Wells Fargo & Company Lowers American International Group (NYSE:AIG) Price Target to $76.00

American International Group (NYSE:AIG) had its price target cut by Wells Fargo & Company from $77.00 to $76.00 in a report released on Wednesday, Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

Several other research analysts have also recently commented on the company. Citigroup cut their price target on American International Group from $89.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, July 23rd. Piper Sandler cut their target price on American International Group from $89.00 to $86.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Keefe, Bruyette & Woods decreased their price target on shares of American International Group from $96.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, August 12th. TD Cowen cut their price target on shares of American International Group from $83.00 to $80.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. Finally, Barclays started coverage on shares of American International Group in a report on Wednesday, September 4th. They set an “overweight” rating and a $90.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $84.31.

American International Group Stock Performance

Shares of NYSE:AIG opened at $77.02 on Wednesday. The business’s 50-day simple moving average is $75.17 and its 200 day simple moving average is $75.65. The company has a market cap of $49.60 billion, a P/E ratio of -22.72, a PEG ratio of 5.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 0.67. American International Group has a one year low of $62.52 and a one year high of $80.83.

American International Group (NYSE:AIG) last posted its earnings results on Monday, November 4th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.13. The business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.62 billion. American International Group had a negative net margin of 1.54% and a positive return on equity of 9.52%. During the same period in the previous year, the company posted $1.61 earnings per share. On average, sell-side analysts forecast that American International Group will post 4.99 earnings per share for the current fiscal year.

American International Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 16th will be given a $0.40 dividend. The ex-dividend date is Monday, December 16th. This represents a $1.60 annualized dividend and a yield of 2.08%. American International Group’s dividend payout ratio is presently -47.20%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.61% of the stock is owned by insiders.

Institutional Investors Weigh In On American International Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Forum Financial Management LP lifted its position in American International Group by 1.1% in the second quarter. Forum Financial Management LP now owns 12,173 shares of the insurance provider’s stock worth $904,000 after purchasing an additional 128 shares during the period. Quent Capital LLC boosted its stake in American International Group by 4.0% during the second quarter. Quent Capital LLC now owns 3,834 shares of the insurance provider’s stock valued at $285,000 after buying an additional 146 shares in the last quarter. New Republic Capital LLC grew its holdings in American International Group by 5.2% during the first quarter. New Republic Capital LLC now owns 3,290 shares of the insurance provider’s stock worth $257,000 after acquiring an additional 164 shares during the period. Avantax Advisory Services Inc. raised its position in American International Group by 2.8% in the first quarter. Avantax Advisory Services Inc. now owns 6,106 shares of the insurance provider’s stock worth $477,000 after acquiring an additional 165 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its holdings in American International Group by 4.9% in the 1st quarter. EP Wealth Advisors LLC now owns 3,536 shares of the insurance provider’s stock valued at $276,000 after acquiring an additional 165 shares during the last quarter. 90.60% of the stock is currently owned by institutional investors.

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.