $558,646,000 after buying an additional 300,712 shares during the period. LSV Asset Management boosted its holdings in American International Group by 5.3% during the 4th quarter. LSV Asset Management now owns 5,786,940 shares of the insurance provider’s stock valued at $392,065,000 after acquiring an additional 290,061 shares during the period. Finally, Clearbridge Investments LLC grew its position in American International Group by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 5,440,355 shares of the insurance provider’s stock worth $425,273,000 after acquiring an additional 31,340 shares during the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.

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.