Synovus Financial Corp Raises Stock Position in American International Group, Inc. (NYSE:AIG)

Synovus Financial Corp grew its holdings in American International Group, Inc. (NYSE:AIG) by 6.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,684 shares of the insurance provider’s stock after acquiring an additional 2,603 shares during the period. Synovus Financial Corp’s holdings in American International Group were worth $3,126,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Christopher J. Hasenberg Inc purchased a new position in American International Group in the 3rd quarter worth approximately $26,000. Y.D. More Investments Ltd purchased a new position in shares of American International Group in the second quarter worth $27,000. True Wealth Design LLC bought a new position in shares of American International Group during the third quarter worth $29,000. Continuum Advisory LLC grew its stake in American International Group by 60.7% during the third quarter. Continuum Advisory LLC now owns 548 shares of the insurance provider’s stock valued at $42,000 after acquiring an additional 207 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in American International Group in the 3rd quarter valued at $46,000. Institutional investors own 90.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on AIG shares. UBS Group increased their price objective on shares of American International Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Bank of America raised their price target on American International Group from $82.00 to $86.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods decreased their price objective on American International Group from $88.00 to $87.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. JPMorgan Chase & Co. raised shares of American International Group from a “neutral” rating to an “overweight” rating and cut their target price for the company from $93.00 to $89.00 in a report on Thursday, October 10th. Finally, StockNews.com upgraded shares of American International Group from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $84.80.

Insider Activity

In related news, major shareholder International Group American sold 5,000,000 shares of American International Group stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.61% of the company’s stock.

American International Group Stock Performance

Shares of NYSE:AIG opened at $72.87 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.22. American International Group, Inc. has a 12 month low of $65.69 and a 12 month high of $80.83. The company has a market capitalization of $45.45 billion, a price-to-earnings ratio of -21.50, a PEG ratio of 7.30 and a beta of 1.05. The firm’s 50-day moving average is $76.03 and its 200 day moving average is $75.20.

American International Group (NYSE:AIG) last released its earnings results on Monday, November 4th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.13. American International Group had a positive return on equity of 8.63% and a negative net margin of 6.19%. The firm had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the prior year, the firm posted $1.61 earnings per share. Research analysts predict that American International Group, Inc. will post 5.12 EPS for the current year.

American International Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 16th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, December 16th. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. American International Group’s dividend payout ratio (DPR) is -47.20%.

American International Group Company 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.